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Travel Insurance and Assistance in Sweden

  • June 2015
  • -
  • Finaccord
  • -
  • 34 pages

Travel Insurance and Assistance in Sweden is about the current status and likely future development of the market for stand-alone travel insurance policies in Sweden. 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 Sweden 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 140 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 Sweden 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 Sweden 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 Sweden
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

This report builds upon Finaccord's previous ground-breaking studies about this topic

Methodology

Primary research

The survey includes over 140 travel trade, transportation and financial organisations...

... including airlines, banks, insurance brands and both traditional and online travel trade entities

Market data

External sources

Travel insurance and assistance: how it all fits together

The term 'travel insurance' can refer to protection from a heterogeneous range of risks…

...and assistance companies play a fundamental role in the European travel insurance industry

Definitions

Terms and abbreviations

Types of packaged travel insurance and assistance

Operating models

Weighted shares

Currencies, exchange rates and inflation

PartnerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Underlying foreign travel market

Sweden experienced consistent growth in overseas trips between 2010 and 2014...

… with a likely trend for shorter but more frequent journeys during this period

Market for travel insurance and assistance

The value of the Swedish stand-alone travel insurance market has displayed steady growth…

…although it is limited by the practice of bundling travel cover with household insurance

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Over a half of the organisations researched are distributors of stand-alone travel cover

Operating models

Most distribution relationships are based around use of a single, external underwriter

Competitor share of partnerships

Three providers claim over 90% of travel trade distribution partnerships...

…with three other providers holding only one or two partnerships each

Concentration in this distribution segment appears to have increased in recent years

When viewed in weighted terms, Europeiska ERV and Gouda Reseförsäkring are close competitors

Six providers claim either one or two partnerships in the transportation category...

… although one becomes dominant in the weighted analysis

Comparatively few financial organisations in Sweden offer stand-alone travel insurance

The only underwriter to offer stand-alone travel cover gains a large weighted share

Travel insurance and assistance linked to payment cards and bank accounts

A significant proportion of Swedish payment cards feature some form of travel insurance

Other distribution channels

Automotive clubs

Direct distribution by specialist travel insurers

The leading specialists both promote travel insurance directly to consumers

Online aggregators and brokers

While comparison sites exist, they lack the ability to transact online

Other online brands

Relatively few other travel insurance brands are visible online

Retailers

Other types of distributor

Leading competitors

Two specialists are likely to account for up to around two thirds of the total market value between them…

… with two others some way behind at between 10% and 16% of the market total

Forecasts

Underlying foreign travel market

The Swedish foreign travel market in Sweden will expand further between 2014 and 2018…

Market for travel insurance and assistance

…resulting in growth in gross written premiums for travel insurance over the same period

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Sweden, 2010, 2014 and 2018

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS

Number of foreign trips undertaken by residents of Sweden, segmented by purpose of trip, 2010 to 2014

Number of foreign trips undertaken by residents of Sweden, segmented by purpose of trip, 2010 to 2014 (table)

Destinations of foreign trips undertaken by residents of Sweden, 2010 to 2014

Destinations of foreign trips undertaken by residents of Sweden, 2010 to 2014 (table)

Estimated gross written premiums and policy numbers for travel insurance and assistance in Sweden, 2010 to 2014

Estimated gross written premiums and policy numbers for travel insurance and assistance in Sweden, 2010 to 2014 (table)

Summary of travel trade, transportation and financial organisations researched in Sweden, segmented by type, 2015

Provision rates for stand-alone travel insurance and assistance in Sweden, segmented by type of travel trade, transportation and financial organisation, 2015

Operating models used for stand-alone travel insurance and assistance in Sweden, segmented by type of travel trade, transportation and financial organisation, 2015

Operating models used for stand-alone travel insurance and assistance in Sweden, segmented by type of travel trade, transportation and financial organisation, 2015 (table)

Partnerships with travel trade organisations offering travel insurance and assistance in Sweden, 2015: weighted and unweighted competitor share

Partnerships with transportation organisations offering travel insurance and assistance in Sweden, 2015: weighted and unweighted competitor share

Partnerships with financial organisations offering travel insurance and assistance in Sweden, 2015: weighted and unweighted competitor share

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Sweden segmented by product function and level, and by type of cover

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Sweden, 2015

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Sweden, 2015 (table)

Forecast number of foreign trips undertaken by residents of Sweden, segmented by purpose of trip, 2018

Forecast number of foreign trips undertaken by residents of Sweden, segmented by purpose of trip, 2018 (table)

Forecast gross written premiums and policy numbers for travel insurance and assistance in Sweden, 2018

Forecast gross written premiums and policy numbers for travel insurance and assistance in Sweden, 2018 (table)

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