Travel Insurance and Assistance in Northern, Central and Eastern Europe

NEW YORK, Oct. 23, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Travel Insurance and Assistance in Northern, Central and Eastern Europe

http://www.reportlinker.com/p01020590/Travel-Insurance-and-Assistance-in-Northern-Central-and-Eastern-Europe.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Travel_Services

Travel Insurance and Assistance in Northern, Central and Eastern Europe investigates the market for stand-alone travel insurance and assistance in 12 countries in this region, namely, Austria, the Czech Republic, Denmark, Finland, Germany, Norway, Poland, Romania, Russia, Sweden, Switzerland and Turkey.

This market is estimated by Finaccord to be worth EUR 1.52 billion in gross written premiums in 2012 and its value has proved to be fairly resilient in spite of a challenging economic environment. Moreover, the competitive and distribution dynamics of the market continue to evolve with new channels emerging and partnerships with major distributors subject to regular change.

For the research, Finaccord investigated the distribution partnerships of over 1,500 travel trade, transportation and financial organisations across the region; it also analysed systematically the involvement in travel insurance in each country of other key distributor categories, namely automotive clubs, direct sales, online aggregators and brokers, other online brands, and retailers.

The report, which represents an update and expansion to previous Finaccord studies on the subject issued since 2003, 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.

Key findings from the executive summary include:

- across the region as a whole, the number of foreign trips (lasting one night or more) rose from 187.4 million in 2008 to 199.4 million in 2012, with a contraction only occurring in 2009 – this equates to compound annual growth of 1.6% during this period;

- the number of travel policies sold in Turkey rose by around 10.7% per annum during the same period and other markets that made fairly strong progress by the same measure were Romania, Finland and Norway with respective annual growth rates of 6.8%, 4.8% and 4.4%;

- across all organisations in the region classified as online travel specialists (e.g. ebookers, octopustravel, opodo, Travellink), 69.5% have an arrangement for selling travel cover with country-specific rates of provision in this category peaking at 90.9% and 90.0% in Switzerland and Germany, respectively;

- in terms of its number of distribution partnerships among travel trade, transportation and financial organisations, Munich Re – often through Europäische Reiseversicherung (ERV) – is the leading group in the region, followed by Allianz, Generali, HanseMerkur and De Goudse.

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY . 1

Economic crises have not reduced the volume of outbound travel. 2

.albeit in the Czech Republic and Poland the markets contracted significantly between 2008 and 2012 . 2

Germany accounts for one third of all premiums paid for travel insurance and assistance in this region 3

Frequency of travel affects the relative success of different distribution channels 4

Two groups account for nearly 30% of stand-alone travel insurance partnerships 4

Foreign trips are expected to rise in all 12 countries of the region . 5

At the local level, the strongest growth is expected to occur in Turkey . 6

1.0 INTRODUCTION 9

What is this report about? 9

Rationale . 9

This report builds upon Finaccord's previous ground-breaking studies of this topic . 9

Methodology . 10

Primary research . 10

The survey includes around 1,500 travel trade, transportation and financial organisations… . 10

…and draws on an analysis of travel benefits linked to thousands of banking products 10

Market data . 12

External sources . 12

Travel insurance and assistance: how it all fits together 12

The term 'travel insurance' can refer to protection from a heterogeneous range of risks… . 12

.and assistance companies play a fundamental role in the European travel insurance industry . 13

Definitions . 13

Terms and abbreviations 13

Types of packaged travel insurance and assistance 14

Operating models . 14

Currencies, exchange rates and inflation 15

PartnerBASE™ 15

Finaccord 16

2.0 REGIONAL OVERVIEW 18

Introduction . 18

Underlying foreign travel markets 18

Number of trips 18

The number of trips has increased in most countries in the region. 18

…with Denmark, Norway and Russia experiencing the strongest growth 18

On a per capita basis, foreign travel is most common in the Nordic countries and Switzerland 20

There is a marked correlation between citizens' wealth and their outbound travel habits 22

Purpose of trips . 24

In Turkey, the importance of business travel is very high 24

In many countries, business travel has declined more rapidly than leisure travel in recent years . 24

