Купить исследование

  Refresh Captcha  
 
  •  
    Greetings, dear
  •  
    We represent the leading educational institution of the Russian Federation that deals with the training and development of the future professionals and scientific personnel in the field of finance- Financial University under the Government of the Russian Federation. Our University is one of the leading research and scientific centers in the field of economics and finance and significantly contributes to the innovation development of Russia

    We are currently taking an opinion poll among professionals and experts in the field of mortgage insurance. They are leading personnel and top managers of companies that operate in the world markets, their knowledge and experience can help us build a balanced system of mortgage insurance in Russia.

    We kindly ask you to devote some of your time and fill in the electronic questionnaire. Based on the received data, we will prepare a consolidated report of the Financial University which will comprise, apart from the experts’ opinions, guidelines for the mortgage insurance development strategy in Russia. We will gladly provide you with this report.
  •  
    QUESTION No.1. Topicality of Mortgage Insurance in Your Country.

    According to the results of 2013 in Russia, the volume of insured loans in relation to the total volume of mortgage loans is 2,1%.

    What do you think is the share of loans with mortgage insurance in the total volume of insured mortgage loans in the country where your company operates?

    /Please write down your answer/
  •  
    mortgage insurance penetration, %
  •  
    QUESTION No.2. Mortgage Insurance Development Incentive

    There are no direct incentives to the usage of mortgage insurance in the Russian Federation (relaxation in the requirements to the creditors’ capital, regulator’s resistance to the creditors’ high risk appetites, tax allowances, etc.)

    What are the incentives for mortgage insurance for the creditors in the country where your company operates? Range the incentive factors by assigning the significance/applicability scale to them with grades from 1 to 5, where 1 – very insignificant/rarely applicable factor, 5 –very significant/applicable factor.
  •  
    1. Mortgage insurance obligatoriness for special categories of citizens
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    2. Relaxation in the requirements to the bank’s capital provided that there is mortgage insurance for a mortgage loan on the part of the regulator
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    3. Relaxation in the requirements to the bank reserves creation provided that there is mortgage insurance for a mortgage loan on the part of the regulator
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    4. Fixation of the requirement obligatoriness to the presence of mortgage insurance in securitization transactions.
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    5. Other (Specify):
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    QUESTION No.3. State Policy Development.

    The usage of mortgage insurance is an important element of the state policy in a number of countries.

    In your opinion, what arguments are the most significant to be included in the mortgage insurance development strategy? Range the incentive factors by assigning the significance/applicability scale to them with grades from 1 to 5, where 1 – very insignificant/rarely applicable factor, 5 –very significant/applicable factor
  •  
    1. Lenders’ social security. Lender’s release from severe consequences in case of a default (the lender lost his place of residence, expired costs and is a debtor to the bank)
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    2. Mass defaults risk decrease in case of a crisis. The creditor is more willing to restructure the debt if there is mortgage insurance
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    3. Control of the mortgage creditors’ risk appetite. A number of credit organizations in the pursuit of volumes are ready to carry out a risky loan policy. Mortgage insurance can decrease the risk concentration in the banking system.
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    4. Time length and depth of economic crises differ among banks and insurers (Banks fall into a crises promptly and deeply, the insurers’ period of decline comes later and is not that deep, but the recovery period is longer). That is why the combination of the banking and insurance instruments of risk management helps make the whole mortgage insurance system sustainable.
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    5. Increase of mortgage loans availability for special categories of the lenders to whom the majority of creditors is not ready to give loans at the acceptable rates. In this case mortgage insurance decreases the creditors’ risks and makes mortgage loans available for these categories of population.
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    6. Other (Specify):
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    QUESTION No.4. The Creditor’s Motivation.

    In your opinion, how are the creditors motivated to use mortgage insurance in your country?

    Range the motivating factors by assigning the significance/applicability scale to them with grades from 1 to 5, where 1 – very insignificant/rarely applicable factor, 5 –very significant/applicable factor
  •  
    1. Opportunity to decrease the potential loss risk
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    2. Opportunity to enlarge the clients base (for instance, by increasing LTV) with mortgage insurance with the stable risk appetite
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    3. Opportunity to decrease the interest rate for the purpose of the clients base marketing enlargement by means of prepaid mortgage insurance
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    4. Opportunity to decrease the requirements to the creditor’s capital adequacy
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    5. Efficiency increase of the securitization transaction by means of applying mortgage insurance as an instrument of the investors’ risk decrease
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    6. Other (Specify):
  •  
    Significance According to your expert opinion
  •  
    Applicability in your country
  •  
    QUESTION No.5. Differences in the Mortgage Insurance Regulation Standards.

    The volumes of the mortgage loan activity with the use of mortgage insurance are expected to increase by four times by 2015 in Russia.

    In your opinion, what needs to be done to preserve the reliability of this market? Do the mortgage insurance regulation standards differ from other insurance activities in your country?

