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Travel Insurance and Assistance in Russia

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

Travel Insurance and Assistance in Russia is about the current status and likely future development of the market for stand-alone travel insurance policies in Russia. 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 Russia 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 240 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 Russia 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 Russia 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 Russia

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 240 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
Strong growth in foreign travel from 2010 to 2013 came to an abrupt end in 2014… 10
…which has particularly impacted travel to European destinations outside of the EU 12
Market for travel insurance and assistance 13
Unsurprisingly, growth in Russia's travel insurance market slowed in 2014 13
…although policies sold purely for domestic trips have helped to compensate 13
Average policy prices in Russia are low for a number of reasons 14
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Approaching 80% of the organisations researched are distributors of stand-alone travel cover 16
Operating models 17
Most schemes are run in conjunction with a single, external underwriter 17
Competitor share of partnerships 20
Eight insurers partner with at least five travel trade organisations each… 20
… although there are at least 35 providers in total in this category 20
Ingosstrakh leads the weighted analysis, ahead of VSK, ERV and AlfaStrakhovanie 20
AlfaStrakhovanie benefits from its distribution relationships with numerous airlines 22
…although a large number of other providers again operate in this category 22
Deals with Aeroflot, S7 Airlines and Transaero Airlines prove particularly important in the weighted analysis 22
Among financial sector distributors, AlfaStrakhovanie again leads by number of partnerships… 24
… ahead of Allianz, RESO-Garantia and VSK… 24
… with the supply structure especially fragmented in this field 24
Rosgosstrakh edges ahead of AlfaStrakhovanie in the weighted analysis for this category… 24
… which is mainly due to its prominence as a direct distributor in its own right 26
Travel insurance and assistance linked to payment cards and bank accounts 26
Assistance is bundled more regularly with banking products than other types of travel cover 26
Other distribution channels 28
Automotive clubs 28
Liberty Strakhovanie has established a distribution relationship with the RAMK 28
Direct distribution by specialist travel insurers 28
Online aggregators and brokers 28
A number of online aggregators have commenced activity in travel insurance in recent years 28
Other online brands 28
Some insurers have begun to use dedicated travel insurance brands to sell policies online in Russia 28
Retailers 29
At least two major retail brands act as distributors of travel insurance… 29
Other types of distributor 29
… with two mobile network operators also involved in this market 29
Leading competitors 29
Ingosstrakh and AlfaStrakhovanie are likely to command the highest market shares… 29
… with a clear leader over VSK and ERV, ranked third and fourth respectively… 31
… although numerous other players could hold over a half of the total market between them 31
Forecasts 32
Underlying foreign travel market 32
Appetite for foreign travel among Russian customers is likely to continue falling up to 2018… 32
Market for travel insurance and assistance 34
… albeit increasing policy take-up rates and domestic trips will bolster insurance market growth 34

LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Russia, 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 Russia, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of Russia, segmented by purpose of trip, 2010 to 2014 (table) 11
Destinations of foreign trips undertaken by residents of Russia, 2010 to 2014 12
Destinations of foreign trips undertaken by residents of Russia, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Russia, 2010 to 2014 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Russia, 2010 to 2014 (table) 15
Summary of travel trade, transportation and financial organisations researched in Russia, segmented by type, 2015 16
Provision rates for stand-alone travel insurance and assistance in Russia, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Russia, segmented by type of travel trade, transportation and financial organisation, 2015 18
Operating models used for stand-alone travel insurance and assistance in Russia, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in Russia, 2015: weighted and unweighted competitor share 21
Partnerships with transportation organisations offering travel insurance and assistance in Russia, 2015: weighted and unweighted competitor share 23
Partnerships with financial organisations offering travel insurance and assistance in Russia, 2015: weighted and unweighted competitor share 25
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Russia 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 Russia, 2015 30
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Russia, 2015 (table) 32
Forecast number of foreign trips undertaken by residents of Russia, segmented by purpose of trip, 2018 33
Forecast number of foreign trips undertaken by residents of Russia, segmented by purpose of trip, 2018 (table) 33
Forecast gross written premiums and policy numbers for travel insurance and assistance in Russia, 2018 34
Forecast gross written premiums and policy numbers for travel insurance and assistance in Russia, 2018 (table) 35

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