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Travel Insurance and Assistance in Norway

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

Travel Insurance and Assistance in Norway is about the current status and likely future development of the market for stand-alone travel insurance policies in Norway. 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 Norway 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 100 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 Norway 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 Norway 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 Norway
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 100 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

Overseas trips per capita peaked at 1.85 in 2012 before slipping back in subsequent years…

… although the split by destination of those trips varied little between 2010 and 2014

Market for travel insurance and assistance

Norway's travel insurance market is both sizeable and quite fast-growing…

…with average premiums per policy that are very high compared to the rest of Europe

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Two thirds of the organisations researched are distributors of stand-alone travel cover

Operating models

A number of banks utilise captive or joint venture underwriters for travel insurance

Competitor share of partnerships

Two specialist providers claim over three quarters of travel trade distribution partnerships...

…with the remainder splitting between four insurance companies

In weighted terms, Europeiske Reiseforsikring is likely to derive the most business in this channel

Four travel insurance providers hold partnerships with airlines serving Norwegian airports

Stand-alone travel insurance provision is common among financial organisations in Norway…

… with local savings banks providing a significant distribution channel

In the weighted analysis, Gjensidige is just ahead of Tryg Forsikring and DNB Skadeforsikring

Travel insurance and assistance linked to payment cards and bank accounts

A fairly significant proportion of Norwegian payment cards feature some form of travel insurance

Other distribution channels

Automotive clubs

Direct distribution by specialist travel insurers

Several specialist underwriters promote travel insurance directly to consumers

Online aggregators and brokers

A state-sponsored financial services aggregator includes travel insurance comparisons

Other online brands

Retailers

Europeiske Reiseforsikring entered into a travel insurance partnership with Coop at the end of 2014

Other types of distributor

SpareBank 1 Forsikring is the insurer used for travel cover by the LOfavør benefit program

Leading competitors

Europeiske Reiseforsikring and Gouda Reiseforsikring are the clear market leaders…

… and there is unlikely to be much between them in terms of their market share

There are many other competitors but only two are likely to have a market share of 10% or more

Forecasts Underlying foreign travel market

The foreign travel market in Norway will probably resume its growth between 2014 and 2018…

Market for travel insurance and assistanc

…driving an advance in gross written premiums for travel insurance over the same period



LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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