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Travel Insurance and Assistance in Switzerland

  • April 2015
  • -
  • Finaccord
  • -
  • 36 pages

Travel Insurance and Assistance in Switzerland is about the current status and likely future development of the market for stand-alone travel insurance policies in Switzerland. 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 Switzerland 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 Switzerland 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 Switzerland 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 Switzerland
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 120 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

The number of foreign trips out of Switzerland has advanced rapidly in recent years…

… buoyed by the strength of the Swiss Franc against the Euro

Market for travel insurance and assistance

With a rising number of trips, the stand-alone travel insurance market has also grown

Annual policies are especially important in the Swiss market

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Few Swiss banks sell travel insurance as a stand-alone product

Operating models

The vast majority of arrangements are organised through a single, external underwriter

Competitor share of partnerships

Among travel trade entities, Allianz Global Assistance is leader in both unweighted and weighted terms…

… comfortably ahead of EUROPÄISCHE and seven other providers with fewer relationships

Two providers dominate in the transportation category due mainly to key relationships with airlines

Most insurance brands underwrite their own travel insurance policies…

… making the largest insurers most prominent in the weighted analysis

Travel insurance and assistance linked to payment cards and bank accounts

Forms of travel insurance are commonly packaged with Swiss payment cards

Other distribution channels

Automotive clubs

Touring Club Suisse is a very significant provider of travel insurance policies

Direct distribution by specialist travel insurers

Several specialists, including a few health insurers, distribute directly to consumers

Online aggregators and brokers

Aggregator involvement in travel insurance remains fairly limited in Switzerland

Other online brands

Other online brands include Sekur TravelCard and World Nomads

Retailers

Several major retail brands operate their own travel agencies

Other types of distributor

AXA Winterthur and EUROPÄISCHE both hold partnerships with alternative distributors

Leading competitors

Three travel insurance underwriters are likely to claim at least 60% of the total market value

Having bought Nationale Suisse, the owner of EUROPÄISCHE, Helvetia is now a significant competitor

By likely market share, AXA Winterthur and Zurich are ranked fourth and fifth, respectively

Forecasts

Underlying foreign travel market

Both holiday and business trips out of Switzerland are likely to grow further between 2014 and 2018…

Market for travel insurance and assistance

…facilitating gentle growth in the value of the travel insurance market over the same period

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Switzerland, 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 Switzerland, segmented by purpose of trip, 2010 to 2014

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

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

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

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

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

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

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

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

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

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

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

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

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Switzerland 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 Switzerland, 2014

Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Switzerland, 2014 (table)

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

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

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

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

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