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Travel Insurance and Assistance in Poland

  • August 2015
  • -
  • Finaccord
  • -
  • 35 pages

Travel Insurance and Assistance in Poland is about the current status and likely future development of the market for stand-alone travel insurance policies in Poland. 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 Poland 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 150 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 Poland 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 Poland 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.

The report, which represents an update and expansion to previous Finaccord studies on the subject, is accompanied by an Excel PartnerBASE™ dataset that details the travel insurance partnerships identified, 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 Poland
00 EXECUTIVE SUMMARY 1
10 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 150 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
20 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Foreign travel out of Poland has surged since the trough experienced in 2011… 10
…with a growing proportion of trips to more far-flung destinations 12
Market for travel insurance and assistance 13
The value (and volume) of the Polish travel insurance market reached a new high point in 2014… 13
… with annual policies steadily gaining in popularity 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Almost 70% of the organisations researched are distributors of stand-alone travel cover 16
Operating models 17
A significant number of Polish distributors use more than one insurance partner 17
Competitor share of partnerships 20
Three insurers claim over a half of total travel trade relationships… 20
…although six others have more than one partnership in this field 20
SIGNAL IDUNA leads the unweighted count but ERV dominates the weighted analysis 22
Three providers are particularly active in distributing travel cover through transportation organisations… 22
…although another company enters the top three in the weighted analysis 22
Blue Finance intermediates travel insurance for a number of Polish banks… 24
…while most insurers have between one and three deals in this sector 24
PZU's size as an insurer in its own right plus a key banking deals make it prominent in weighted terms 24
Travel insurance and assistance linked to payment cards and bank accounts 26
Comprehensive travel cover is the most common type of travel insurance bundled with banking products 26
Other distribution channels 28
Automotive clubs 28
InterRisk is the provider of travel cover to Poland's main automotive club 28
Direct distribution by specialist travel insurers 28
Several specialists sell policies directly online 28
Online aggregators and brokers 28
A significant number of comparison sites are active as distributors of travel insurance 28
Other online brands 29
The Polish market features a variety of other online brands distributing on a direct or semi-direct basis 29
Retailers 29
Other types of distributor 29
Leading competitors 29
ERV and ERGO Hestia combined are likely to be clear leaders in the travel insurance market… 29
…although three other insurers may have market shares of more than 10% 31
…and more than 20 are involved in total 31
Forecasts 32
Underlying foreign travel market 32
Business trips overseas will continue to outpace leisure trips out of Poland 32
Market for travel insurance and assistance 34
The outlook for Poland's travel insurance sector is comparatively favourable 34

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