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Travel Insurance and Assistance in the Czech Republic

  • August 2015
  • -
  • Finaccord
  • -
  • 34 pages

Travel Insurance and Assistance in the Czech Republic is about the current status and likely future development of the market for stand-alone travel insurance policies in the Czech Republic. 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 the Czech Republic 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 110 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 the Czech Republic 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 the Czech Republic 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 the Czech Republic
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 100 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
Outbound travel from the Czech Republic hit a new low point in 2014… 10
…with business travel in particular having declined very significantly 10
Trips to other EU countries account for over 85% of total trips 12
Market for travel insurance and assistance 13
Falling trips abroad have produced a corresponding decline in the travel insurance market 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
The vast majority of organisations that could offer travel cover actually do so in practice 16
Operating models 17
A number of banks utilise their own captive underwriters for travel insurance 17
Competitor share of partnerships 20
One provider is the source of travel cover for over a third of travel trade entities researched… 20
…with four other firms each holding between five and seven partnerships… 20
…and the remaining seven between one and three 20
ERV Evropská Pojiš?ovna is dominant in the weighted analysis of travel trade partnerships 20
Six insurers benefit from at least one qualifying airline partnership… 22
…with AIG Europe the incumbent provider to Czech Airlines 22
In the financial sector, insurers hold between one and four distribution arrangements each 24
The weighted analysis broadly reflects the size of specific banks and insurance companies 24
Travel insurance and assistance linked to payment cards and bank accounts 26
Comprehensive travel cover is a common feature of credit cards in the Czech Republic 26
Other distribution channels 28
Automotive clubs 28
ÚAMK has begun marketing travel insurance to its members 28
Direct distribution by specialist travel insurers 28
Online aggregators and brokers 28
In spite of its limited size, the Czech Republic hosts a number of insurance comparison sites 28
Other online brands 28
Retailers 28
One retail brand has branched out into selling travel insurance… 28
Other types of distributor 28
… as has one mobile network operator 28
Leading competitors 29
Four competitors are likely to hold a market share in excess of 10% 29
… with the leading pair more or less equal by this measure 29
In total, there are more than 20 entities underwriting travel cover in the Czech Republic 29
Forecasts 31
Underlying foreign travel market 31
A more favourable economic outlook should bring about a resumption of growth in foreign travel… 31
Market for travel insurance and assistance 33
… which will bring about an improving picture in the travel insurance market 33

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in the Czech Republic, 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 the Czech Republic, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of the Czech Republic, segmented by purpose of trip, 2010 to 2014 (table) 11
Destinations of foreign trips undertaken by residents of the Czech Republic, 2010 to 2014 12
Destinations of foreign trips undertaken by residents of the Czech Republic, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in the Czech Republic, 2010 to 2014 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in the Czech Republic, 2010 to 2014 (table) 15
Summary of travel trade, transportation and financial organisations researched in the Czech Republic, segmented by type, 2015 16
Provision rates for stand-alone travel insurance and assistance in the Czech Republic, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in the Czech Republic, segmented by type of travel trade, transportation and financial organisation, 2015 18
Operating models used for stand-alone travel insurance and assistance in the Czech Republic, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in the Czech Republic, 2015: weighted and unweighted competitor share 21
Partnerships with transportation organisations offering travel insurance and assistance in the Czech Republic, 2015: weighted and unweighted competitor share 23
Partnerships with financial organisations offering travel insurance and assistance in the Czech Republic, 2015: weighted and unweighted competitor share 25
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in the Czech Republic 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 the Czech Republic, 2015 30
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in the Czech Republic, 2015 (table) 31
Forecast number of foreign trips undertaken by residents of the Czech Republic, segmented by purpose of trip, 2018 32
Forecast number of foreign trips undertaken by residents of the Czech Republic, segmented by purpose of trip, 2018 (table) 32
Forecast gross written premiums and policy numbers for travel insurance and assistance in the Czech Republic, 2018 33
Forecast gross written premiums and policy numbers for travel insurance and assistance in the Czech Republic, 2018 (table) 34

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