Travel Insurance and Assistance in Oman

  • April 2013
  • -
  • Finaccord
  • -
  • 30 pages

Finaccord’s report titled Travel Insurance and Assistance in Oman is about the current status and likely future development of the market for stand-alone travel insurance policies in Oman.

It includes the following unique features:

- data spanning 2008 to 2012 for the underlying travel market with segmentations 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 Oman between 2008 and 2012 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 60 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Oman, including cover packaged with payment cards and bank accounts as well as automotive clubs, direct sales, online aggregators and brokers, other online brands and retailers;

- forecasts to 2016 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 2008 to 2012.

The report is accompanied by an Excel PartnerBASE dataset that details the travel insurance partnerships of each of the travel trade, transportation and financial organisations covered, 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

Table of Contents 
 
0.0 EXECUTIVE SUMMARY
1.0 INTRODUCTION
What is this report about?
Rationale
This report builds upon Finaccord's ground-breaking studies of this topic in other regions
Methodology
Primary research
The survey includes around 70 travel trade, transportation and financial organisations…
…and draws on an analysis of various travel benefits linked to banking products
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 global travel insurance industry
Definitions
Terms and abbreviations
Types of packaged travel insurance and assistance
Operating models
Currencies, exchange rates and inflation
PartnerBASE
Finaccord
 
2.0 MARKET ANALYSIS
Introduction
Underlying foreign travel market
After a decline in 2009, the volume of outbound travel has more than recovered
…and there is significant outbound traffic to India, which is a key source of migrant labour
Market for travel insurance and assistance
In nominal terms, Oman's stand-alone market has been recording double-digit annual growth…
…and annual policies now account for around 14% of all stand-alone travel cover
Distribution through travel trade, transportation and financial organisations
Summary of organisations researched
Provision rates
In Oman, travel policies are available from the vast majority of travel agents, and also some airlines
Operating models
A handful of distributors offer customers a choice of travel policy provider
Competitor share of partnerships
Key travel trade partners for AXA include Bahwan Travel and Travel Point…
…and the RSA group is also active in Oman, due to a regional deal with an online travel portal
Chartis holds nearly 40% of airline partnerships for travel originating in Oman…
…with various local and foreign insurers also playing a role in this field
A large multinational insurer has partnerships with two related banks
Travel insurance and assistance linked to payment cards and bank accounts
More than two thirds of credit card products feature some form of travel benefit…
…although packaged accounts do not feature travel insurance enhancements
Other distribution channels
Automotive clubs
Direct distribution by insurance underwriters
Several large underwriters have yet to embrace online purchasing
Online aggregators and brokers
Other online brands
Retailers
Other types of distributor
Forecasts
Underlying foreign travel market
The number of overnight foreign trips is expected to reach nearly 3 million in 2016
Market for travel insurance and assistance
The number of stand-alone travel policies is expected to experience robust growth up to 2016
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LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Key market data for travel insurance and assistance in Oman, 2008, 2012 and 2016
1.0 INTRODUCTION
Travel insurance and assistance: how it all fits together
2.0 MARKET ANALYSIS
Number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2008 to 2012
Number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2008 to 2012 (table)
Estimated gross written premiums and policy numbers for travel insurance and assistance in Oman, 2008 to 2012
Estimated gross written premiums and policy numbers for travel insurance and assistance in Oman, 2008 to 2012 (table)
Summary of travel trade, transportation and financial organisations researched in Oman, segmented by type, 2013
Provision rates for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2013
Operating models used for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2013
Operating models used for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2013 (table)
Competitor share of partnerships for stand-alone travel insurance and assistance in Oman, 2013: travel trade organisations
Competitor share of partnerships for stand-alone travel insurance and assistance in Oman, 2013: transportation organisations
Competitor share of partnerships for stand-alone travel insurance and assistance in Oman, 2013: financial organisations
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Oman, segmented by product function and level, and by type of cover, 2013
Forecast number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2016
Forecast number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2016 (table)
Forecast gross written premiums and policy numbers for travel insurance and assistance in Oman, 2016
Forecast gross written premiums and policy numbers for travel insurance and assistance in Oman, 2016 (table)

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