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Travel Insurance and Assistance in Kuwait

  • January 2016
  • -
  • Finaccord
  • -
  • 33 pages

Travel Insurance and Assistance in Kuwait is about the current status and likely future development of the market for stand-alone travel insurance policies in Kuwait. It includes the following unique features:

- data spanning 2011 to 2015 for the underlying travel market with a segmentation by type of journey (between holiday and business trips) and with related commentary concerning the popularity of different overseas destinations;

- data for the size of the market for stand-alone travel insurance and assistance in Kuwait between 2011 and 2015 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, insurance brands and specialised lenders, plus both traditional and online travel trade entities;

- a review of other direct and affinity distribution channels used in Kuwait 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 Kuwait in 2015 with these data points expressed as a percentage range (e.g. 5.0% to 7.5%);

- forecasts to 2019 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 segmentation as that specified above for the period from 2011 to 2015.

The report, which represents an update and expansion to a previous Finaccord study 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 Kuwait
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 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
Holiday trips abroad have continued to increase but business trips fell in both 2014 and 2015 10
Market for travel insurance and assistance 12
Both policy numbers and premiums have been hit by the economic downturn of 2014 and 2015… 12
… with previous steady growth in annual policies having stalled 12
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Travel insurance policies are increasingly available from relevant distributors in Kuwait… 15
… and most consumer-facing insurance brands have a direct proposition in this area… 15
… although local regulations have ruled out the involvement of banks thus far 16
Operating models 16
Distribution partnerships for travel insurance are based around three basis operating models 16
Competitor share of partnerships - travel trade entities 19
AIG and Bahrain Kuwait Insurance lay claim to the highest number of distribution relationships… 19
…with five other insurers also named 19
Three insurers significantly expand their share in the weighted analysis 19
Competitor share of partnerships - transportation organisations 21
Bahrain Kuwait Insurance is especially visible as a provider of travel insurance for airlines… 21
…and maintains its prominence in the weighted analysis of partnerships 21
Competitor share of partnerships - financial organisations 23
The financial category is made up entirely of insurance brands selling their own travel cover 23
Travel insurance and assistance linked to payment cards and bank accounts 25
Around a half of credit card products feature one or more types of travel cover… 25
…and, among premium cards, nearly 45% carry a comprehensive travel policy 25
Other distribution channels 26
Automotive clubs 26
Direct distribution by specialist travel insurers 27
Online aggregators and brokers 27
Other online brands 27
A number of online brands operate as tied agents in Kuwait's travel insurance market 27
Retailers 27
Other types of distributor 27
Leading competitors 27
Gulf Insurance Group is likely to lead the market for stand-alone travel insurance in Kuwait… 27
… ahead of AIG, Kuwait Insurance Company and Warba Insurance 28
Forecasts 30
Underlying foreign travel market 30
Business trips are forecast to outpace holiday trips up to 2019 30
Market for travel insurance and assistance 32
… which will facilitate further growth in Kuwait's travel insurance market 32
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Kuwait, 2011, 2015 and 2019 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 Kuwait, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of Kuwait, segmented by purpose of trip, 2011 to 2015 (table) 11
Estimated gross written premiums and policy numbers for travel insurance and assistance in Kuwait, 2011 to 2015 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Kuwait, 2011 to 2015 (table) 14
Summary of travel trade, transportation and financial organisations researched in Kuwait, segmented by type, 2015 15
Provision rates for stand-alone travel insurance and assistance in Kuwait, segmented by type of travel trade, transportation and financial organisation, 2015 16
Operating models used for stand-alone travel insurance and assistance in Kuwait, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Kuwait, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 18
Partnerships with travel trade organisations offering travel insurance and assistance in Kuwait, 2015: weighted and unweighted competitor share 20
Partnerships with transportation organisations offering travel insurance and assistance in Kuwait, 2015: weighted and unweighted competitor share 22
Partnerships with financial organisations offering travel insurance and assistance in Kuwait, 2015: weighted and unweighted competitor share 24
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Kuwait segmented by product function and level, and by type of cover 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Kuwait, 2015 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Kuwait, 2015 (table) 30
Number of foreign trips undertaken by residents of Kuwait, segmented by purpose of trip, 2019 (forecast) 31
Number of foreign trips undertaken by residents of Kuwait, segmented by purpose of trip, 2019 (forecast) (table) 31
Gross written premiums and policy numbers for travel insurance and assistance in Kuwait, 2019 (forecast) 32
Gross written premiums and policy numbers for travel insurance and assistance in Kuwait, 2019 (forecast) (table) 33

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