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Travel Insurance and Assistance in Chile

  • February 2014
  • -
  • Finaccord
  • -
  • 33 pages

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

- data spanning 2009 to 2013 for the underlying travel market with segmentations by type of journey (between holiday and business trips) and by destination country;

- data for the size of the market for stand-alone travel insurance and assistance in Chile between 2009 and 2013 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 102 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Chile, 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 2017 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 2009 to 2013.

Table Of Contents

Travel Insurance and Assistance in Chile
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
This report expands Finaccord's previous ground-breaking studies of this topic 3
Methodology 3
Primary research 3
The survey includes around 100 travel trade, transportation and financial organisations… 3
…and draws on a separate analysis of travel benefits linked to banking products 4
Market data 4
External sources 4
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 global travel insurance industry 5
Definitions 6
Terms and abbreviations 6
Types of packaged travel insurance and assistance 6
Operating models 7
Currencies, exchange rates and inflation 7
PartnerBASE and market data annexe 8
Finaccord 8
2.0 MARKET ANALYSIS 10
Introduction 10
Underlying foreign travel market 10
Chileans make around 3.5 million overnight trips each year, and that number is growing steadily... 10
...although road travel to immediately neighbouring countries remains significant 10
Argentina and Peru jointly account for more than two thirds of all foreign trips 12
Market for travel insurance and assistance 12
Travel insurance generally takes the form of 'assistance card' products 12
In real terms, Chile's travel insurance market is growing at more than 12% per year... 13
...and annual policies remain an expensive option largely reserved for business travellers 13
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Virtually all travel trade entities offer insurance, whereas only a quarter of airlines do so... 15
...and the availability of stand-alone cover from banks is also relatively weak 15
Operating models 16
Almost 30% of distributors offer their customers a choice of two or more insurance providers... 16
Competitor share of partnerships 18
Travel Ace Assistance and Assist-Card are the two providers most used by the travel trade... 18
...although exclusive distribution agreements are fairly rare in this market 18
Other fairly visible providers in this area include APRIL, MOK Travel Assist and Universal Assistance 19
In the field of distribution via airlines, Travel Assist benefits from its relationship with the LATAM group 20
MAPFRE SegurViaje's stand-alone policies are available from three retail banks … 21
...and Banco Santander underwrites its travel policies via a joint venture with Zurich 21
Travel insurance and assistance linked to payment cards and bank accounts 22
More than 60% of credit card products feature one or more types of travel cover… 23
…and around a fifth of premium products feature comprehensive travel policies 23
Other distribution channels 24
Automotive clubs 24
Direct distribution by insurance underwriters 25
Most of Chile's best-known travel assistance brands also sell direct to the consumer… 25
... as do most major non-life insurance underwriters 25
Online aggregators and brokers 25
Both home-grown and multinational aggregators are present in this market 25
Other online brands 25
Go! Travel Assistance and Pervolare operate a number of websites in Chile 25
Retailers 25
Several major retail brands are active indirectly via travel agency or financial subsidiaries 25
Other types of distributor 26
Forecasts 26
Underlying foreign travel market 26
Up to 2017, the number of foreign holiday trips is expected to grow at around 6.5% per annum 26
Market for travel insurance and assistance 28
In real terms, gross written premiums are expected to increase by more than 8% annually 28

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in Chile, 2009, 2013 and 2017 2
1.0 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
2.0 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of Chile, segmented by purpose of trip, 2009 to 2013 ... 11
Number of foreign trips undertaken by residents of Chile, segmented by purpose of trip, 2009 to 2013
(table) 11
Destinations of foreign trips undertaken by residents of Chile, 2012 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in Chile, 2009
to 2013 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Chile, 2009
to 2013 (table) 14
Summary of travel trade, transportation and financial organisations researched in Chile, segmented by
type, 2013 15
Provision rates for stand-alone travel insurance and assistance in Chile, segmented by type of travel trade,
transportation and financial organisation, 2013 16
Operating models used for stand-alone travel insurance and assistance in Chile, segmented by type of
travel trade, transportation and financial organisation, 2013 17
Operating models used for stand-alone travel insurance and assistance in Chile, segmented by type of
travel trade, transportation and financial organisation, 2013 (table) 18
Competitor share of partnerships for stand-alone travel insurance and assistance in Chile, 2013: travel
trade organisations 20
Competitor share of partnerships for stand-alone travel insurance and assistance in Chile, 2013:
transportation organisations 21
Competitor share of partnerships for stand-alone travel insurance and assistance in Chile, 2013: financial
organisations 22
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Chile,
segmented by product function and level, and by type of cover, 2013 24
Forecast number of foreign trips undertaken by residents of Chile, segmented by purpose of trip, 2017 .. 27
Forecast number of foreign trips undertaken by residents of Chile, segmented by purpose of trip, 2017
(table) 27
Forecast gross written premiums and policy numbers for travel insurance and assistance in Chile, 2017 28
Forecast gross written premiums and policy numbers for travel insurance and assistance in Chile, 2017
(table) 29

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