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Travel Insurance and Assistance in Spain

  • January 2015
  • -
  • Finaccord
  • -
  • 35 pages

Travel Insurance and Assistance in Spain is about the current status and likely future development of the market for stand-alone travel insurance policies in Spain. 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 Spain 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 230 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 Spain 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 Spain 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 Spain
0.0 EXECUTIVE SUMMARY 1
1.0 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 230 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
2.0 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
After an apparent downturn in 2013, the number of overseas trips recovered in 2014 10
Increasing availability of low-cost flights has caused Spanish travellers to favour European destinations 12
Market for travel insurance and assistance 13
The overall market for stand-alone travel cover in Spain is unlikely to have grown in recent years. 13
…although the share of annual policies is believed to have nudged up slightly 14
Several factors cause the average price of a travel insurance policy in Spain to be relatively low 14
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Well over a half of organisations researched are distributors of stand-alone travel cover 16
Operating models 17
A significant minority of travel trade entities utilise a broker with or instead of a single external underwriter 17
Competitor share of partnerships 19
Four providers claim more than half of travel trade distribution partnerships. 19
. in a market populated by both direct underwriters and specialist intermediaries 19
InterMundial is comfortably the largest intermediary by unweighted share of partnerships 20
Viewed in weighted terms, ERV is likely to be the leading provider to travel trade entities. 20
. although airline partnerships make Allianz Global Assistance a leader in the transportation category. 22
… followed by two providers with one major airline deal each 22
Most insurance brands in Spain that sell travel cover underwrite their own policies. 24
. although banks tend to work with external providers 24
MAPFRE's strength in the category of financial organisations is due to its own direct sales capability 24
Travel insurance and assistance linked to payment cards and bank accounts 26
Around three quarters of credit card products in Spain carry at least some form of travel cover 26
Other distribution channels 28
Automotive clubs 28
Both main automotive clubs offer travel insurance underwritten by captive entities 28
Direct distribution by specialist travel insurers 28
Specialist travel insurers compete with the major brands by providing insurance direct to consumers 28
Online aggregators and brokers 28
Aggregator involvement in travel insurance has grown in recent years. 28
. with aseguratuviaje.com, Rastreator.com and Seguros.es all active in this field. 28
. although other comparison sites have yet to enter the fray 29
Other online brands 29
Two international intermediaries are also prominent in direct online distribution 29
Retailers 29
Supermarket chain Eroski distributes travel insurance sourced from Aon. 29
. with other retail brands indirectly involved through travel agency subsidiaries 29
Other types of distributor 29
Members of Iberia's frequent flyer program can earn points by purchasing travel insurance 29
Leading competitors 30
Two providers are close rivals for leadership in Spain's travel insurance market. 30
… with two others also likely to hold a market share at close to or just over 10% 30
Insurers outside of the top ten claim a residual combined market share of between 11% and 15% 31
Forecasts 33
Underlying foreign travel market 33
Spain's foreign travel market is likely to stage a strong recovery between 2014 and 2018… 33
Market for travel insurance and assistance 34
…fuelling growth in the associated insurance and assistance market 34

LIST OF GRAPHICS / TABLES

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

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