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Travel Insurance and Assistance in Japan

  • June 2016
  • -
  • Finaccord
  • -
  • 32 pages

Finaccord’s report titled Travel Insurance and Assistance in Japan is about the current status and likely future development of the market for stand-alone travel insurance policies in Japan. 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 Japan 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 close to 200 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 Japan 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 Japan 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 Japan
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 close to 200 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
Outbound travel peaked in 2012 but has declined since . 10
Market for travel insurance and assistance 13
Between 2011 and 2015, travel insurance premiums retreated at a real compound annual rate of 2.3% 13
Nevertheless, annual policies are likely to have become increasingly popular . 13
Average policy prices are comparatively high 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Travel insurance distribution is concentrated in a handful of categories . 16
Airlines do not sell travel cover via their websites but do distribute it in other ways 16
Operating models . 17
Most travel insurance is organised through two main operating models. 17
Competitor share of partnerships - travel trade entities . 20
AIU, Tokio Marine and Nichido and Sompo Japan hold the most relationships with travel trade partners… . 20
… followed by Chubb and Mitsui Sumitomo. 20
Tokio Marine and Nichido overtakes Sompo Japan in the weighted analysis 20
Sompo Japan is the leader in this category in unweighted terms . 22
Mitsui Sumitomo benefits from relationships with Izumiya Card, JCB and Rakuten Bank among others . 22
Travel insurance and assistance linked to payment cards and bank accounts 24
The majority of Japanese credit cards feature travel insurance of one kind or another… 24
…and premium cards almost always include comprehensive travel cover 24
Other distribution channels 26
Automotive clubs . 26
Direct distribution by specialist travel insurers . 26
A number of underwriters, including JI Accident and Fire, sell travel cover on a direct basis 26
Online aggregators and brokers 26
… and online aggregators offer a further means of distributing travel policies 26
Retailers 26
Other types of distributor 26
Leading competitors . 27
The top four underwriters are likely to control at least two thirds of the total market… . 27
… with JI Accident and Fire (co-owned by AIG and the JTB) probably ranked fifth . 27
Forecasts 29
Underlying foreign travel market 29
There will be a gentle resumption in trip growth between 2015 and 2019… 29
Market for travel insurance and assistance . 31
… but growth in the value of the travel insurance market will be held back by several factors 31

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for travel insurance and assistance in Japan, 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 Japan, segmented by purpose of trip, 2011 to 2015 . 11
Number of foreign trips undertaken by residents of Japan, segmented by purpose of trip, 2011 to 2015 (table) 11
Destinations of foreign trips undertaken by residents of Japan, 2014 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in Japan, 2011 to 2015 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Japan, 2011 to 2015 (table) 15
Summary of travel trade, transportation and financial organisations researched in Japan, segmented by type, 2016 . 16
Provision rates for stand-alone travel insurance and assistance in Japan, segmented by type of travel trade, transportation and financial organisation, 2016 . 17
Operating models used for stand-alone travel insurance and assistance in Japan, segmented by type of travel trade, transportation and financial organisation, 2016 . 18
Operating models used for stand-alone travel insurance and assistance in Japan, segmented by type of travel trade, transportation and financial organisation, 2016 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in Japan, 2016: weighted and unweighted competitor share . 21
Partnerships with financial organisations offering travel insurance and assistance in Japan, 2016: weighted and unweighted competitor share . 23
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Japan segmented by product function and level, and by type of cover . 25
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Japan, 2015 28
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Japan, 2015 (table) . 29
Number of foreign trips undertaken by residents of Japan, segmented by purpose of trip, 2019 (forecast) . 30
Number of foreign trips undertaken by residents of Japan, segmented by purpose of trip, 2019 (forecast) (table) 30
Gross written premiums and policy numbers for travel insurance and assistance in Japan, 2019 (forecast) . 31
Gross written premiums and policy numbers for travel insurance and assistance in Japan, 2019 (forecast) (table) 32

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