    /Please tick one or several answers/
  •  
    Mortgage insurance is not in the separate regulatory activity (general standards apply)
  •  
    The company which carries out a mortgage insurance activity must be a monoliner
  •  
    There are special requirements to the capital of the insurers which operate in the field of mortgage insurance.
  •  
    If yes, what local standard act is applied
  •  
    There are special requirements to the mortgage insurance reserve creation that are enshrined in the legislation or the regulators’ requirements
  •  
    If yes, what local standard act is applied
  •  
    Other differences
  •  
    write specify
  •  
    Do you think the mortgage insurance regulatory activities in your country are excessive or lacking?
  •  
    Please write down your expert opinion – why
  •  
    QUESTION No.6. Limitations for the Acceptance of Risks in Mortgage Insurance.

    Are there any limitations for the acceptance of risks in mortgage insurance in your country?

    /Please tick one or several answers/
  •  
    The regulator did not establish any special limitations for the acceptance of risks under mortgage insurance agreements
  •  
    The regulator established limitations for the acceptance of risks volumes from one creditor
  •  
    Are there any special limitations for the acceptance of risk from the affiliated creditors?
  •  
    The regulator established limitations for the acceptance of risk volumes in one region
  •  
    The regulator established limitations for the acceptance of risk volumes by means of the capital adequacy standards
  •  
    If yes, what local standard act is applied
  •  
    Other limitations
  •  
    please specify
  •  
    QUESTION No.7. Mortgage Insurance Demand Distribution.

    The demand for mortgage insurance is only being created in Russia, and mortgage insurance principally emerges at the moment of the loan issue (Flow Mortgage Insurance)

    In your opinion, how is the demand for separate mortgage insurance segments distributed among the creditors who use the services of your company?
  •  
    FLOW MORTGAGE INSURANCE (at the moment of the loan issue),%
  •  
    BULK MORTGAGE INSURANCE (credit bucket insurance), %
  •  
    QUESTION No.8. Mortgage Insurance Risk Concentration.

    The share of the mortgage insurance risk concentration is very high in Russia (under the insurance liability). In particular, the market leader AHML Insurance holds around 50% of all the market risks.

    What is the share of your company in the mortgage insurance market in the country where your company operates?

    /Please write down your answer/
  •  
    under the insurance premium,%
  •  
    BULK MORTGAGE INSURANCE (credit bucket insurance), %
  •  
    QUESTION No.9: Reinsurance Practice.

    All insurers endeavor to reinsure their risks due to the low level of the insurance companies’ capitalization and absence of any well-established statistics in Russia nowadays. The only organization in Russia that possesses all required knowledge and offers reinsurance capacities is AHML Insurance (web-site: http://www.insurahml.ru/en/).

    Does the need for reinsurance exist in your country?

    /Please tick one or several answers/
  •  
    There is no (or prohibited) mortgage insurance reinsurance practice in your country
  •  
    Your company does not reinsure mortgage insurance and holds all the risks
  •  
    Your company reinsures mortgage insurance
  •  
    Your company reinsures mortgage insurance, from other countries included.
  •  
    QUESTION No.10. Reinsurance Practice Limitations.

    Are there any internal limitations for the acceptance of risks in reinsurance established in your company?

    /Please tick one or several answers/
  •  
    The company does not reinsure mortgage insurance
  •  
    The company reinsures mortgages insurance only within the country
  •  
    The company reinsures mortgages insurance from foreign countries, but works only with the affiliated companies
  •  
    The company does not have any special limitations for the work with the mortgage insurance risks both within the country and from foreign countries
  •  
    The company accepts the risks in retrocession.
  •  
    QUESTION No.11. Reinsurance (Retrocession) Conditions.

    Being an expert, in your opinion, what are the essential conditions (information) which presence is obligatory for you to reinsure mortgage insurance (retrocession) from other countries?

    /Please tick one or several answers/
  •  
    Presence of a special law (or a section in a law) in the insurer’s country that regulates mortgage insurance
  •  
    The insurer’s provision of detailed statistics by the losses in the mortgage loans activity (or mortgage insurance)
  •  
    Presence of the requirements to the underwriting that are agreed upon with the reinsurer, and control
  •  
    Other
  •  
    QUESTION No. 12. Cooperation with Other Countries in the Field of Mortgage Insurance

    Russia joined WTO in 2012 and its market has been fully opened for the participation of other countries since 2018

    Does your company have any strategic work plans in the developing countries market?

    /Please tick one answer/
  •  
    YES, our company already works in the developing countries markets
  •  
    YES, our company is interested in the developing countries markets, but we do not work there yet
  •  
    NO, our company does not regard the developing countries markets as a direction of our development.
  •  
    QUESTION No.13. Cooperation with Other Countries in the Field of Mortgage Insurance.

    Being an expert, how would you plan an entry into a new market in the developing countries?

    /Please tick one answer/
  •  
    I do not think it is necessary to enter into the developing countries markets.
  •  
    To entry only into the reinsurance market in the developing countries
  •  
    To acquire a company in the market with the preliminary due diligence
  •  
    To acquire knowledge of the market by offering the reinsurance capacities (retrocession) and the following decision making as to the means of entering into this market
  •  
    Direct opening of an affiliated office and research of the market’s peculiarities in the process of the affiliated office’s operation.
  •  
    Question No. 14 Mortgage insurance model.

