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Travel Insurance and Assistance in Taiwan

  • April 2016
  • -
  • Finaccord
  • -
  • 37 pages

Finaccord’s report titled Travel Insurance and Assistance in Taiwan is about the current status and likely future development of the market for stand-alone travel insurance policies in Taiwan. It includes the following unique features:

- data spanning 2011 to 2015 for the underlying travel market with a segmentation by type of journey (between holiday and business trips) and with related commentary concerning the popularity of different overseas destinations;

- data for the size of the market for stand-alone travel insurance and assistance in Taiwan between 2011 and 2015 in terms of premiums and policies, with a segmentation between single-trip and annual cover;

- analyses of the share of distribution relationships of travel insurance providers split between travel trade, transportation and financial organisations, based on a primary survey of 140 actual and potential distributors of stand-alone travel policies including airlines, banks, insurance brands and specialised lenders, plus both traditional and online travel trade entities;

- a review of other direct and affinity distribution channels used in Taiwan including automotive clubs, direct sales, online aggregators, other online brands and retailers, plus cover packaged with payment cards and bank accounts;

- estimates for the market share of travel insurance and assistance gross premiums for the top ten underwriters of this type of cover in Taiwan in 2015 with these data points expressed as a percentage range (e.g. 5.0% to 7.5%);

- forecasts to 2019 for both the underlying travel market and for the size of the market for stand-alone travel insurance and assistance in terms of premiums and policies, with the same segmentation as that specified above for the period from 2011 to 2015.

The report is accompanied by an Excel PartnerBASE™ dataset that details the travel insurance partnerships of each of the travel trade, transportation and financial organisations covered, plus a convenient market data annexe, also in Excel format. This annexe can be used as a convenient source of data already in Excel format which means that there is no need for users to re-enter data from the PDF report into their own Excel worksheets.

Table Of Contents

Travel Insurance and Assistance in Taiwan
0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale . 3
This report builds upon Finaccord's previous ground-breaking studies about this topic . 3
Methodology . 3
Primary research . 3
The survey includes 140 travel trade, transportation and financial organisations. 3
. including airlines, banks, insurance brands and both traditional and online travel trade entities 4
Market data . 4
External sources . 4
Travel insurance and assistance: how it all fits together 5
The term 'travel insurance' can refer to protection from a heterogeneous range of risks… . 5
.and assistance companies play a fundamental role in the travel insurance industry 5
Definitions . 6
Terms and abbreviations 6
Types of packaged travel insurance and assistance 6
Operating models . 7
Weighted shares . 7
Currencies, exchange rates and inflation 8
PartnerBASE 8
Finaccord 8
2.0 MARKET ANALYSIS . 10
Introduction . 10
Underlying foreign travel market . 10
Outbound travel has expanded rapidly in recent years… 10
…with Japan overtaking other countries in the Asia-Pacific region to become the most popular destination . 12
Market for travel insurance and assistance 13
In real terms, travel insurance premiums have grown almost as fast as trips abroad 13
Single-trip policies easily outnumber annual policies… . 13
… which is one reason for the comparatively low average price per policy 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Over 60% of potential distributors actually do promote stand-alone travel cover… . 16
…with all major insurance brands selling it . 16
Operating models . 17
Most travel insurance is organised through one of two main operating models . 17
Competitor share of partnerships - travel trade entities . 21
ACE, Cathay Century, Fubon and Shin Kong hold the most relationships with travel trade partners… 21
… followed by Zurich and AIG 21
The share of ACE strengthens significantly in the weighted analysis of partnerships 21
Competitor share of partnerships - transportation organisations 23
ACE and AIG are the only insurers to have established airline distribution partnerships . 23
Competitor share of partnerships - financial organisations . 25
The supply structure for selling via financial institutions is fragmented when viewed in unweighted terms… . 25
… but becomes a lot more concentrated in the weighted analysis… 26
… with Cathay Century and Fubon Insurance accounting for close to a half of the total . 26
Travel insurance and assistance linked to payment cards and bank accounts 28
The majority of Taiwanese credit card products feature one or more forms of travel cover . 28
Other distribution channels 29
Automotive clubs . 29
Direct distribution by specialist travel insurers . 30
The regulatory environment in Taiwan does not encourage online sales of insurance… 30
Online aggregators and brokers 30
… which means that comparison sites can provide quotes but cannot actually sell policies . 30
Retailers 30
Other types of distributor 31
Leading competitors . 31
A maximum of five insurers hold a share of 10% or more of Taiwan's travel insurance market… 31
… and up to 13% of it is held by competitors outside of the top ten 32
Forecasts 34
Underlying foreign travel market 34
Further strong growth in outbound trips is forecast up to 2019… 34
Market for travel insurance and assistance . 36
… which will drive expansion of the travel insurance market . 36

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for travel insurance and assistance in Taiwan, 2011, 2015 and 2019 2
1.0 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
2.0 MARKET ANALYSIS . 10
Number of foreign trips undertaken by residents of Taiwan, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of Taiwan, segmented by purpose of trip, 2011 to 2015 (table) 11
Destinations of foreign trips undertaken by residents of Taiwan, 2015. 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in Taiwan, 2011 to 2015 . 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Taiwan, 2011 to 2015 (table) . 15
Summary of travel trade, transportation and financial organisations researched in Taiwan, segmented by type, 2015 . 16
Provision rates for stand-alone travel insurance and assistance in Taiwan, segmented by type of travel trade, transportation and financial organisation, 2015 . 17
Operating models used for stand-alone travel insurance and assistance in Taiwan, segmented by type of travel trade, transportation and financial organisation, 2015 . 19
Operating models used for stand-alone travel insurance and assistance in Taiwan, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 20
Partnerships with travel trade organisations offering travel insurance and assistance in Taiwan, 2015: weighted and unweighted competitor share . 22
Partnerships with transportation organisations offering travel insurance and assistance in Taiwan, 2015: weighted and unweighted competitor share . 24
Partnerships with financial organisations offering travel insurance and assistance in Taiwan, 2015: weighted and unweighted competitor share . 27
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Taiwan segmented by product function and level, and by type of cover . 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Taiwan, 2015 33
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Taiwan, 2015 (table) . 34
Number of foreign trips undertaken by residents of Taiwan, segmented by purpose of trip, 2019 (forecast) . 35
Number of foreign trips undertaken by residents of Taiwan, segmented by purpose of trip, 2019 (forecast) (table) 35
Gross written premiums and policy numbers for travel insurance and assistance in Taiwan, 2019 (forecast) . 36
Gross written premiums and policy numbers for travel insurance and assistance in Taiwan, 2019 (forecast) (table) 37

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