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Travel Insurance and Assistance in Austria

  • March 2015
  • -
  • Finaccord
  • -
  • 35 pages

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

- data spanning 2010 to 2014 for the underlying travel market with segmentations by destination (between EU countries, non-EU European countries, North America and the rest of the world) and by type of journey (between holiday and business trips);

- data for the size of the market for stand-alone travel insurance and assistance in Austria between 2010 and 2014 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, ferry / railway operators, insurance brands and specialised lenders, plus both traditional and online travel trade entities;

- a review of other direct and affinity distribution channels used in Austria 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 Austria in 2014 with these data points expressed as a percentage range (e.g. 5.0% to 7.5%);

- forecasts to 2018 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 segmentations as those specified above for the period from 2010 to 2014.

Table Of Contents

Travel Insurance and Assistance in Austria
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

This report builds upon Finaccord's previous ground-breaking studies about this topic

Methodology

Primary research

The survey includes over 100 travel trade, transportation and financial organisations...

... including airlines, banks, insurance brands and both traditional and online travel trade entities

Market data

External sources

Travel insurance and assistance: how it all fits together

The term 'travel insurance' can refer to protection from a heterogeneous range of risks…

... and assistance companies play a fundamental role in the European travel insurance industry

Definitions

Terms and abbreviations

Types of packaged travel insurance and assistance

Operating models

Weighted shares

Currencies, exchange rates and inflation

PartnerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Underlying foreign travel market

Business trips have tended to increase more quickly than holiday trips

Accession of Croatia to the EU in 2013 has caused a surge in the share of trips to EU countries

Market for travel insurance and assistance

The stand-alone travel insurance market has grown faster than the underlying travel market...

…largely due to a probable rise in the share of annual policies

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Almost two thirds of organisations researched are distributors of stand-alone travel cover

Operating models

A majority of travel insurance schemes are organised through a single, external underwriter

Competitor share of partnerships

Europäische Reiseversicherung claims over a third of travel trade distribution partnerships...

…in a sector that appears relatively concentrated…

... making it the channel leader in both unweighted and weighted terms

Allianz Global Assistance is the leader by number of partnerships in the transportation category...

… although two competitors may hold a couple of the most important relationships

Europäische Reiseversicherung and UNIQA are particularly active in partnering with banks…

…with other insurers selling policies both directly and through partnerships with financial institutions

UNIQA and Wiener Städtische attain greater prominence in the weighted analysis for this category

Travel insurance and assistance linked to payment cards and bank accounts

Comprehensive travel insurance policies are very commonly packaged with Austrian payment cards

Other distribution channels

Automotive clubs

Both of Austria's main automotive clubs offer travel insurance to members

Direct distribution by specialist travel insurers

A number of specialist underwriters promote insurance directly to consumers

Online aggregators and brokers

Aggregator involvement in travel insurance is likely to have grown in recent years

Travel health cover from a variety of underwriters can be bought from Care Concept

Other online brands

Other online brands include both international specialists and ones restricted to Austria and Germany

Retailers

Major retailers distribute travel insurance through captive travel agencies rather than directly

Other types of distributor

Leading competitors

The eight leading travel insurers are likely to control between 95% and 99% of the market…

…and the top two for over 60%, even using the most conservative assumptions

AIG may be ranked as high as fifth in spite of the fact that it benefits from just one partnership

Germany-based competitors include ERV, HanseMerkur and VHV (via VAV)

Forecasts

Underlying foreign travel market

Austria's foreign travel market is likely to continue to expand between 2014 and 2018…

Market for travel insurance and assistance

… causing the associated travel insurance sector to also move up in value

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Austria, 2010, 2014 and 2018

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS

Number of foreign trips undertaken by residents of Austria, segmented by purpose of trip, 2010 to 2014

Number of foreign trips undertaken by residents of Austria, segmented by purpose of trip, 2010 to 2014 (table)

Destinations of foreign trips undertaken by residents of Austria, 2010 to 2014

Destinations of foreign trips undertaken by residents of Austria, 2010 to 2014 (table)

Estimated gross written premiums and policy numbers for travel insurance and assistance in Austria, 2010 to 2014

Estimated gross written premiums and policy numbers for travel insurance and assistance in Austria, 2010 to 2014 (table)

Summary of travel trade, transportation and financial organisations researched in Austria, segmented by type, 2014

Provision rates for stand-alone travel insurance and assistance in Austria, segmented by type of travel trade, transportation and financial organisation, 2014

Operating models used for stand-alone travel insurance and assistance in Austria, segmented by type of travel trade, transportation and financial organisation, 2014

Operating models used for stand-alone travel insurance and assistance in Austria, segmented by type of travel trade, transportation and financial organisation, 2014 (table)

Partnerships with travel trade organisations offering travel insurance and assistance in Austria, 2014: weighted and unweighted competitor share

Partnerships with transportation organisations offering travel insurance and assistance in Austria, 2014: weighted and unweighted competitor share

Partnerships with financial organisations offering travel insurance and assistance in Austria, 2014: weighted and unweighted competitor share

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Austria segmented by product function and level, and by type of cover

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Austria, 2014

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Austria, 2014 (table) (table)

Forecast number of foreign trips undertaken by residents of Austria, segmented by purpose of trip, 2018

Forecast number of foreign trips undertaken by residents of Austria, segmented by purpose of trip, 2018 (table)

Forecast gross written premiums and policy numbers for travel insurance and assistance in Austria, 2018

Forecast gross written premiums and policy numbers for travel insurance and assistance in Austria, 2018 (table)

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