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Travel Insurance and Assistance in Denmark

  • June 2015
  • -
  • Finaccord
  • -
  • 33 pages

Travel Insurance and Assistance in Denmark is about the current status and likely future development of the market for stand-alone travel insurance policies in Denmark. 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 Denmark 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 110 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 Denmark 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 De 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 Denmark
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

Outbound travel from Denmark has recovered strongly from a drop in 2012…

… with leisure trips slightly outpacing business trips

Danish consumers have increasingly headed for nearby EU destinations or to North America

Market for travel insurance and assistance

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

…with a marked shift towards annual policies

Danish citizens can no longer use their ‘sunhedskort' to cover medical costs in EEA countries

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Over half of the organisations researched are distributors of stand-alone travel cover

Operating models

Organisations in Denmark generally partner exclusively with a single underwriter

Competitor share of partnerships

Gouda Rejseforsikring holds over a half of travel trade distribution partnerships...

…with the remainder divided among only four other insurers

Two companies are likely to control around 85% of business passing through this channel

Seven providers have between one and three partnerships in the transportation category

… although one gaining in particular through its partnership with Scandinavian Airlines

Most Danish insurance brands underwrite their own travel cover…

… meaning that partnerships with financial institutions are mainly with banks and card issuers

In some cases, buying travel cover is only open to customers with a household insurance policy

Travel insurance and assistance linked to payment cards and bank accounts

Comprehensive travel cover is a very common feature of premium payment cards in Denmark

Other distribution channels

Automotive clubs

Direct distribution by specialist travel insurers

Several specialists promote travel insurance directly to consumers

Online aggregators and brokers

Aggregators are an increasingly important feature of the Danish market

Other online brands

Managing general agents such as Dansk Rejseforsikring and safeAway are increasingly prominent

Retailers

Other types of distributor

Leading competitors

Given that it is not especially large, the Danish travel insurance market is comparatively fragmented

… with a long tail of competitors challenging the traditional market leaders…

… including both large non-life insurers and specialist underwriters

Forecasts

Underlying foreign travel market

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

Market for travel insurance and assistance

…resulting in steady growth in gross written premiums for travel insurance over the same period 34

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

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

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS 10 Number of foreign trips undertaken by residents of Denmark, segmented by purpose of trip, 2010 to 2014

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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