Bancassurance

By: N. Genetay, P. Molyneux

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Hardcover | 19 October 1998 | Edition Number 1

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Hardcover
292 Pages

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14.3 x 21.7 x 2.1

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Banking markets have experienced a general trend towards conglomeration in recent years which has been facilitated by the deregulation of banks' activities. A particular feature of financial conglomeration has been the diversification of banks into insurance activities, and especially life insurance. This book provides a comprehensive analysis of the concept and market characteristics of the bancassurance phenomenon. It also evaluates the impact on banking risks associated with diversification into the insurance business.

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You Can Find This Book In

Non-Fiction Law Laws of Specific Jurisdictions Financial Law Insurance Law Accounting & Finance Finance Banking Banking Law Insurance & Actuarial Studies Business & Management Management & Management Techniques

Industry & Industrial Studies Service Industries

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Paperback

Published: 1st January 1998

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List of Tables	p. xiii
List of Figures	p. xv
Preface	p. xvii
Introduction	p. 1
Evolution of the Bancassurance Concept	p. 4
Introduction	p. 4
The concept of bancassurance	p. 4
Banking and insurance: differences and similarities	p. 5
Differences between banking and insurance	p. 5
Similarities between banking and insurance	p. 6
Definition of the bancassurance concept	p. 7
Historical developments of bancassurance	p. 10
Evolution of the demand for financial services	p. 13
Demographic changes	p. 13
Trends in savings patterns	p. 16
Increasing customer awareness	p. 19
Evolution of the competitive environment in the financial services industry	p. 21
Changes in the competitive environment of banks	p. 21
Evolution of the competitive forces in the banking industry	p. 21
Profitability trends in banking	p. 26
Changes in the life insurance industry	p. 28
The growth patterns in the life assurance market	p. 28
Competition in the life assurance industry	p. 31
The new face of distribution in life assurance	p. 33
The success of bancassurance	p. 36
The extent of the bancassurance phenomenon	p. 36
Barriers to success in bancassurance	p. 38
Customer resistance	p. 38
Choice of organisational structures	p. 39
Cultural conflicts in bancassurance	p. 40
General insurance	p. 42
Conclusion	p. 43
Bancassurance in the United Kingdom	p. 44
Introduction	p. 44
Regulatory changes in the United Kingdom	p. 44
The Financial Services Act (1986)	p. 45
The Building Societies Act (1986)	p. 48
Major bancassurers in the United Kingdom	p. 51
The precursors	p. 51
TSB Group	p. 52
Barclays Bank	p. 54
The second tier bancassurers	p. 56
Lloyds Bank	p. 56
Midland Bank	p. 57
Britannia Building Society	p. 58
National and Provincial Building Society	p. 59
Woolwich Building Society	p. 59
Royal Bank of Scotland	p. 60
Recent additions to the bancassurance scene	p. 61
National Westminster	p. 61
Abbey National	p. 62
The very latest bancassurers	p. 62
'Assurbanque' in the United Kingdom	p. 63
Main features of bancassurance in the United Kingdom	p. 65
Modes of entry in bancassurance	p. 65
Organisational structures	p. 67
Distribution: the key to success in bancassurance?	p. 68
Main channels of distribution in bancassurance	p. 68
Managerial efforts to achieve distribution synergies	p. 69
Conclusion	p. 70
Bancassurance in Europe	p. 72
Introduction	p. 72
Bancassurance in France	p. 72
French bancassurers in the life sector	p. 72
General insurance	p. 77
French bancassurance environment	p. 79
Bancassurance in Germany	p. 80
German bancassurers	p. 80
German bancassurance analysis	p. 82
Bancassurance in Italy	p. 82
Italy's bancassurers	p. 82
Italian bancassurance development	p. 84
Bancassurance in the Netherlands	p. 85
Dutch bancassurers	p. 85
Analysis of Dutch bancassurance	p. 88
