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Travel Insurance and Assistance in Singapore

  • May 2016
  • -
  • Finaccord
  • -
  • 33 pages

Finaccord’s report titled Travel Insurance and Assistance in Singapore is about the current status and likely future development of the market for stand-alone travel insurance policies in Singapore. 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 Singapore 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 over 100 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 Singapore 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 Singapore 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 Singapore
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 over 100 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
Singapore hosts a relatively mature market for outbound travel… 10
…with over two thirds of overnight trips made across the border to Malaysia 12
Market for travel insurance and assistance 13
The value of Singapore's travel insurance market has risen consistently in recent years… 13
… with annual policies becoming steadily more important within total policies. 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 15
Travel insurance is on offer from over 80% of the 112 distributor organisations researched… . 15
Operating models . 16
… with most such distributors choosing to work with a single, external underwriter in this context . 16
Competitor share of partnerships - travel trade entities . 19
AIG holds more than a half of partnerships whether viewed in unweighted or weighted terms… . 19
… and Allianz Global Assistance gains prominence in the latter analysis 19
Competitor share of partnerships - transportation organisations 21
The lion's share of airline partnerships is attributable to AIG and Chubb… 21
… although seven other providers compete for mandates in this arena . 21
Competitor share of partnerships - financial organisations . 23
Travel insurance and assistance linked to payment cards and bank accounts 25
More than half of credit card products feature some form of travel benefit . 25
Other distribution channels 27
Automotive clubs . 27
Singapore's main automotive club employs two underwriters for different types of travel cover . 27
Direct distribution by specialist travel insurers . 27
Both Columbus Direct and World Nomads are active in the country's travel insurance market… 27
Online aggregators and brokers 27
… as are a handful of aggregators and brokers . 27
Retailers 27
Other types of distributor 27
Travel insurance policies can also be bought from AXS stations… 27
… and from Singapore Post 27
Leading competitors . 28
AIG's dominance in the analysis of partnerships feeds through to its likely market share of premiums… 28
… with only one other underwriter judged likely to command a market share in excess of 10% . 28
Forecasts 30
Underlying foreign travel market 30
Growth in foreign trips is likely to accelerate between 2015 and 2019… 30
Market for travel insurance and assistance . 32
… which will bring about further expansion in the value of travel insurance sold in Singapore 32

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for travel insurance and assistance in Singapore, 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 Singapore, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of Singapore, segmented by purpose of trip, 2011 to 2015 (table) . 11
Destinations of foreign trips undertaken by residents of Singapore, 2014 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in Singapore, 2011 to 2015 . 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Singapore, 2011 to 2015 (table) . 14
Summary of travel trade, transportation and financial organisations researched in Singapore, segmented by type, 2016 15
Provision rates for stand-alone travel insurance and assistance in Singapore, segmented by type of travel trade, transportation and financial organisation, 2016 . 16
Operating models used for stand-alone travel insurance and assistance in Singapore, segmented by type of travel trade, transportation and financial organisation, 2016 . 17
Operating models used for stand-alone travel insurance and assistance in Singapore, segmented by type of travel trade, transportation and financial organisation, 2016 (table) . 18
Partnerships with travel trade organisations offering travel insurance and assistance in Singapore, 2016: weighted and unweighted competitor share . 20
Partnerships with transportation organisations offering travel insurance and assistance in Singapore, 2016: weighted and unweighted competitor share . 22
Partnerships with financial organisations offering travel insurance and assistance in Singapore, 2016: weighted and unweighted competitor share . 24
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Singapore segmented by product function and level, and by type of cover . 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Singapore, 2015 . 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Singapore, 2015 (table) 30
Number of foreign trips undertaken by residents of Singapore, segmented by purpose of trip, 2019 (forecast) . 31
Number of foreign trips undertaken by residents of Singapore, segmented by purpose of trip, 2019 (forecast) (table) . 31
Gross written premiums and policy numbers for travel insurance and assistance in Singapore, 2019 (forecast) . 32
Gross written premiums and policy numbers for travel insurance and assistance in Singapore, 2019 (forecast) (table) . 33

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