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Travel Insurance and Assistance in Belgium

  • April 2015
  • -
  • Finaccord
  • -
  • 35 pages

Travel Insurance and Assistance in Belgium is about the current status and likely future development of the market for stand-alone travel insurance policies in Belgium. 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 Belgium 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 140 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 Belgium 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 Belgium 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 Belgium
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 140 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

The number of business trips has been growing at almost four times the rate of the number of holiday trips

Belgian consumers have shown a slight tendency towards longer-haul travel in recent years

Market for travel insurance and assistance

The value of the Belgian travel insurance market grew consistently between 2010 and 2014…

…with annual policies accounting for an increasingly significant proportion of the total

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Two thirds of the organisations researched are distributors of stand-alone travel cover

Operating models

Most distribution relationships are based around use of a single, external underwriter

Competitor share of partnerships

Two providers claim over a half of travel trade distribution partnerships...

…with two others also fairly significant as providers in this field

In weighted terms, Allianz Global Assistance is likely to derive the most business in this channel

Allianz Global Assistance has the highest number of relationships in the transportation category...

… although it is overtaken by two other providers in the weighted analysis of partnerships

Among financial organisations, Europ Assistance and Inter Partner Assistance hold the most deals…

… with four other providers named twice each…

… and another dozen once each in a fairly fragmented sector

AG Insurance, Ethias and KBC Assurances all become more visible in the weighted analysis

Travel insurance and assistance linked to payment cards and bank accounts

A significant proportion of Belgian payment cards feature some form of travel insurance

Other distribution channels

Automotive clubs

All four automotive clubs have a travel insurance proposition for their members

Direct distribution by specialist travel insurers

Several specialists promote travel insurance directly to consumers

Online aggregators and brokers

Several aggregators have begun intermediating travel cover…

… and brokers also constitute a viable distribution channel

Other online brands

Specialist online brands include Assudis, Protections Travel Insurance and World Nomads

Retailers

One major retailer offers travel insurance directly to its customers

Other types of distributor

Leading competitors

Two competitors may account for almost a half of the total market value between them…

… although as much as 25% may be dealt with by providers outside of the top six

Having bought the travel insurance portfolio of De Europese, MAPFRE is now a significant competitor…

… as is an insurer owned by Touring Club Belgium

Forecasts

Underlying foreign travel market

The foreign travel market in Belgium is likely to continue growing between 2014 and 2018…

Market for travel insurance and assistance

…resulting in modest growth in gross written premiums for travel insurance over the same period

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Belgium, 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 Belgium, segmented by purpose of trip, 2010 to 2014

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

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

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

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

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

Summary of travel trade, transportation and financial organisations researched in Belgium, segmented by type, 2015

Provision rates for stand-alone travel insurance and assistance in Belgium, segmented by type of travel trade, transportation and financial organisation, 2015

Operating models used for stand-alone travel insurance and assistance in Belgium, segmented by type of travel trade, transportation and financial organisation, 2015

Operating models used for stand-alone travel insurance and assistance in Belgium, segmented by type of travel trade, transportation and financial organisation, 2015 (table)

Partnerships with travel trade organisations offering travel insurance and assistance in Belgium, 2015: weighted and unweighted competitor share

Partnerships with transportation organisations offering travel insurance and assistance in Belgium, 2015: weighted and unweighted competitor share

Partnerships with financial organisations offering travel insurance and assistance in Belgium, 2015: weighted and unweighted competitor share

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Belgium 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 Belgium, 2015

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Belgium, 2015 (table) (table)

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

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

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

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

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