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Travel Insurance and Assistance in Turkey

  • July 2015
  • -
  • Finaccord
  • -
  • 36 pages

Travel Insurance and Assistance in Turkey is about the current status and likely future development of the market for stand-alone travel insurance policies in Turkey. 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 Turkey 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 155 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 Turkey 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 Turkey 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 Turkey

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 150 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
20 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Foreign travel out of Turkey has recovered strongly from the trough experienced in 2012… 10
…with non-European destinations taking up a particularly high proportion of the total 12
Market for travel insurance and assistance 13
Rising trip numbers have driven growth in the Turkish travel insurance sector… 13
…with travel health insurance accounting for a significant proportion of this market 13
Distribution through travel trade, transportation and financial organisations 15
Summary of organisations researched 15
Provision rates 16
Well over 80% of the organisations researched are distributors of stand-alone travel cover 16
Operating models 17
A significant number of Turkish distributors use more than one insurance partner 17
Competitor share of partnerships 20
Insurance is commonly sourced from Turins Sigorta (itself owned by TÜRSAB)… 20
…although several major insurers have a significant number of travel trade partners… 20
…and a very wide range of companies is involved in this distribution channel 20
On a weighted analysis, three insurers hold over three quarters of travel trade partnerships 20
AIG is prominent among the many providers of travel insurance for transportation companies in Turkey… 22
…especially so in the weighted analysis of partnerships 22
Turkish banks commonly work with more than one travel insurer… 24
…with a very large number of providers involved in the financial sector 24
AXA Sigorta is just ahead of Anadolu Sigorta as channel leader in the weighted analysis 24

Travel insurance and assistance linked to payment cards and bank accounts 27
Other distribution channels 28
Automotive clubs 28
Direct distribution by specialist travel insurers 29
Online aggregators and brokers 29
Brokers constitute a significant distribution channel for travel insurance in Turkey 29
Other online brands 29
Retailers 29
Other types of distributor 29
Providers of visa application services are a minor additional channel for travel insurance 29
Leading competitors 30
AIG is likely to be the leader in Turkey's travel insurance sector but the market is a fragmented one 30
As many as five competitors claim up to 10% of the market each 31
Underwriters outside of the top ten are likely to hold between 19% and 26% of the total market 32
Forecasts 33
Underlying foreign travel market 33
Overseas trips in 2018 are predicted to be more than 2 million higher than they were in 2014… 33
Market for travel insurance and assistance 35
… which should help to propel Turkey's travel insurance market further forwards 35

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Turkey, 2010, 2014 and 2018 2
10 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
20 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of Turkey, segmented by purpose of trip, 2010 to 2014 11
Number of foreign trips undertaken by residents of Turkey, segmented by purpose of trip, 2010 to 2014 (table) 11
Destinations of foreign trips undertaken by residents of Turkey, 2010 to 2014 12
Destinations of foreign trips undertaken by residents of Turkey, 2010 to 2014 (table) 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Turkey, 2010 to 2014 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in Turkey, 2010 to 2014 (table) 15
Summary of travel trade, transportation and financial organisations researched in Turkey, segmented by type, 2015 16
Provision rates for stand-alone travel insurance and assistance in Turkey, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Turkey, segmented by type of travel trade, transportation and financial organisation, 2015 18
Operating models used for stand-alone travel insurance and assistance in Turkey, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 19
Partnerships with travel trade organisations offering travel insurance and assistance in Turkey, 2015: weighted and unweighted competitor share 21
Partnerships with transportation organisations offering travel insurance and assistance in Turkey, 2015: weighted and unweighted competitor share 23
Partnerships with financial organisations offering travel insurance and assistance in Turkey, 2015: weighted and unweighted competitor share 26
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Turkey segmented by product function and level, and by type of cover 28
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Turkey, 2015 31
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Turkey, 2015 (table) 33
Forecast number of foreign trips undertaken by residents of Turkey, segmented by purpose of trip, 2018 34
Forecast number of foreign trips undertaken by residents of Turkey, segmented by purpose of trip, 2018 (table) 34
Forecast gross written premiums and policy numbers for travel insurance and assistance in Turkey, 2018 35
Forecast gross written premiums and policy numbers for travel insurance and assistance in Turkey, 2018 (table) 36

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