Destination of trips 28

Over 70% of foreign travel is to destinations within the EU… 28

…and travel to other continents is most common among residents of Russia and Turkey . 28

Markets for travel insurance and assistance 31

Policy numbers and value of premiums 31

In real terms, regional premiums have remained virtually unchanged 31

The Norwegian market for travel insurance is very large compared to the size of its population . 32

Policy volumes have been increasing significantly in some markets, including that of Turkey… 32

…although gross written premiums have fallen elsewhere, most notably in the Czech Republic . 33

The use of annual policies has risen sharply in Finland . 35

Market metrics . 38

Across this two-tier region, premiums per capita vary from around EUR 0.32 to nearly EUR 57.49… . 38

…with the Turkish and Romanian markets recording good growth by this measure . 38

Romania has a higher number of policies per trip than any other country in the region… . 42

…although the most valuable travel policies are sold in Norway and Finland 42

Distribution through travel trade, transportation and financial organisations 45

Provision rates 45

Travel agents / tour operators: all Austrian, Czech and Danish travel agents researched offer policies . 45

Online travel specialists: the provision rate varies greatly between countries . 46

Airlines: provision is strongest in Poland and the Czech Republic 47

Ferry operators: in terms of selling travel policies, ferry companies are less active than airlines . 48

Railway operators: most countries researched feature only one national railway operator . 50

Banking organisations: Norwegian banks display the highest provision rate for stand-alone policies . 50

Specialised card providers: these are far less likely than regular banks to offer stand-alone cover 52

Operating models . 53

The majority of stand-alone travel schemes involve a single external underwriter… . 53

…although the use of captive underwriters or insurance brokers is widespread in certain markets 53

Competitive landscape . 56

Switzerland and Austria have the most concentrated markets in the region 56

On a combined basis, providers owned ultimately by Munich Re hold the highest share of partnerships… 58

…and other leading groups in the region include Allianz and Generali . 58

Distribution linked to payment cards and bank accounts . 59

The practice of linking travel policies to credit cards is particularly widespread in Austria 59

Forecasts 64

Underlying foreign travel markets 64

The region's outbound travel sector is expected to grow at a modest rate between 2012 and 2016… 64

…although some individual markets will grow significantly 64

Markets for travel insurance and assistance . 65

At a regional level, policy volumes are forecast to rise at around 1.3% per annum… 65

…although, in real terms, gross written premiums will remain virtually unchanged in 2016. 66

At the local level, the strongest growth is expected to occur in Turkey . 66

3.0 AUSTRIA . 70

Introduction . 70

Underlying foreign travel market . 70

Foreign business trips slumped in 2009 and 2010 . 70

Austrian travellers are focusing more on cheaper short-distance holiday trips . 72

Market for travel insurance and assistance 73

The number of policies sold has fallen since 2009 . 73

The share of annual policies has fallen in recent years . 73

Distribution through travel trade, transportation and financial organisations 75

Summary of organisations researched 75

Provision rates 75

Almost two thirds of all organisations researched are distributors of travel insurance 75

Operating models . 76

Single external providers dominate the Austrian market for stand-alone travel insurance . 76

Competitor share of partnerships . 78

Six providers compete for mandates in the travel trade although four of these have just one deal each 78

Mondial Assistance was rebranded Allianz Global Assistance at the beginning of 2012 . 78

Europäische Reiseversicherung claims two key partnerships in the transportation category 79

Only two providers have established bank distribution partnerships for travel insurance. 80

Travel insurance and assistance linked to payment cards and bank accounts 81

Credit cards almost always include comprehensive travel cover 81

Other distribution channels 84

Automotive clubs . 84

The two largest automotive clubs offer travel insurance 84

Direct distribution by insurance underwriters 84

Six of the top ten non-life insurance underwriters distribute travel cover on a direct or semi-direct basis . 84

Online aggregators and brokers 84

Only a limited number of comparison websites and aggregators offer travel insurance 84

