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Travel Insurance and Assistance in Italy

  • February 2015
  • -
  • Finaccord
  • -
  • 35 pages

Finaccord’s report titled Travel Insurance and Assistance in Italy is about the current status and likely future development of the market for stand-alone travel insurance policies in Italy. 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 Italy 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 300 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 Italy, 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 Italy 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 Italy
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 over 300 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 5
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 European travel insurance industry 6
Definitions 6
Terms and abbreviations 6
Types of packaged travel insurance and assistance 6
Operating models 7
Weighted shares 8
Currencies, exchange rates and inflation 8
PartnerBASE 8
Finaccord 8
2.0 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
After a significant downturn in 2013, the number of overseas trips recovered slightly in 2014 10
The weak Italian economy has contributed to a fall in the share of long-haul trips 12
Market for travel insurance and assistance 13
The overall market for stand-alone travel cover in Italy is likely to have risen in 2014. 13
…with the share of annual policies tending to nudge up over time 13
Several factors cause the average price of a travel insurance policy in Italy to be relatively low 14
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Over 50% of the organisations investigated in the latest research distribute travel cover. 16
. compared to under 45% in the previous survey 16
Operating models 17
Almost three quarters of distributor organisations employ a single external underwriter 17
Competitor share of partnerships 19
One provider claims more than a third of unweighted travel trade distribution partnerships. 19
…and is also likely to be the leading provider when viewed in weighted terms 19
Airline partnerships make Allianz Global Assistance a leader in the transportation category. 21
… although its partnerships are outflanked by that of another competitor in a weighted analysis 21
Most insurance brands in Italy that sell travel cover underwrite their own policies. 23
. although opportunities exist for partnerships with other financial organisations. 23
. most notably banks 23
Travel insurance and assistance linked to payment cards and bank accounts 25
Around three quarters of credit card products in Italy carry at least some form of travel cover 25
Other distribution channels 27
Automotive clubs 27
ACI utilises an insurance company that it co-owns for travel insurance offered to members 27
Direct distribution by specialist travel insurers 27
Several specialist travel insurers distribute insurance direct to consumers. 27
Online aggregators and brokers 27
Aggregators tend to act as agents or multi-tied agents when it comes to selling travel cover 27
Other online brands 28
Retailers 28
Other types of distributor 28
Members of the MilleMiglia frequent flyer program can earn points by purchasing travel insurance 28
Leading competitors 28
The leading two providers are likely to claim a half of Italy's stand-alone travel insurance market. 29
… with other competitors taking much smaller shares through partnerships and direct sales 29
Gruppo Filo diretto's AMI Assistance has a substantial roster of partners, largely in the travel trade. 30
. as does UnipolSai, which also benefits from access to a vast agency distribution network 30
Forecasts 32
Underlying foreign travel market 32
Italy's foreign travel market is likely to stage a partial recovery between 2014 and 2018… 32
Market for travel insurance and assistance 34
… which will help the associated insurance and assistance to renewed growth 34

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Italy, 2010, 2014 and 2018 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 Italy, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of Italy, segmented by purpose of trip, 2010 to 2014 (table) 11
Destinations of foreign trips undertaken by residents of Italy, 2010 to 2014 12
Destinations of foreign trips undertaken by residents of Italy, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Italy, 2010 to 2014 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Italy, 2010 to 2014 (table) 15
Summary of travel trade, transportation and financial organisations researched in Italy, segmented by type, 2014 16
Provision rates for stand-alone travel insurance and assistance in Italy, segmented by type of travel trade, transportation and financial organisation, 2014 17
Operating models used for stand-alone travel insurance and assistance in Italy, segmented by type of travel trade, transportation and financial organisation, 2014 18
Operating models used for stand-alone travel insurance and assistance in Italy, segmented by type of travel trade, transportation and financial organisation, 2014 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in Italy, 2014: weighted and unweighted competitor share of partnership 20
Partnerships with transportation organisations offering travel insurance and assistance in Italy, 2014: weighted and unweighted competitor share 22
Partnerships with financial organisations offering travel insurance and assistance in Italy, 2014: weighted and unweighted competitor share 24
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Italy segmented by product function and level, and by type of cover 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Italy, 2014 31
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Italy, 2014 (table) 32
(table) 32
Forecast number of foreign trips undertaken by residents of Italy, segmented by purpose of trip, 2018 33
Forecast number of foreign trips undertaken by residents of Italy, segmented by purpose of trip, 2018 (table) 33
Forecast gross written premiums and policy numbers for travel insurance and assistance in Italy, 2018 34
Forecast gross written premiums and policy numbers for travel insurance and assistance in Italy, 2018 (table) 35

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