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Travel Insurance and Assistance in Ireland

  • May 2015
  • -
  • Finaccord
  • -
  • 33 pages

Travel Insurance and Assistance in Ireland is about the current status and likely future development of the market for stand-alone travel insurance policies in Ireland. 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 Ireland 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 69 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 Ireland 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 Ireland 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 Ireland
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 69 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

The underlying Irish foreign travel market stagnated between 2010 and 2014…

… and changed little in terms of preferred destinations

Market for travel insurance and assistance

The stand-alone travel insurance market has proved resilient in spite of falling trip numbers…

…with annual policies accounting for well over half of the total

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Over 80% of major potential distributors of travel cover in Ireland are actual distributors of the product

Operating models

One operating model type is dominant across most distribution categories

Competitor share of partnerships

Blue Insurance holds a substantial number of partnerships with travel trade entities…

… working mainly (although not only) with MAPFRE Asistencia as underwriter

Many other providers hold one or two relationships in the travel trade sector

AXA and AIG are most prominent in the weighted analysis of partnerships

Allianz Global Assistance is especially strong as a provider to airlines operating out of Ireland…

… although it does not hold all of the most valuable relationships in this field

The financial sector hosts a number of important distribution initiatives for travel insurance…

… with ACE European Group and AIG claiming the most deals in this arena

Vhi switched to a new provider of travel insurance in 2014…

… which has a significant bearing on the weighted analysis of partnerships

Travel insurance and assistance linked to payment cards and bank accounts

Specific forms of travel insurance are commonly packaged with Irish payment cards

Other distribution channels

Automotive clubs

Direct distribution by specialist travel insurers

Online aggregators and brokers

Aggregators tend to work with a panel of providers rather than offering whole-of-market comparisons…

… and many brokers act as tied agents in the specific context of travel insurance

Other online brands

Other online brands include Columbus Direct, JustCover, Travel Insurance Direct and World Nomads

Retailers

Supervalu has begun selling travel insurance in partnership with ACE European Group

Other types of distributor

A number of professional associations and trade unions organise travel insurance for their members

Leading competitors

One group is likely to have won a dominant position for itself in the Irish travel insurance market…

…with its six nearest rivals claiming smaller shares of between 6% and 15%...

… and with the three after that all likely to hold market shares of less than 5%

Forecasts

Underlying foreign travel market

Ireland's foreign travel market may see renewed growth between 2014 and 2018…

Market for travel insurance and assistance

… which will help to support the related travel insurance market

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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