Other online brands 85

Retailers 85

Other types of distributor 85

Forecasts 85

Underlying foreign travel market 85

Business trips will recover swiftly from the downturn . 85

Market for travel insurance and assistance . 87

Austria's market for travel insurance is forecast to increase in nominal terms 87

4.0 CZECH REPUBLIC 89

Introduction . 89

Underlying foreign travel market . 89

The Czech foreign travel market has yet to recover from the 2009 economic downturn . 89

The proportion of long-distance trips, in particular, has decreased since 2008 91

Market for travel insurance and assistance 92

The Czech market for stand-alone travel insurance and assistance has fallen back since its peak in 2008 92

Distribution through travel trade, transportation and financial organisations 94

Summary of organisations researched 94

Provision rates 94

All researched travel agents and tour operators offer travel insurance . 94

Operating models . 95

Three of the largest banking organisations work with captive providers . 95

Competitor share of partnerships . 97

Within the travel trade, two providers account for over 50% of partnerships 97

Three significant distribution mandates are in place in the transportation segment . 98

?SOB Pojiš?ovna benefits from its captive partnerships . 99

Travel insurance and assistance linked to payment cards and bank accounts 100

Comprehensive travel insurance is commonly bundled with both credit and debit cards 100

Other distribution channels 103

Automotive clubs . 103

Neither of the two automotive clubs offers travel insurance . 103

Direct distribution by insurance underwriters 103

Most non-life insurance underwriters distribute travel cover on a direct or semi-direct basis . 103

Online aggregators and brokers 103

A large number of online aggregator websites include travel cover 103

Other online brands 103

Retailers 103

Makro works with Allianz to offer travel insurance policies 103

Other types of distributor 104

Forecasts 104

Underlying foreign travel market 104

Overseas trips will have picked up by 2016 but may still not have recovered to the level of 2008 104

Market for travel insurance and assistance . 105

In real terms the Czech market for stand-alone travel insurance and assistance will decline 105

5.0 DENMARK 107

Introduction . 107

Underlying foreign travel market . 107

The Danish outbound travel market experienced strong growth between 2008 and 2012 107

The proportion of trips to North American countries decreased between 2008 and 2012 . 109

Market for travel insurance and assistance 110

The Danish market for stand-alone travel cover has increased in nominal terms 110

Annual policies have increased at a fast rate and now make up a majority of all policies 110

Distribution through travel trade, transportation and financial organisations 112

Summary of organisations researched 112

Provision rates 112

All researched travel agents and tour operators have an arrangement in place for selling travel insurance . 112

Operating models . 113

Single, external underwriters are most common among Danish distributors 113

Competitor share of partnerships . 115

In terms of their partnerships, Gouda and ERV dominate the travel trade segment 115

Falck is often used as an assistance provider 115

Only one organisation distributes travel insurance in the transportation segment 116

Seven travel insurance providers have won a distribution mandate in the financial segment 117

Travel insurance and assistance linked to payment cards and bank accounts 118

A very high proportion of premium payment card products carry comprehensive travel cover . 118

Other distribution channels 121

Automotive clubs . 121

Forenede Danske Motorejere has a joint venture for insurance 121

Direct distribution by insurance underwriters 121

Many of the top ten non-life insurance groups sell travel insurance only to household insurance customers 121

Online aggregators and brokers 121

A specialist travel insurance aggregator has appeared, though with a limited number of partners . 121

Other online brands 121

Gouda has a separate online brand for travel insurance . 121

Retailers 122

Other types of distributor 122

Ældre Sagen is a significant distributor of travel cover to the over-50s market . 122

Forecasts 122

Underlying foreign travel market 122

Overseas trips are expected to increase in the years to 2016 . 122

Market for travel insurance and assistance . 124

In a growing market, annual policies will rise as a proportion of the total 124

6.0 FINLAND . 126

Introduction . 126

Underlying foreign travel market . 126

In a market that has increased since 2008, holiday trips expanded faster than business trips 126

The proportion of long-distance journeys to North America has fallen 128

Market for travel insurance and assistance 129

The Finnish market experienced strong growth between 2008 and 2012 129

Distribution through travel trade, transportation and financial organisations 131

