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Travel Insurance and Assistance in China

  • March 2016
  • -
  • Finaccord
  • -
  • 37 pages

Finaccord’s report titled Travel Insurance and Assistance in China is about the current status and likely future development of the market for stand-alone travel insurance policies in China. 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 China 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 230 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 China 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 China 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, which represents an update and expansion to a previous Finaccord study on the subject, is accompanied by an Excel PartnerBASE™ dataset that details the travel insurance partnerships identified, 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 China

00 EXECUTIVE SUMMARY 1
10 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 230 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
20 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Leisure trips have been growing almost six times as quickly as business trips in recent years 10
Over one third of overnight trips are to either Hong Kong or Macao 12
Market for travel insurance and assistance 12
In real terms, travel insurance premiums have been rising almost as fast as trips abroad… 12
… with annual policies outpacing single-trip policies 13
Travel cover bought for domestic trips accounts for a significant share of premiums 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Over a half of potential distributors in China actually do promote stand-alone travel cover 16
Operating models 17
Most distribution partnerships are arranged via a single external underwriter… 17
… albeit there are also several notable examples of captive or joint venture providers 18
Competitor share of partnerships - travel trade entities 21
China Life, CPIC and Ping An Insurance hold the most travel trade partnerships… 21
…followed (in descending order) by China Insurance, AIG, Allianz China, AXATP and PICC… 21
…and then by a long tail of other providers… 21
… causing the supply structure in this distribution channel to be relatively fragmented 21
CPIC claims the highest weighted share of partnerships in this field 22
Competitor share of partnerships - transportation organisations 24
The captive insurer of China Railway holds the most distribution partnerships in this sector 24
Air Union Insurance Brokers acts as travel insurance intermediary to a number of airlines… 24
… causing it to feature prominently in the weighted analysis of partnerships 24
Competitor share of partnerships - financial organisations 26
Only three insurers have more than one distribution arrangement in the financial sector… 26
… while many focus purely on selling on a direct basis as brands in their own right 26
China Life and Ping An Insurance are ranked first and second respectively in the weighted analysis 28
Travel insurance and assistance linked to payment cards and bank accounts 28
Other distribution channels 30
Automotive clubs 30
Direct distribution by specialist travel insurers 30
Online aggregators and brokers 30
At least eight insurance comparison sites in China promote travel cover… 30
Other online brands 30
… and several major Chinese brokers have tied partnerships for this product 30
Retailers 31
Numerous travel insurance providers distribute travel policies through Tmallcom… 31
… and one significant supermarket is also active in this field 31
Other types of distributor 31
China Mobile allows subscribers to acquire and pay for a form of travel cover by phone 31
Leading competitors 31
Three leading competitors are likely to account for around a half of all premiums… 31
…with two others potentially holding a market share of up to 10% 32
Several non-indigenous insurers and joint ventures also feature among the top ten underwriters 32
Forecasts 34
Underlying foreign travel market 34
Slower growth in the Chinese economy as a whole will also cause trip growth to diminish… 34
Market for travel insurance and assistance 36
… albeit the value of the travel insurance market will continue to rise at a comparatively rapid rate 36
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in China, 2011, 2015 and 2019 2
10 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
20 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2011 to 2015 (table) 11
Destinations of foreign trips undertaken by residents of China, 2014 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2011 to 2015 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2011 to 2015 (table) 15
Summary of travel trade, transportation and financial organisations researched in China, segmented by type, 2015 16
Provision rates for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2015 19
Operating models used for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 20
Partnerships with travel trade organisations offering travel insurance and assistance in China, 2015: weighted and unweighted competitor share 23
Partnerships with transportation organisations offering travel insurance and assistance in China, 2015: weighted and unweighted competitor share 25
Partnerships with financial organisations offering travel insurance and assistance in China, 2015: weighted and unweighted competitor share 27
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in China 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 China, 2015 33
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in China, 2015 (table) 34
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2019 (forecast) 35
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2019 (forecast) (table) 35
Gross written premiums and policy numbers for travel insurance and assistance in China, 2019 (forecast) 36
Gross written premiums and policy numbers for travel insurance and assistance in China, 2019 (forecast) (table) 37

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