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Finaccord’s report titled Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in Selected Global Markets offers detailed and unique insights into the behaviour of consumers in eight countries – Australia, Canada, France, Germany, Italy, Spain, the UK and the US – in the context of travel insurance and assistance. This is based on a survey of over 9,000 consumers across these countries carried out in the second quarter of 2014 breaking down between just under 2,000 in the US and just over 1,000 in the other seven.

The research quantifies the proportion of consumers in each country who undertake insurable travel and the proportion that acquire travel insurance, segmented by age and annual household income. It also investigates and quantifies the following important metrics:

- the general types of policy that consumers acquire (i.e. annual policies, single-trip policies or packaged policies such as those bundled with a travel ticket or payment card);

- the specific types of policy that consumers acquire (differentiating between standard cover and non-standard products such as policies designed especially for business travellers, gap-year or student travellers, travellers with pre-existing medical conditions etc.);

- consumer perceptions with regards to the risks covered and assistance services provided by their policy;

- and the distribution channels and interfaces that consumers use to take out travel insurance and, for those buying online, the type of device used (i.e. a laptop or desktop computer, a tablet or a mobile phone).

Finally, the report analyses claims frequency for travel insurance in each country, including data for the types of claim submitted and for acceptance rates, and ranks major providers of insurance and assistance in each country according to the frequency with which they are identified by consumers as the provider of their policy. Furthermore, many of the results from the latest research are compared with those of Finaccord’s previous studies, thereby showing significant trends over time.

You may be able to use this report in one or more of the following ways:

- to understand the extent to which travellers in each country acquire travel insurance and the types of policy that they are most likely to buy;

- to identify the most important demographic segments for travel insurance;

- to evaluate the opportunities in each country for distributing travel insurance through channels other than the travel trade such as airlines, automotive associations, banks, insurance aggregators and comparison sites, supermarkets and direct purchase from insurers (or their tied agents);

- to assess the apparent consumer awareness and utilisation of major providers of travel insurance in each country;

- to understand claims experience for travel insurance in each country, how this varies by type of policy and customer and what this might mean for the profitability of your activities in this sector.