Summary of organisations researched 131

Provision rates 131

None of the five ferry operators investigated offers travel insurance . 131

Operating models . 132

Three banking organisations use captive partners to offer travel insurance . 132

Competitor share of partnerships . 134

Pohjola Eurooppalainen predominates by its share of partnerships . 134

Blue1 is the only transportation organisation offering travel insurance . 135

Most of the major banks in Finland offer stand-alone travel insurance . 136

Travel insurance and assistance linked to payment cards and bank accounts 137

Around a half of credit card products carry travel-related cover in one form or another . 137

Other distribution channels 140

Automotive clubs . 140

Fennia is the partner for automotive clubs 140

Direct distribution by insurance underwriters 140

All major non-life insurers sell single-trip and annual policies 140

Online aggregators and brokers 140

A price comparison site features travel insurance, but without the ability to buy through it 140

Other online brands 140

Chartis sells directly to consumers in Finland . 140

Retailers 140

A chain of convenience stores sells single-trip travel insurance 140

Other types of distributor 141

Trade union benefits can include annual travel insurance policies 141

Forecasts 141

Underlying foreign travel market 141

Outbound travel will increase slightly between 2012 and 2016 . 141

Market for travel insurance and assistance . 143

Gross written premiums are forecast to rise only marginally in real terms between 2012 and 2016 . 143

7.0 GERMANY 145

Introduction . 145

Underlying foreign travel market . 145

The foreign travel market is only slightly affected by the ongoing economic uncertainly 145

The proportion of trips to North America has decreased since 2008 147

Market for travel insurance and assistance 148

The total number of stand-alone travel policies has decreased slightly since 2008 . 148

Foreign health insurance plays an important role in the German market 148

Distribution through travel trade, transportation and financial organisations 150

Summary of organisations researched 150

Provision rates 150

Nearly 75% of all organisations researched offer at least one form of travel insurance or assistance 150

Operating models . 151

Several insurance providers use brokers as intermediaries 151

Competitor share of partnerships . 153

Three providers account for almost 75% of all partnerships 153

ERV has a number of important strategic partnerships in place 153

Brokers are often used as intermediaries . 154

Three providers have partnerships in place with transportation organisations . 154

Mutual and state-owned providers dominate in the financial organisations category . 155

Travel insurance and assistance linked to payment cards and bank accounts 156

Around a half of credit card products include travel cover in one form or another 156

Other distribution channels 159

Automotive clubs . 159

The majority of German automotive clubs offers travel insurance. 159

Direct distribution by insurance underwriters 159

Almost all of the leading non-life insurers promote a travel insurance product of one sort or another . 159

Online aggregators and brokers 159

Online aggregators are not an important feature of the German market 159

Other online brands 160

Reiseversicherung-sofort.de acts as a multi-tied online agent 160

Retailers 160

Only one retail chain distributes travel insurance in Germany . 160

Other types of distributor 160

Members of the Boomerand Club frequent flyer program can earn points by purchasing travel insurance 160

Forecasts 160

Underlying foreign travel market 160

The number of foreign trips will increase slightly 160

Market for travel insurance and assistance . 162

Gross written premiums are forecast to rise only in nominal terms between 2012 and 2016 162

8.0 NORWAY 164

Introduction . 164

Underlying foreign travel market . 164

The Norwegian market for outbound trips recovered swiftly after a slump in 2009 164

Trips to non-EU European countries have increased in recent years . 166

Market for travel insurance and assistance 167

Annual policies account for 95% of the total . 167

Distribution through travel trade, transportation and financial organisations 169

Summary of organisations researched 169

Provision rates 169

The availability of travel cover varies significantly by distributor segment . 169

Operating models . 170

Banking organisations are most likely to use captive or joint venture underwriters 170

Competitor share of partnerships . 172

Europeiske Reiseforsikring has the most partnerships in place among travel trade entities 172

None of the transportation organisations researched distributes travel insurance . 173

Frende, a joint venture underwriter of several savings banks, accounts for over 30% of all partnerships. 173

.with a number of captive underwriters active among banks . 174

Travel insurance and assistance linked to payment cards and bank accounts 174

Premium products are far more likely to carry comprehensive travel cover than standard products. 174

