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Travel Insurance and Assistance in the UK

  • May 2015
  • -
  • Finaccord
  • -
  • 39 pages

Travel Insurance and Assistance in the UK is about the current status and likely future development of the market for stand-alone travel insurance policies in the UK. 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 UK 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 500 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 UK 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 UK 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 the UK
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 500 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

Holiday trips have been growing at more than three times the speed of business trips

The breakdown of foreign trips by destination has varied little in recent years

Market for travel insurance and assistance

Following a low point reached in 2011, the UK's travel insurance market has begun growing again…

…with annual policies accounting for over a third of the total in force

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Provision rates among travel trade entities have slipped back since Finaccord's previous research

Operating models

Specialised travel insurance intermediaries play an important role in the UK travel insurance market…

… albeit they usually work with a single, external underwriter

Competitor share of partnerships

On an outright basis, Allianz Global Assistance holds the most partnerships with travel trade entities

Campbell Irvine and Rock Insurance Services are the most visible specialised intermediaries

Viewed in weighted terms, AXA is comfortably the leading provider in this distribution segment…

… followed by Thomas Cook's White Horse Insurance Ireland subsidiary

Both AIG and Allianz Global Assistance hold a number of significant airline partnerships

Other competitors are limited to one deal each albeit some of these are significant ones

A diverse range of firms can be found working with banks and insurance brands in the UK…

…most of which are named as providers only once or twice

Aviva holds the highest weighted share in this category, followed by Direct Line Group's UK Insurance

Travel insurance and assistance linked to payment cards and bank accounts

Packaged accounts constitute an important distribution channel for comprehensive travel cover…

… with almost all that are actively marketed incorporating it according to the latest research

Other distribution channels

Automotive clubs

The AA revamped its travel insurance proposition at the beginning of 2015

Direct distribution by specialist travel insurers

A number of specialists promote insurance directly to consumers

Online aggregators and brokers

Aggregator involvement in travel insurance is extensive in the UK…

… with Google having entered the fray through Google Compare

Other online brands

Numerous other intermediaries are also engaged in direct online distribution

Retailers

Major retail brands often offer travel insurance although some weaker ones have exited the market

Other types of distributor

Distribution initiatives for travel insurance are visible across many alternative channels

Leading competitors

Three groups are likely to claim around a half of the total market

The position of one provider has received a large boost through its deal with the Post Office

Having acquired InsureandGo in 2010, MAPFRE Asistencia has built a significant position in the market

Six providers ranked from seventh to 12th are likely to hold market shares of between 2.0% and 4.5%...

… a position often, but not always, produced as a result of one or two key partnerships

Forecasts

Underlying foreign travel market

The number of foreign trips is likely to accelerate between 2014 and 2018…

Market for travel insurance and assistance

…allowing for stronger growth in gross written premiums over the same period

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

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

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

Destinations of foreign trips undertaken by residents of the UK, 2010 to 2014

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

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

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

Summary of travel trade, transportation and financial organisations researched in the UK, segmented by type, 2014

Provision rates for stand-alone travel insurance and assistance in the UK, segmented by type of travel trade, transportation and financial organisation, 2014

Operating models used for stand-alone travel insurance and assistance in the UK, segmented by type of travel trade, transportation and financial organisation, 2014

Operating models used for stand-alone travel insurance and assistance in the UK, segmented by type of travel trade, transportation and financial organisation, 2014 (table)

Partnerships with travel trade organisations offering travel insurance and assistance in the UK, 2014: weighted and unweighted competitor share

Partnerships with transportation organisations offering travel insurance and assistance in the UK, 2014: weighted and unweighted competitor share

Partnerships with financial organisations offering travel insurance and assistance in the UK, 2014: weighted and unweighted competitor share

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

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

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

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

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

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

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