    A mortgage insurance model that is used for lowering the credit risks in Russia

    What model of the creditor’s protection is the most developed in your country?

    /Tick one answer/
  •  
    Insurance
  •  
    Guarantee
  •  
    Question No. 15 Mortgage Insurance Model Selection.

    The reasons for selecting a mortgage insurance model for insuring the mortgage in Russia are such that the insurance mechanism allows to rely on the capital of foreign insurers and not to cluster the risks inside the country.

    What are the key reasons for selecting this mortgage insurance model in your country?

    /Evaluate each criterion, according to 10-grade scale – 10 important, 0 – not important)
  •  
    Regulation in the insurance segment
  •  
    Integration into the banking standards
  •  
    Opportunity to export the risks abroad
  •  
    Question No. 16 Mortgage Insurance Model Selection.
  •  
    How many companies work using this model in the market of your country? (number)
  •  
    Question No. 17 Presence of the integration into the banking standards

    In Russia major creditors and insurers under the auspices of AHML Insurance and through the offices of the Central Bank have agreed upon unification of insurance documentation in order to subsequently integrate it into the banking standards.

    Is there a unity of mortgage insurance documentation in your country (that is accounted for in the bank regulation)?

    /Tick one answer/
  •  
    YES
  •  
    NO
  •  
    Question No. 18 Tariff formation.

    In Russia the tariff calculation is mainly performed on the basis of LTV plus the individual default risk evaluation of the loaner

    What are the traditions of tariff calculation in your country?

    /Tick one or several answers/
  •  
    Only LTV
  •  
    LTV+ loaner evaluation, using the standard models (e.g., Fico)
  •  
    individual risk evaluation, using the multifactorial individual models
  •  
    Question No. 19 Underwriting

    In Russia (in AHML Insurance) the personal underwriting of the insurer in addition to the creditor underwriting (absence of the delegated underwriting) is performed

    What is the underwriting model in your market?

    /Tick one answer/
  •  
    delegated to the bank
  •  
    personal underwriting of the insurer
  •  
    Question No. 20 Real estate evaluation when granting a loan

    In Russia the collateral real estate evaluation at the moment of granting a loan is performed by an independent expert evaluation company. Its activity is defined by a separate law, its responsibility is insured.

    Who and how is the real estate evaluation when granting a loan is performed in the country where your company operates?

    /Tick one answer/
  •  
    solely by the creditor
  •  
    is defined according to the price of the purchase and sale agreement
  •  
    the independent expert evaluator
  •  
    Another procedure (specify)
  •  
    Question No. 21 Settlement of losses.

    In Russia the foreclosure is performed by means of appealing to a court or by means of public bidding after the property was sold. Neither the insurer, nor the creditor has any impact on the process. Extrajudicial procedure is prohibited by law

    Who provides the settlement of losses in the country where your company operates?

    /Tick one answer/
  •  
    the creditor who then presents the losses to the insurer
  •  
    the insurer is an obligatory party to the foreclosure procedure. It can buy out the housing for itself for the purposes of the risk minimization
  •  
    the procedure is governed by law
  •  
    Question No. 22 Social strata insurance

    How does mortgage insurance is used for granting loans to the socially weak strata in your country?

    /Tick one answer/
  •  
    obligatory insurance of the mortgage loaner for the defined level of LTV
  •  
    Special programs of the separate strata insurance by means of the state support
  •  
    temporary insurance of the mortgage loaner (by means of legislation)
  •  
    None
  •  
    Question No. 23 Social standard is?

    In Russia (according to AHML Insurance’s standard) social mortgage has the following loan-to-value (LTV) ratio of > 80%, and pay-to-income ratios (PTIs)of > 45%, the average cost of 1 sq. m. is 900$, the population categories are defined by the special governmental program.

    How is the mortgage social loan structure built in the country where your company operates?

    /Please write down your answer/
  •  
    If yes, what ratio of LTV, %?
  •  
    if yes, what ratio of PTI, %?
  •  
    if applicable, how much does 1 sq. m. cost?
  •  
    law or decree of the Government
  •  
    Question No. 24 Social product.

    What is the social product share in the company in 2013? In the country where your company operates?

    /Please write down your answer/
  •  
    %
  •  
    Question No. 25 Settings of the most popular product for physical persons

    The settings of the most popular product for physical persons in Russia are as follows:

    Insurance sum Fixed
    Insurance period Up to the defined level
    Tariff As a lump sum

    What are the settings of the most popular mortgage insurance product for physical persons in your company?

    /Tick one or several answers/
  •  
    Insurance sum
  •  
    Fixed
  •  
    Floating
  •  
    Insurance period
  •  
    Up to the defined level
  •  
    Until is paid
  •  
    Insurance premium payment
  •  
    As a lump sum
  •  
    By installments
  •  
    Franchise or another risk sharing method with the creditor
  •