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Travel Insurance and Assistance in Oman

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

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 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 Oman 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 80 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 Oman 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 Oman 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 Oman
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 80 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
Outbound trips from Oman increased quite rapidly between 2011 and 2015… 10
… albeit with considerable divergence between business and holiday travel 10
Market for travel insurance and assistance 12
The value of Oman's travel insurance market is likely to have hit a peak in 2013… 12
… before falling away slightly in 2014 and 2015 12
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Travel insurance partnerships are concentrated in a limited number of distribution categories 15
… with certain distributor types entirely absent from this sector 15
Operating models 16
All partnerships are based around either use of a single, external or captive underwriter 16
Competitor share of partnerships - travel trade entities 19
AXA Insurance Gulf is the most commonly used travel insurance provider to the travel trade… 19
…with other competitors having many fewer partnerships… 19
… although Zurich Insurance Middle East expands its share considerably in the weighted analysis 19
Competitor share of partnerships - transportation organisations 21
AIG and Alliance Insurance both hold multiple airline partnerships for travel insurance… 21
…and the latter company claims the highest share in the weighted analysis 21
Competitor share of partnerships - financial organisations 23
12 insurance brands in Oman act as direct distributors of travel insurance 23
Travel insurance and assistance linked to payment cards and bank accounts 25
Other distribution channels 26
Automotive clubs 26
Direct distribution by specialist travel insurers 27
Online aggregators and brokers 27
QuickInsureOmancom is the country's most prominent online aggregator 27
Other online brands 27
AMA Travel Shield, Columbus Direct and HolidayGuard operate as tied agents in the Omani market 27
Retailers 27
Other types of distributor 27
Leading competitors 27
The leading underwriter is likely to hold a market share of at least 20% of premiums… 27
… putting it comfortably ahead of the second-ranked competitor 28
Forecasts 30
Underlying foreign travel market 30
Overseas trips are forecast to recover slowly up to 2019… 30
Market for travel insurance and assistance 32
… which should help to sustain growth in Oman's travel insurance market 32
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Oman, 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 Oman, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2011 to 2015 (table) 11
Estimated gross written premiums and policy numbers for travel insurance and assistance in Oman, 2011 to 2015 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Oman, 2011 to 2015 (table) 14
Summary of travel trade, transportation and financial organisations researched in Oman, segmented by type, 2015 15
Provision rates for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2015 16
Operating models used for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Oman, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 18
Partnerships with travel trade organisations offering travel insurance and assistance in Oman, 2015: weighted and unweighted competitor share 20
Partnerships with transportation organisations offering travel insurance and assistance in Oman, 2015: weighted and unweighted competitor share 22
Partnerships with financial organisations offering travel insurance and assistance in Oman, 2015: weighted and unweighted competitor share 24
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 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Oman, 2015 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Oman, 2015 (table) 30
Number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2019 (forecast) 31
Number of foreign trips undertaken by residents of Oman, segmented by purpose of trip, 2019 (forecast) (table) 31
Gross written premiums and policy numbers for travel insurance and assistance in Oman, 2019 (forecast) 32
Gross written premiums and policy numbers for travel insurance and assistance in Oman, 2019 (forecast) (table) 33

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