Travel Insurance and Assistance in the UAE

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

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

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 the UAE 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 90 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in the UAE, 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 more than 90 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
Residents of the UAE undertake over 5 million foreign trips each year
Popular holiday destinations in Asia include Malaysia, Singapore and Thailand
Market for travel insurance and assistance
Despite weak growth in the volume of outbound travel, the UAE market is still growing…
…and the use of annual policies, many of which are held by business travellers, is growing
Distribution through travel trade, transportation and financial organisations
Summary of organisations researched
Provision rates
Availability of stand-alone travel cover from mainstream travel agents is seemingly universal
Operating models
The vast majority of distributors in the UAE choose to partner with a single, external underwriter
Competitor share of partnerships
Three insurers, led by AXA, account for more than 75% of schemes operated by the travel trade...
…and Chartis is one of a number of underwriters to benefit from centralised agreements
The contracts of Mondial Assistance in the UAE are supported by one of two underwriters…
…and Chartis partners directly with three airlines
Thus far, many underwriters have only managed to partner with one financial distributor
Travel insurance and assistance linked to payment cards and bank accounts
Less than half of credit cards in the UAE feature any form of travel insurance…
…although a few debit cards also feature travel benefits
Other distribution channels
Automotive clubs
Direct distribution by insurance underwriters
Most of the UAE's large non-life underwriters sell travel policies direct to the consumer
Online aggregators and brokers
Other online brands
Retailers
Other types of distributor
Forecasts
Underlying foreign travel market
The number of holiday trips is expected to grow more quickly than the volume of business travel
Market for travel insurance and assistance
In nominal terms, gross written premiums are likely to exhibit annual growth of around 10%
?
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Key market data for travel insurance and assistance in the UAE, 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 the UAE, segmented by purpose of trip, 2008 to 2012
Number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2008 to 2012 (table)
Estimated gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2008 to 2012
Estimated gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2008 to 2012 (table)
Summary of travel trade, transportation and financial organisations researched in the UAE, segmented by type, 2013
Provision rates for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2013
Operating models used for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2013
Operating models used for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2013 (table)
Competitor share of partnerships for stand-alone travel insurance and assistance in the UAE, 2013: travel trade organisations
Competitor share of partnerships for stand-alone travel insurance and assistance in the UAE, 2013: transportation organisations
Competitor share of partnerships for stand-alone travel insurance and assistance in the UAE, 2013: financial organisations
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in the UAE, segmented by product function and level, and by type of cover, 2013
Forecast number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2016
Forecast number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2016 (table)
Forecast gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2016
Forecast gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2016 (table)

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