Bancassurance in Spain	p. 89
Spanish bancassurers	p. 89
Analysis of Spanish bancassurance	p. 91
Bancassurance in Europe: a cross-country comparison	p. 92
Country-specific factors in the bancassurance trend	p. 92
Entry routes in different European countries	p. 94
Level of bancassurance integration in Europe	p. 95
Conclusion	p. 96
The Theory of Corporate Diversification	p. 97
Introduction	p. 97
The nature of the corporate diversification process	p. 98
Categories of diversification strategies	p. 98
Classification of corporate diversification strategies	p. 98
Rumelt's specialisation ratio	p. 101
Entry vehicles	p. 104
Entry through internal development	p. 104
Entry through acquisition	p. 105
Sequenced entry	p. 106
Organisational structures	p. 107
Vertical differentiation	p. 107
Horizontal differentiation	p. 108
Theoretical rationale for conglomerate diversification	p. 108
Agency theory	p. 110
Profitability of target	p. 113
Synergies	p. 115
Financial synergies	p. 117
Risk-reduction motive	p. 119
Empirical evidence	p. 122
Testing various hypotheses of corporate diversification	p. 122
Methodology	p. 122
Results	p. 123
Testing the performance of related and unrelated diversification	p. 126
Methodology	p. 126
Results	p. 129
Applicability of corporate diversification literature to bancassurance diversification	p. 129
The nature of the process of bank diversification in insurance	p. 130
Theoretical motives for bancassurance diversification	p. 130
Growth in size	p. 131
Profitability of life insurance	p. 133
Synergies	p. 133
Financial motives	p. 135
Risk reduction	p. 136
Conclusion	p. 137
Review of the Empirical Studies on Bank Diversification and Risk	p. 138
Introduction	p. 138
Background to corporate diversification	p. 138
Bank risk and diversification: studies that use actual bank experiences	p. 139
Bank diversification and risk: studies that use hypothetical business combinations	p. 141
Variance-covariance analyses	p. 145
Portfolio simulations	p. 146
Merger simulations	p. 154
Data issues	p. 164
Market versus accounting data	p. 164
Return measures	p. 168
Risk measures	p. 170
Industry weighted and unweighted averages	p. 176
Literature appraisal and its applicability to bancassurance and risk	p. 178
Bank diversification and risk: studies using actual bank experiences versus hypothetical combinations	p. 178
Studies using hypothetical combinations: portfolio versus merger simulations	p. 180
Applicability to the research question	p. 184
Conclusion	p. 185
The Risk Effects of Bank Diversification into Bancassurance	p. 187
Introduction	p. 187
Methodology	p. 187
Methodology	p. 188
Risk and return measures	p. 189
Return	p. 189
Standard deviation	p. 190
Coefficient of variation	p. 190
Z-score	p. 191
Industry statistics	p. 192
Accounting for life assurance	p. 194
Industry structure - mutual and composite insurers	p. 194
Reporting practices	p. 195
Designing proxies for life insurers' performance	p. 198
Data	p. 202
Banking sample	p. 202
Life assurance sample	p. 203
Descriptive statistics of sample firms	p. 205
Sample firms as a percentage of total population	p. 205
Asset growth and profitability trends	p. 207
Sample performance	p. 209
Results	p. 214
Building Societies-mutual Insurers	p. 215
Building Societies-proprietary life insurers	p. 216
Commercial banks-mutual Insurers	p. 216
Commercial banks-proprietary life insurers	p. 217
Conclusion	p. 219
Regulatory Issues	p. 221
Introduction	p. 221
Regulatory trends in the financial services industry	p. 221
State of regulations regarding bancassurance	p. 224
Regulations pertaining to production	p. 224
Regulations pertaining to distribution	p. 225
Regulations pertaining to ownership	p. 226
EU regulations pertaining to bancassurance	p. 227
The rise of regulatory concerns	p. 232
Competition	p. 232
Consumer protection	p. 233
Risk of double gearing	p. 234
Risk of contagion	p. 236
Transparency and authority for supervision	p. 238
Other regulatory issues	p. 239
Conclusion	p. 240
Conclusions	p. 242
Bibliography	p. 244
Index	p. 262
Table of Contents provided by Syndetics. All Rights Reserved.

Bancassurance

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