Other distribution channels 177

Automotive clubs . 177

The largest automobile club in Norway does not distribute travel insurance, but its smaller rivals do . 177

Direct distribution by insurance underwriters 177

All of Norway's leading non-life insurance underwriters sell travel insurance . 177

Online aggregators and brokers 177

There is an official aggregation site in Norway . 177

Other online brands 177

Retailers 178

Other types of distributor 178

The main benefit program for trade union members includes travel insurance and assistance 178

Forecasts 178

Underlying foreign travel market 178

The total number of trips undertaken by Norwegian residents will rise to 2016 178

Market for travel insurance and assistance . 180

Gross written premiums for travel insurance and assistance will shrink between 2012 and 2016 180

9.0 POLAND 182

Introduction . 182

Underlying foreign travel market . 182

The total number of foreign trips has decreased since 2008 . 182

Non-EU European countries have become more popular destinations in recent years . 184

Market for travel insurance and assistance 185

The total number of stand-alone policies in force decreased slightly between 2008 and 2012 . 185

Distribution through travel trade, transportation and financial organisations 187

Summary of organisations researched 187

Provision rates 187

Almost two thirds of all travel entities researched offer travel insurance . 187

Operating models . 188

Banking organisations display the most diverse set of operating models . 188

Competitor share of partnerships . 190

SIGNAL IDUNA has the most partnerships in place in the travel trade category . 190

The duo of Talanx and Meij Yahuda acquired Europa in 2012 . 190

PZU claims the two key partnerships with LOT and railway operator PKP 191

Brokers play an important role in the distribution of stand-alone travel cover among financial institutions 192

Travel insurance and assistance linked to payment cards and bank accounts 193

Many debit cards carry insurance or assistance cover but this is rarely travel-related . 193

Other distribution channels 196

Automotive clubs . 196

The Polski Zwi?zek Motorowy offers travel policies in association with PZM TU . 196

Direct distribution by insurance underwriters 196

Nine of the top ten non-life insurance underwriters distribute travel cover on a direct or semi-direct basis . 196

Online aggregators and brokers 196

Multi-tied agent Ubezpieczenia online.pl operates a number of online platforms . 196

Other online brands 197

Retailers 197

Other types of distributor 197

Two mobile operators distribute travel cover in Poland 197

Forecasts 197

Underlying foreign travel market 197

Overseas trips are forecast to begin increasing again from 2013 onwards 197

Market for travel insurance and assistance . 199

Poland's stand-alone travel insurance and assistance market will experience sound growth . 199

10.0 ROMANIA . 201

Introduction . 201

Underlying foreign travel market . 201

At 0.04, trips per capita in Romania are extremely low in comparison with most European countries. . 201

. with those few residents who do travel rarely venturing to destinations outside Europe 203

Market for travel insurance and assistance 204

Travel insurance in Romania is heavily oriented to non-comprehensive, single-trip policies . 204

Distribution through travel trade, transportation and financial organisations 206

Summary of organisations researched 206

Provision rates 206

Almost two thirds of all organisations researched are distributors of travel insurance 206

Operating models . 207

Captive underwriters are visible only among banking organisations . 207

Competitor share of partnerships . 209

Ten providers compete for mandates in the travel trade although five of these have just one deal each . 209

Two airlines originating from Romania have distribution agreements for travel cover 210

Groupama holds the highest number of bank distribution partnerships for travel insurance 211

Travel insurance and assistance linked to payment cards and bank accounts 212

Almost two thirds of premium payment cards and bank accounts include comprehensive travel cover . 212

Other distribution channels 215

Automotive clubs . 215

The ACR utilises two underwriters for various forms of insurance including travel cover. 215

Direct distribution by insurance underwriters 215

Six of the top ten non-life insurance underwriters distribute travel cover on a direct or semi-direct basis . 215

Online aggregators and brokers 215

Netrisk Broker's Asigura provides an aggregation service covering a number of underwriters. 215

Other online brands 215

. other focused online intermediaries of travel cover sit between agency and brokerage models . 215

