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Travel Insurance and Assistance in India

  • May 2016
  • -
  • Finaccord
  • -
  • 35 pages

Finaccord’s report titled Travel Insurance and Assistance in India is about the current status and likely future development of the market for stand-alone travel insurance policies in India. 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 India 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 180 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 India 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 India 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 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 India
0.0 EXECUTIVE SUMMARY . 1
1.0 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 180 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
2.0 MARKET ANALYSIS . 10
Introduction . 10
Underlying foreign travel market . 10
Foreign trips per capita remain extremely low but have risen steadily in recent years… . 10
… with holiday trips tending to outpace business trips . 10
Migrant worker flows to the Gulf region account for a significant share of total trips abroad 12
Market for travel insurance and assistance 13
In real terms, premiums have been growing at 12.5% per year… 13
… with the vast majority of policies sold being for single trips . 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Stand-alone travel cover is on offer from 70% of distributor organisations researched… 16
… including a relatively high proportion of financial organisations. 16
Indian Railways is likely to begin distributing travel insurance policies in the future . 17
Operating models . 18
Over a half of arrangements are with a single underwriting partner… 18
… and use of multiple underwriters is also quite common . 18
Competitor share of partnerships - travel trade entities . 21
Tata AIG General Insurance holds the most partnerships among travel trade entities… 21
…and four other companies also claim more than ten links in this category… 21
… with a further eight active in total 21
ICICI Lombard General Insurance emerges as leader by weighted share of partnerships… 21
… and benefits in particular from its ties with SOTC and Thomas Cook 21
United India Insurance gains substantially through partnerships administered by TrawellTag Cover-More . 23
Competitor share of partnerships - transportation organisations 23
Only airlines are active as distributors of travel cover in the transportation category… 23
… and the underwriting supply structure in this sector is comparatively concentrated . 23
Competitor share of partnerships - financial organisations . 25
Numerous banks act as distributors of stand-alone travel cover in India… 25
… which is potentially advantageous for a number of underwriting partners 25
Weighted shares generally reflect the relative prominence of different insurance brands . 25
Travel insurance and assistance linked to payment cards and bank accounts 27
Other distribution channels 29
Automotive clubs . 29
Direct distribution by specialist travel insurers . 29
Online aggregators and brokers 29
A number of online aggregators offer comparisons for travel insurance policies 29
Retailers 29
Other types of distributor 30
Kiosks and visa services provide additional distribution channel options 30
Leading competitors . 30
United India Insurance is likely to be the market leader in terms of premiums… . 30
… followed by ICICI Lombard General Insurance 30
Forecasts 32
Underlying foreign travel market 32
The number of journeys made abroad by residents of India is likely to continue expanding… 32
Market for travel insurance and assistance . 34
… as is the value of the country's travel insurance market 34

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for travel insurance and assistance in India, 2011, 2015 and 2019 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 India, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2011 to 2015 (table) 11
Destinations of foreign trips undertaken by residents of India, 2014 . 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in India, 2011 to 2015 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in India, 2011 to 2015 (table) 15
Summary of travel trade, transportation and financial organisations researched in India, segmented by type, 2016 . 16
Provision rates for stand-alone travel insurance and assistance in India, segmented by type of travel trade, transportation and financial organisation, 2016 17
Operating models used for stand-alone travel insurance and assistance in India, segmented by type of travel trade, transportation and financial organisation, 2016 . 19
Operating models used for stand-alone travel insurance and assistance in India, segmented by type of travel trade, transportation and financial organisation, 2016 (table) 20
Partnerships with travel trade organisations offering travel insurance and assistance in India, 2016: weighted and unweighted competitor share . 22
Partnerships with transportation organisations offering travel insurance and assistance in India, 2016: weighted and unweighted competitor share . 24
Partnerships with financial organisations offering travel insurance and assistance in India, 2016: weighted and unweighted competitor share . 26
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in India segmented by product function and level, and by type of cover . 28
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in India, 2016 31
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in India, 2016 (table) . 32
Number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2019 (forecast) 33
Number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2019 (forecast) (table) 33
Gross written premiums and policy numbers for travel insurance and assistance in India, 2019 (forecast) . 34
Gross written premiums and policy numbers for travel insurance and assistance in India, 2019 (forecast) (table) 35

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