Table Of Contents

Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in Selected Global Markets
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
1.0 INTRODUCTION 3
What is this report about?..3
Rationale.3
Global consumer research 3
Other international research reports about travel insurance and assistance..4
2.0 CONSUMER OVERVIEW..5
Introduction.5
Underlying foreign and domestic travel markets ..6
Frequency of travel.6
Segmentation by age group...9
Segmentation by annual household income band..13
Uptake of travel insurance and assistance.17
Proportion of travellers who are covered by travel insurance 17
Segmentation by age group.20
Segmentation by annual household income band..24
Characteristics of travel insurance and assistance 27
Number of persons covered by travel insurance 27
General types of travel insurance policy..29
Specific types of travel insurance policy..32
Risks covered by travel insurance...34
Market concentration37
Distribution of travel insurance and assistance ..39
Distribution channels used for stand-alone travel insurance..39
Distribution interfaces used for stand-alone travel insurance.41
Travel insurance and assistance claims.44
Frequency and outcome of travel insurance claims ...44
Segmentation by age group.48
Segmentation by annual household income band..49
Segmentation by general type of policy...50
Segmentation by specific type of policy...52
Main reasons for travel insurance claims 54
3.0 AUSTRALIA..55
Introduction...55
Underlying foreign and domestic travel markets 56
Frequency of travel...56
Segmentation by age group.57
Segmentation by annual household income band..58
Uptake of travel insurance and assistance.59
Proportion of travellers who are covered by travel insurance 59
Segmentation by age group.60
Segmentation by annual household income band..61TRAVEL METRICS: CONSUMER APPROACHES TO TRAVEL INSURANCE AND ASSISTANCE IN SELECTED GLOBAL
MARKETS
© FINACCORD (07/2014) II
Types of consumers most likely to be covered by travel insurance...62
Characteristics of travel insurance and assistance 64
Number of persons covered by travel insurance 64
General types of travel insurance policy..65
Segmentation by age group.66
Segmentation by annual household income band..67
Specific types of travel insurance policy..69
Risks covered by travel insurance...70
Providers of travel insurance71
Distribution of travel insurance and assistance ..72
Distribution channels used for stand-alone travel insurance..72
Distribution interfaces used for stand-alone travel insurance.74
Cross-tabulation of distribution channels and interfaces used for stand-alone policies ...76
Travel insurance and assistance claims.77
Frequency and outcome of travel insurance claims ...77
Segmentation by age group.78
Segmentation by annual household income band..79
Segmentation by general type of policy...80
Segmentation by specific type of policy...81
Main reasons for travel insurance claims 82
Research sample statistics..83
4.0 CANADA...85
Introduction...85
Underlying foreign and domestic travel markets 86
Frequency of travel...86
Segmentation by age group.87
Segmentation by annual household income band..88
Uptake of travel insurance and assistance.89
Proportion of travellers who are covered by travel insurance 89
Segmentation by age group.90
Segmentation by annual household income band..91
Types of consumers most likely to be covered by travel insurance...92
Characteristics of travel insurance and assistance 94
Number of persons covered by travel insurance 94
General types of travel insurance policy..95
Segmentation by age group.96
Segmentation by annual household income band..97
Specific types of travel insurance policy..99
Risks covered by travel insurance.100
Providers of travel insurance..101
Distribution of travel insurance and assistance 102
Distribution channels used for stand-alone travel insurance102
Distribution interfaces used for stand-alone travel insurance...104
Cross-tabulation of distribution channels and interfaces used for stand-alone policies .105
Travel insurance and assistance claims...107TRAVEL METRICS: CONSUMER APPROACHES TO TRAVEL INSURANCE AND ASSISTANCE IN SELECTED GLOBAL
MARKETS
© FINACCORD (07/2014) III
Frequency and outcome of travel insurance claims .107
Segmentation by age group...108
Segmentation by annual household income band109
Segmentation by general type of policy.110
Segmentation by specific type of policy.111
Main reasons for travel insurance claims ..112
Research sample statistics113
5.0 FRANCE..115
Introduction.115
Underlying foreign and domestic travel markets ..117
Frequency of travel.117
Segmentation by age group...118
Segmentation by annual household income band119
Uptake of travel insurance and assistance...120
Proportion of travellers who are covered by travel insurance ..120
Segmentation by age group...121
Segmentation by annual household income band122
Types of consumers most likely to be covered by travel insurance.123
Characteristics of travel insurance and assistance ..125
Number of persons covered by travel insurance ..125
General types of travel insurance policy126
Segmentation by age group...128
Segmentation by annual household income band129
Specific types of travel insurance policy131
Risks covered by travel insurance.132
Providers of travel insurance..133
Distribution of travel insurance and assistance 134
Distribution channels used for stand-alone travel insurance134
Distribution interfaces used for stand-alone travel insurance...137
Cross-tabulation of distribution channels and interfaces used for stand-alone policies .139
Travel insurance and assistance claims...140
Frequency and outcome of travel insurance claims .140
Segmentation by age group...141
Segmentation by annual household income band142
Segmentation by general type of policy.143
Segmentation by specific type of policy.144
Main reasons for travel insurance claims ..145
Research sample statistics146
6.0 GERMANY..148
Introduction.148
Underlying foreign and domestic travel markets ..150
Frequency of travel.150
Segmentation by age group...151
Segmentation by annual household income band152
Uptake of travel insurance and assistance...153TRAVEL METRICS: CONSUMER APPROACHES TO TRAVEL INSURANCE AND ASSISTANCE IN SELECTED GLOBAL
MARKETS
© FINACCORD (07/2014) IV
Proportion of travellers who are covered by travel insurance ..153
Segmentation by age group...154
Segmentation by annual household income band155
Types of consumers most likely to be covered by travel insurance.156
Characteristics of travel insurance and assistance ..158
Number of persons covered by travel insurance ..158
General types of travel insurance policy159
Segmentation by age group...161
Segmentation by annual household income band162
Specific types of travel insurance policy164
Risks covered by travel insurance.165
Providers of travel insurance..166
Distribution of travel insurance and assistance 167
Distribution channels used for stand-alone travel insurance167
Distribution interfaces used for stand-alone travel insurance...170
Cross-tabulation of distribution channels and interfaces used for stand-alone policies .172
Travel insurance and assistance claims...173
Frequency and outcome of travel insurance claims .173
Segmentation by age group...174
Segmentation by annual household income band175
Segmentation by general type of policy.176
Segmentation by specific type of policy.177
Main reasons for travel insurance claims ..178
Research sample statistics179
7.0 ITALY...181
Introduction.181
Underlying foreign and domestic travel markets ..183
Frequency of travel.183
Segmentation by age group...184
Segmentation by annual household income band185
Uptake of travel insurance and assistance...186
Proportion of travellers who are covered by travel insurance ..186
Segmentation by age group...187
Segmentation by annual household income band188
Types of consumers most likely to be covered by travel insurance.189
Characteristics of travel insurance and assistance ..191
Number of persons covered by travel insurance ..191
General types of travel insurance policy192
Segmentation by age group...194
Segmentation by annual household income band195
Specific types of travel insurance policy197
Risks covered by travel insurance.198
Providers of travel insurance..199
Distribution of travel insurance and assistance 200
Distribution channels used for stand-alone travel insurance200

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ref:plp2014

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