Retailers 216

Carrefour distributes a travel insurance policy sourced from Otto Broker . 216

Other types of distributor 216

Forecasts 216

Underlying foreign travel market 216

The volume of overseas trips is forecast to rise by over 40% between 2012 and 2016 . 216

Market for travel insurance and assistance . 218

Romania's stand-alone travel insurance and assistance market is forecast to experience steady growth . 218

11.0 RUSSIA . 220

Introduction . 220

Underlying foreign travel market . 220

Apart from during 2009, Russia's outbound travel sector has continued to grow well in recent years 220

The types of foreign destination visited by Russian travellers has barely changed since 2008 . 222

Market for travel insurance and assistance 223

High levels of inflation mean that, in real terms, Russia's travel insurance market is fairly stagnant… . 223

…although the importance of annual travel policies continues to grow. 223

Distribution through travel trade, transportation and financial organisations 225

Summary of organisations researched 225

Provision rates 225

The availability of stand-alone cover from Russian banks and airlines is relatively weak 225

Operating models . 226

The vast majority of distributors in Russia choose to partner with a single, external underwriter 226

Competitor share of partnerships . 228

Four Russian insurers account for more than 50% of all schemes operated by the travel trade. 228

…and Ingosstrakh, the leading provider in this field, has a number of significant partnerships . 228

Virtually all of the airlines that offer travel insurance do so in partnership with AlfaStrakhovanie. 229

Two out of three banks make use of captive underwriters for this type of policy 230

Travel insurance and assistance linked to payment cards and bank accounts 231

Comparatively few payment card products incorporate forms of travel insurance . 231

Other distribution channels 233

Automotive clubs . 233

Direct distribution by insurance underwriters 234

Direct selling exists, although sophisticated online purchasing systems are largely absent 234

Online aggregators and brokers 234

Other online brands 234

Retailers 234

Other types of distributor 234

Forecasts 235

Underlying foreign travel market 235

The number of foreign holiday trips is expected to grow at more than 7% per annum. 235

Market for travel insurance and assistance . 236

In nominal terms, premiums are likely to exhibit double-digit annual growth in the coming years . 236

12.0 SWEDEN . 238

Introduction . 238

Underlying foreign travel market . 238

The total number of foreign trips rose between 2008 and 2012 238

The number of trips to North America has contracted in recent years 240

Market for travel insurance and assistance 241

Sweden's travel insurance market value has risen only in nominal terms 241

Distribution through travel trade, transportation and financial organisations 243

Summary of organisations researched 243

Provision rates 243

The provision rates for travel insurance vary greatly between the categories 243

Operating models . 244

The single, external underwriter model is by far the most common approach 244

Competitor share of partnerships . 246

By share of travel trade partnerships, ERV dominates the market 246

Only a minority of transportation organisations offer travel insurance cover . 247

The supply structure is very limited among financial institutions 248

Travel insurance and assistance linked to payment cards and bank accounts 249

Many debit card products carry both travel accident and travel inconvenience insurance . 249

Other distribution channels 252

Automotive clubs . 252

No automotive club in Sweden has an arrangement for travel insurance . 252

Direct distribution by insurance underwriters 252

The four largest non-life companies sell travel insurance packaged with household policies 252

Online aggregators and brokers 252

While comparison sites exist, they lack the ability to transact online . 252

Other online brands 252

Niche policies for students are available . 252

Retailers 253

Other types of distributor 253

Forecasts 253

Underlying foreign travel market 253

Foreign business trips will decrease in the years to 2016 253

Market for travel insurance and assistance . 255

In real terms, the value of Sweden's travel insurance market may decline up to 2016 255

13.0 SWITZERLAND 257

Introduction . 257

Underlying foreign travel market . 257

Foreign business trips dropped sharply in the wake of the economic slowdown . 257

Trips to non-EU European countries have increased as a proportion of total trips . 259

Market for travel insurance and assistance 260

The Swiss market increased marginally in real terms between 2008 and 2012 . 260

Annual policies account for the majority of all policies . 260

Distribution through travel trade, transportation and financial organisations 262

