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Travel Insurance and Assistance in Finland

  • June 2015
  • -
  • Finaccord
  • -
  • 34 pages

Travel Insurance and Assistance in Finland is about the current status and likely future development of the market for stand-alone travel insurance policies in Finland. 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 Finland 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 70 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 Finland 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 Finland 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 Finland
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 70 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

Weakening economies in both Finland and destination countries saw foreign trips fall in 2013 and 2014…

… although trips per capita still expanded at a healthy rate from 2010 to 2014…

…with longer-haul journeys apparently increasing in popularity

Market for travel insurance and assistance

Rising trip numbers have allowed for limited growth in the Finnish travel insurance sector…

… albeit a natural limit is imposed by the fact that this market is dominated by annual policies

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Over 70% of the organisations researched are distributors of stand-alone travel cover

Operating models

A number of banks utilise their own captive underwriters for travel insurance

Competitor share of partnerships

Eurooppalainen is the dominant provider of travel insurance to travel trade distributors…

…with eight other providers holding one to three partnerships each in this sphere

In the weighted analysis, AIG Europe is ranked second in this distribution channel

AIG Europe is also prominent as a provider of travel insurance used by airlines serving Finland

In the financial sector, insurers have between one and three distribution arrangements each

The weighted analysis broadly reflects the size of specific banks and insurance companies

Travel insurance and assistance linked to payment cards and bank accounts

Comprehensive travel policies are a common feature of premium credit cards in Finland

Other distribution channels

Automotive clubs

Fennia provides travel insurance for members of two automotive clubs

Direct distribution by specialist travel insurers

The leading specialists also promote travel insurance directly to consumers

Online aggregators and brokers

Vertaa.fi has reduced its roster of travel insurance partners in recent years

Other online brands

Retailers

R-Kioski distributes single-trip travel cover sourced from Eurooppalainen

Other types of distributor

Several trade unions have organised travel insurance on behalf of their members

Leading competitors Eurooppalainen remains the dominant competitor in the Finnish travel insurance market…

… although there are plenty of other providers…

… even if only three of these are likely to hold a market share in excess of 5%

Forecasts

Underlying foreign travel market

The outlook for the foreign travel market is partly dependent upon the economic outlook

Market for travel insurance and assistance

Gentle growth is forecast for the travel insurance market between 2014 and 2018



LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

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

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

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

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

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

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

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

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

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

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

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

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

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

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Finland 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 Finland, 2014

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

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

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

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

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

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