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Travel Insurance and Assistance in Portugal

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

Travel Insurance and Assistance in Portugal is about the current status and likely future development of the market for stand-alone travel insurance policies in Portugal. 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 Portugal 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 Portugal 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 Portugal 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 Portugal
TABLE OF CONTENTS
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 100 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
Outbound travel from Portugal edged up between 2010 and 2014 10
…although the trends for business and leisure travel have been markedly different… 10
… and with destinations outside the EU and North America apparently increasing in popularity 12
Market for travel insurance and assistance 13
The value of the Portuguese travel insurance market remains small but is growing nonetheless… 13
…with business travel policies accounting for a comparatively high proportion of the total 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Distribution of stand-alone travel cover is concentrated in five segments 16
Operating models 17
A number of banks utilise their own captive underwriters for travel insurance 17
Competitor share of partnerships 20
Victoria Seguros provides travel insurance for over half of travel trade entities researched… 20
…with 14 other providers holding one to three partnerships each in this sphere 20
The market leader expands its share still further in the weighted analysis 20
Allianz Global Assistance dominates sales of travel cover via airlines flying in and out of Portugal 22
In the financial sector, insurers have between one and three distribution arrangements each… 24
… with the weighted analysis pointing to Fidelidade as the likely leader in this category 24
Travel insurance and assistance linked to payment cards and bank accounts 26
Travel cover bundled with banking products in Portugal is rarely comprehensive 26
Other distribution channels 28
Automotive clubs 28
An underwriter based in Spain serves Portugal's main automotive club 28
Direct distribution by specialist travel insurers 28
Three specialists distribute online and another only by phone 28
Online aggregators and brokers 28
Online aggregation has not developed in Portugal, although the broker channel is important… 28
… as a consequence of the relatively high proportion of business travel policies within the total 28
Other online brands 28
Retailers 29
Other types of distributor 29
The Fundação INATEL operates its own travel firm 29
Leading competitors 29
The importance of business travel policies is likely to make AIG the market leader in Portugal… 30
… although its nearest rivals focus more closely on the leisure travel insurance market… 31
…and others combine revenue from both sources 31
Forecasts 32
Underlying foreign travel market 32
Better growth is forecast for the Portuguese foreign travel market in the years up to 2018… 32
Market for travel insurance and assistance 34
… which will help the value of the related insurance market to move up further 34

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Portugal, 2010, 2014 and 2018 2
10 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
20 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of Portugal, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of Portugal, segmented by purpose of trip, 2010 to 2014 (table) 11
Destinations of foreign trips undertaken by residents of Portugal, 2010 to 2014 12
Destinations of foreign trips undertaken by residents of Portugal, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Portugal, 2010 to 2014 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Portugal, 2010 to 2014 (table) 15
Summary of travel trade, transportation and financial organisations researched in Portugal, segmented by type, 2015 16
Provision rates for stand-alone travel insurance and assistance in Portugal, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Portugal, segmented by type of travel trade, transportation and financial organisation, 2015 18
Operating models used for stand-alone travel insurance and assistance in Portugal, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in Portugal, 2015: weighted and unweighted competitor share 21
Partnerships with transportation organisations offering travel insurance and assistance in Portugal, 2015: weighted and unweighted competitor share 23
Partnerships with financial organisations offering travel insurance and assistance in Portugal, 2015: weighted and unweighted competitor share 25
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Portugal segmented by product function and level, and by type of cover 27
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Portugal, 2015 30
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Portugal, 2015 (table) 32
Forecast number of foreign trips undertaken by residents of Portugal, segmented by purpose of trip, 2018 33
Forecast number of foreign trips undertaken by residents of Portugal, segmented by purpose of trip, 2018 (table) 33
Forecast gross written premiums and policy numbers for travel insurance and assistance in Portugal, 2018 34
Forecast gross written premiums and policy numbers for travel insurance and assistance in Portugal, 2018 (table) 35

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