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Travel Insurance and Assistance in Brazil

  • October 2013
  • -
  • Finaccord
  • -
  • 32 pages

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

- data spanning 2009 to 2013 for the underlying travel market with segmentations by type of journey (between holiday and business trips) and by destination country;

- data for the size of the market for stand-alone travel insurance and assistance in Brazil between 2009 and 2013 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 130 actual and potential distributors of stand-alone travel policies;

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

- forecasts to 2017 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 2009 to 2013.

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 Brazil
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
This report updates and expands upon Finaccord's previous ground-breaking research 3
Methodology 3
Primary research 3
The survey includes around 140 travel trade, transportation and financial organisations… 3
…and draws on a separate analysis of travel benefits linked to banking products 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 global travel insurance industry 5
Definitions 6
Terms and abbreviations 6
Types of packaged travel insurance and assistance 6
Operating models 7
Currencies, exchange rates and inflation 7
PartnerBASE and market data annexe 8
Finaccord 8
2.0 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Brazil's outbound travel sector grew at around 7% per year between 2009 and 2013 10
Two destination countries jointly account for almost 40% of foreign trips undertaken by Brazilians 12
Market for travel insurance and assistance 12
Most travel insurance comes in the form of 'assistance cards' 12
In real terms, Brazil's travel insurance market is outpacing growth in the number of overseas trips 13
…and an increasing proportion of travel policies take the form of annual or multi-trip cover 13
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Seemingly all traditional and online travel agents can offer insurance to their customers 15
whereas availability of stand-alone cover from banks is still relatively low 15
Operating models 16
A significant proportion of travel agents offer cover on behalf of two or more providers 16
whereas Banco do Brasil makes use of its joint venture underwriter in this context 16
Competitor share of partnerships 18
Leading assistance card providers include Assist-Card, GTA and MIC Coris International 18
and Travel Ace Assistance benefits from a number of group-level travel trade partnerships 18
There are a large number of providers and underwriters working with Brazil's travel trade 19
Allianz Global Assistance claims the most partnerships with major airlines serving Brazil 20
More than half of banking organisations underwrite travel cover on a captive or joint venture basis 21
although there are also several external partners working with financial organisations 21
Travel insurance and assistance linked to payment cards and bank accounts 22
More than half of credit cards feature one or more elements of travel insurance cover… 23
…but provision of the individual types of policy varies greatly between standard and premium cards 23
Other distribution channels 24
Automotive clubs 24
Direct distribution by insurance underwriters 25
Numerous providers sell travel cover directly to consumers, whereas some large underwriters do not 25
Online aggregators and brokers 25
Both generic and travel-specific aggregators play an active role in Brazil 25
Other online brands 25
Among others, AXA and SulAmerica distribute travel cover through separate online brands 25
Retailers 25
A number of retailers incorporate travel agencies, and therefore sell travel insurance 25
Other types of distributor 26
Forecasts 26
Underlying foreign travel market 26
Robust growth in the number of foreign holiday trips is expected to persist 26
Market for travel insurance and assistance 27
In nominal terms, premiums are likely to exhibit annual growth of more than 15% 27

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Brazil, 2009, 2013 and 2017 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 Brazil, segmented by purpose of trip, 2009 to 2013 .. 11
Number of foreign trips undertaken by residents of Brazil, segmented by purpose of trip, 2009 to 2013
(table) 11
Destinations of foreign trips undertaken by residents of Brazil, 2012 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in Brazil, 2009
to 2013 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Brazil, 2009
to 2013 (table) 14
Summary of travel trade, transportation and financial organisations researched in Brazil, segmented by
type, 2013 15
Provision rates for stand-alone travel insurance and assistance in Brazil, segmented by type of travel
trade, transportation and financial organisation, 2013 16
Operating models used for stand-alone travel insurance and assistance in Brazil, segmented by type of
travel trade, transportation and financial organisation, 2013 17
Operating models used for stand-alone travel insurance and assistance in Brazil, segmented by type of
travel trade, transportation and financial organisation, 2013 (table) 18
Competitor share of partnerships for stand-alone travel insurance and assistance in Brazil, 2013: travel
trade organisations 20
Competitor share of partnerships for stand-alone travel insurance and assistance in Brazil, 2013:
transportation organisations 21
Competitor share of partnerships for stand-alone travel insurance and assistance in Brazil, 2013: financial
organisations 22
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Brazil,
segmented by product function and level, and by type of cover, 2013 24
Forecast number of foreign trips undertaken by residents of Brazil, segmented by purpose of trip, 2017 . 26
Forecast number of foreign trips undertaken by residents of Brazil, segmented by purpose of trip, 2017
(table) 27
Forecast gross written premiums and policy numbers for travel insurance and assistance in Brazil, 2017
28
Forecast gross written premiums and policy numbers for travel insurance and assistance in Brazil, 2017
(table) 28

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