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Travel Insurance and Assistance in Qatar

  • December 2015
  • -
  • Finaccord
  • -
  • 33 pages

Travel Insurance and Assistance in Qatar is about the current status and likely future development of the market for stand-alone travel insurance policies in Qatar. 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 Qatar 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, coach 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 Qatar 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 Qatar 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 Qatar
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
Growth in the number of holiday trips has easily outstripped growth in the number of business trips 10
Market for travel insurance and assistance 12
Both travel insurance policy numbers and premiums are likely to have declined in 2015… 12
… in part as a result of the contraction in business travel 12
At least two factors cause average policy prices in Qatar to be lower than in other GCC countries 13
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Almost all travel agents and insurance brands distribute stand-alone travel cover… 15
Operating models 16
… with use of a single, external underwriter dominant as an operating model 16
Competitor share of partnerships - travel trade entities 19
AIG and AXA Insurance Gulf are the providers most commonly used by travel trade entities… 19
…with other insurers somewhat on the periphery in both the unweighted and weighted analyses 19
Competitor share of partnerships - transportation organisations 21
AIG and Doha Insurance are prominent as providers of travel insurance for airlines… 21
…with Allianz Global Assistance working in tandem with the latter company 21
Competitor share of partnerships - financial organisations 23
Only three banks in Qatar distribute stand-alone travel insurance… 23
…albeit direct provision by insurance brands is far more common 23
Qatar Insurance Company is dominant in the weighted analysis of partnerships 23
Travel insurance and assistance linked to payment cards and bank accounts 25
The majority of credit card products feature one or more types of travel cover… 25
…and comprehensive policies are included with almost 60% of premium-level cards 25
Other distribution channels 26
Automotive clubs 26
Direct distribution by specialist travel insurers 27
Online aggregators and brokers 27
Other online brands 27
AMA Travel Shield, Columbus Direct and HolidayGuard sell policies directly in Qatar 27
Retailers 27
Other types of distributor 27
Members of Ooredoo's loyalty scheme can earn points by purchasing travel cover from General Takaful 27
Leading competitors 28
Four insurers are likely to account for the vast majority of Qatar's travel insurance market… 28
… albeit there is a fairly long tail of smaller competitors given the limited market size 28
Forecasts 30
Underlying foreign travel market 30
Overseas trips are forecast to grow at a modest rate up to 2019… 30
Market for travel insurance and assistance 32
… meaning that the travel insurance market will also see steady growth 32
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Qatar, 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 Qatar, segmented by purpose of trip, 2011 to 2015 11
Number of foreign trips undertaken by residents of Qatar, segmented by purpose of trip, 2011 to 2015 (table) 11
Estimated gross written premiums and policy numbers for travel insurance and assistance in Qatar, 2011 to 2015 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Qatar, 2011 to 2015 (table) 14
Summary of travel trade, transportation and financial organisations researched in Qatar, segmented by type, 2015 15
Provision rates for stand-alone travel insurance and assistance in Qatar, segmented by type of travel trade, transportation and financial organisation, 2015 16
Operating models used for stand-alone travel insurance and assistance in Qatar, segmented by type of travel trade, transportation and financial organisation, 2015 17
Operating models used for stand-alone travel insurance and assistance in Qatar, segmented by type of travel trade, transportation and financial organisation, 2015 (table) 18
Partnerships with travel trade organisations offering travel insurance and assistance in Qatar, 2015: weighted and unweighted competitor share 20
Partnerships with transportation organisations offering travel insurance and assistance in Qatar, 2015: weighted and unweighted competitor share 22
Partnerships with financial organisations offering travel insurance and assistance in Qatar, 2015: weighted and unweighted competitor share 24
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Qatar 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 Qatar, 2015 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Qatar, 2015 (table) 30
Number of foreign trips undertaken by residents of Qatar, segmented by purpose of trip, 2019 (forecast) 31
Number of foreign trips undertaken by residents of Qatar, segmented by purpose of trip, 2019 (table) (forecast) 31
Gross written premiums and policy numbers for travel insurance and assistance in Qatar, 2019 (forecast) 32
Gross written premiums and policy numbers for travel insurance and assistance in Qatar, 2019 (table) (forecast) 33

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