Summary of organisations researched 262

Provision rates 262

Over 90% of travel trade entities researched are distributors of travel insurance . 262

Operating models . 263

The use of single external underwriters is most common in Switzerland 263

Competitor share of partnerships . 265

Two providers dominate the market among the travel trade entities. 265

.led by ELVIA, which rebranded to Allianz Global Assistance in 2011 265

EUROPÄISCHE Reiseversicherung claims the key airline relationship . 266

Only one financial institution was found to sell stand-alone travel insurance 267

Travel insurance and assistance linked to payment cards and bank accounts 268

Most credit cards carry travel-related cover but this is not normally comprehensive 268

Other distribution channels 271

Automotive clubs . 271

The two main automotive clubs offer travel insurance . 271

Direct distribution by insurance underwriters 271

All top non-life insurance underwriting groups distribute on a direct or semi-direct basis . 271

Online aggregators and brokers 271

Only a few comparison websites include travel policies 271

Other online brands 272

The German broker Sekur Assekuranz has set up an online portal 272

Retailers 272

Other types of distributor 272

Swiss post office outlets sell travel insurance . 272

Forecasts 272

Underlying foreign travel market 272

Switzerland's mature travel market will experience only a slight increase in foreign trips 272

Market for travel insurance and assistance . 274

Annual policies will remain more important than single-trip policies 274

14.0 TURKEY 276

Introduction . 276

Underlying foreign travel market . 276

Overseas trips made by Turkish residents experienced quite substantial growth between 2008 and 2012 . 276

Destinations outside of Europe and North America make up a comparatively high proportion of the total. 278

. albeit turmoil in neighbouring Iraq and Syria has an effect on the share of 'rest of the world' countries 278

Market for travel insurance and assistance 279

Travel health insurance accounts for a significant chunk of Turkey's overall travel insurance market. . 279

. partly as a consequence of the fact that many policies sold cover travel-related medical costs only 279

Distribution through travel trade, transportation and financial organisations 281

Summary of organisations researched 281

Provision rates 282

The availability of travel cover varies significantly by distributor segment . 282

Operating models . 283

Divergence from the usual operating model is most apparent among banking organisations . 283

Competitor share of partnerships . 285

Over three quarters of travel trade partnerships are held by four main providers. 285

. the most prominent of which is actually the trade association for Turkish travel agents . 285

Just five partnerships exist among distributors in the transportation category 286

In the bank distribution channel, four captive underwriters and one joint venture are apparent. 287

Travel insurance and assistance linked to payment cards and bank accounts 288

Even in the case of premium credit cards, travel cover is not normally bundled on an automatic basis . 288

Other distribution channels 291

Automotive clubs . 291

The T?OF's relationship with Anadolu Sigorta does not extend to travel insurance 291

Direct distribution by insurance underwriters 291

All of Turkey's leading non-life insurance underwriters sell travel health insurance 291

Online aggregators and brokers 291

A variety of online aggregators, brokers and multi-tied agents are active in this field . 291

Other online brands 291

Online brands specifically or mainly dedicated to travel insurance are not obviously visible . 291

Retailers 291

Other types of distributor 292

Forecasts 292

Underlying foreign travel market 292

By 2016, international business trips will remain comparatively important within the total . 292

Market for travel insurance and assistance . 293

Robust growth is forecast for Turkey's stand-alone travel insurance sector. 293

. with regulatory changes expected to facilitate the sale of individual policies by the travel trade 293

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY . 1

1.0 INTRODUCTION 9

Number of travel trade, transportation and financial organisations covered by the research, segmented by country and by type of organisation, 2012 11

Travel insurance and assistance: how it all fits together 13

2.0 REGIONAL OVERVIEW 18

Number of foreign trips undertaken by residents of Northern, Central and Eastern Europe, segmented by country, 2008 to 2012 19

Number of foreign trips undertaken

To order this report:

Travel_Services Industry: Travel Insurance and Assistance in Northern, Central and Eastern Europe

Nicolas Bombourg
Reportlinker
Email: [email protected]
US: (805)652-2626
Intl: +1 805-652-2626

SOURCE Reportlinker