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Travel Insurance and Assistance in Mexico

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

Travel Insurance and Assistance in Mexico is about the current status and likely future development of the market for stand-alone travel insurance policies in Mexico. 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 Mexico 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 97 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Mexico, 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 Mexico
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
Mexicans undertake around 16 million overnight trips each year, and that number is growing consistently... 10
...albeit road transport remains the primary means of travelling to the US 10
Trips to the US dominate Mexico's outbound sector, leaving little room for long-haul travel 12
Market for travel insurance and assistance 12
Uptake of travel insurance is relatively low amongst Mexicans heading to the US 12
In real terms, Mexico's stand-alone market is growing at around 6% per year... 13
...and the vast majority of these policies take the form of single-trip cover 13
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Cover is seemingly available from all travel agents, plus a number of significant airlines... 15
...although very few banks or credit card companies promote stand-alone travel policies 15
Operating models 16
The vast majority of distributors in Mexico choose to partner with a single, external provider 16
Competitor share of partnerships 18
Four competitors account for more than three quarters of the schemes operated by the travel trade 18
Assist-Card and MAPFRE each have a number of significant group-level distribution contracts 18
AIG and Allianz Global Assistance each claim partnerships with online travel specialists... 19
... with the latter company also strong as a provider of travel insurance to airlines 20
Two banking networks controlled by Banorte make use of the group's joint venture with Generali 21
Travel insurance and assistance linked to payment cards and bank accounts 22
Around three quarters of credit card products feature one or more forms of travel cover… 23
…and the provision of each type of travel benefit is higher among premium cards 23
Other distribution channels 24
Automotive clubs 24
Direct distribution by insurance underwriters 25
All of Mexico's leading travel assistance brands can sell directly to consumers... 25
...as do a handful of other underwriters 25
Online aggregators and brokers 25
Mexico hosts numerous aggregators dedicated to comparing travel insurance quotes... 25
Other online brands 25
...and other notable websites are operated by Go! Travel Assistance, Pervolare and Proventum 25
Retailers 26
Several major retail brands are active indirectly via travel agency or financial subsidiaries 26
Other types of distributor 26
Several mobile operators act as intermediaries of travel insurance or assistance policies 26
Forecasts 26
Underlying foreign travel market 26
The relatively strong growth in Mexico's business travel sector is expected to continue 26
Market for travel insurance and assistance 28
In nominal terms, premiums are expected to exhibit nominal annual growth of more than 9% 28

List of Graphics / Tables


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

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