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Travel Insurance and Assistance in Romania

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

Travel Insurance and Assistance in Romania is about the current status and likely future development of the market for stand-alone travel insurance policies in Romania. 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 Romania 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 90 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 Romania 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 Romania 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 Romania
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 90 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 7
Operating models 7
Weighted shares 8
Currencies, exchange rates and inflation 8
PartnerBASE 8
Finaccord 9
20 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Foreign trips out of Romania hit a five-year high in 2014… 10
… and may understate the potential for travel insurance given one important caveat 10
Virtually all overseas trips are to other EU countries 12
Market for travel insurance and assistance 14
Romania's travel insurance market is relatively small but growing quite rapidly nonetheless 14
Most policies bought are not comprehensive as they cover specific travel-related risks 14
Distribution through travel trade, transportation and financial organisations 16
Summary of organisations researched 16
Provision rates 17
Stand-alone travel cover is available from around three quarters of organisations researched 17
Operating models 18
A significant number of Romanian distributors use more than one insurance partner 18
Competitor share of partnerships 21
One insurer claims an unweighted share of travel trade partnerships of close to a half… 21
…while most competitors have only one or two partnerships in this category 21
In the weighted analysis, the leading two providers switch positions 21
AIG is prominent as a provider of travel cover sold via airlines 23
…and especially so in the weighted analysis of partnerships 23
In the financial sector, distribution partnerships are spread quite thinly across multiple providers 25
…with Omniasig, Astra and Groupama most prominent in the weighted analysis 25
Travel insurance and assistance linked to payment cards and bank accounts 27
Comprehensive travel cover is more often than not available with premium banking products 27
Other distribution channels 28
Automotive clubs 28
Direct distribution by specialist travel insurers 29
Online aggregators and brokers 29
Several online aggregators and brokers act as distributors of travel insurance in Romania 29
Other online brands 29
Three major insurers operate separate online brands for direct sales 29
Retailers 29
Three retail brands have arrangements for selling travel insurance to their customers… 29
Other types of distributor 29
… as do two mobile network operators 29
Leading competitors 30
Three providers are competing closely for leadership of the Romanian travel insurance sector… 30
… with Generali the most likely to have edged ahead of its two main rivals… 30
… and with most other competitors likely to hold a share of no more than 6% each 30
Forecasts 32
Underlying foreign travel market 32
The number of business trips is predicted to continue outpacing the number of holiday trips 32
Market for travel insurance and assistance 34
The value of Romania's travel insurance market ought to increase in both nominal and real terms 34

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Romania, 2010, 2014 and 2018 2
10 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 6
20 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of Romania, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of Romania, segmented by purpose of trip, 2010 to 2014 (table) 12
Destinations of foreign trips undertaken by residents of Romania, 2010 to 2014 13
Destinations of foreign trips undertaken by residents of Romania, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Romania, 2010 to 2014 15
Estimated gross written premiums and policy numbers for travel insurance and assistance in Romania, 2010 to 2014 (table) 16
Summary of travel trade, transportation and financial organisations researched in Romania, segmented by type, 2015 17
Provision rates for stand-alone travel insurance and assistance in Romania, segmented by type of travel trade, transportation and financial organisation, 2015 18
Operating models used for stand-alone travel insurance and assistance in Romania, segmented by type of travel trade, transportation and financial organisation, 2015 19
Operating models used for stand-alone travel insurance and assistance in Romania, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 20
Partnerships with travel trade organisations offering travel insurance and assistance in Romania, 2015: weighted and unweighted competitor share 22
Partnerships with transportation organisations offering travel insurance and assistance in Romania, 2015: weighted and unweighted competitor share 24
Partnerships with financial organisations offering travel insurance and assistance in Romania, 2015: weighted and unweighted competitor share 26
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Romania segmented by product function and level, and by type of cover 28
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Romania, 2015 31
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Romania, 2015 (table) 32
Forecast number of foreign trips undertaken by residents of Romania, segmented by purpose of trip, 2018 33
Forecast number of foreign trips undertaken by residents of Romania, segmented by purpose of trip, 2018 (table) 33
Forecast gross written premiums and policy numbers for travel insurance and assistance in Romania, 2018 34
Forecast gross written premiums and policy numbers for travel insurance and assistance in Romania, 2018 (table) 35

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