Naperville, IL -- (SBWIRE) -- 08/11/2011 -- Reportstack, provider of premium market research reports announces the addition of Travel Insurance and Assistance in Major Global Markets to their offering - http://www.reportstack.com/product/24380/travel-insurance-and-assistance-in-major-global-markets-.html.
It is the first comprehensive study about the travel insurance market and assistance in ten diverse countries - namely Australia, Brazil, Canada, China, India, Japan, Russia, South Africa, South Korea and the US - which between them account for just over 50% of both the world's population and its GDP.
Collectively, stand-alone international travel insurance and assistance across these ten markets is estimated to have been worth USD 5.79 billion in gross written premiums in 2010. In all but one of these countries, this sector is growing, and in some cases this expansion is rapid. These markets are also evolving quickly in terms of product design and distribution trends, with new channels emerging and partnerships changing on a regular basis.
For this Travel Insurance Research study, nearly 1,200 travel trade companies and 400 banks were covered across the ten countries, combining the results of this detailed investigation with other market data and interviews with travel insurance providers to produce the most comprehensive report ever published on the topic.
Key features of this report include:
Quantification of the market size and segmentation for stand-alone international travel insurance and assistance across ten major global markets: how much is each market worth, and where is the fastest growth occurring?
Segmentation of stand-alone international travel insurance policies between single trip and annual policies: how are annual policies developing in each country, and what are the obstacles to their growth?
Analysis of competitor share of partnerships: which providers of travel insurance have the most relationships with travel trade companies, which providers have been most successful with banks, how does this vary by country, and which local relationships are the most significant?
Consideration of other distribution channels in each country: are banks active in selling stand-alone travel policies, or do they prefer to package travel cover with payment cards or bank accounts, and what role is played by direct distributors, brokers and other distribution partners?
How can the research be used?
You may be able to use this report in one or more of the following ways:
To compare the size, growth rates and future prospects of travel insurance and assistance markets across ten diverse geographies;
To understand the supply structure for travel insurance and assistance, including the operating models being used, the level of market concentration and the relative importance of national versus international providers;
To identify distribution opportunities, whether by channel or by specific partner;
To appreciate which markets offer the best long-term potential, which are already saturated with competitors, and what product or distribution innovations are occurring;
To gain access to a single comprehensive source of information outlining the distribution arrangements for nearly 1,200 travel trade companies and 400 banks, which also identifies around 140 insurance and assistance partners and 95 ultimate underwriters.
All markets are dominated by single trip policies, rather than annual policies, especially China and India.
At a forecast average growth rate per annum of 9.7% up to 2014, the number of holiday trips made by Brazilians will outgrow the number of business trips.
In most countries, the leading three providers account for over a half of travel trade distribution relationships with concentration at its highest in South Africa.
Key findings from the executive summary include:
the combined value of the stand-alone, international travel insurance and assistance markets in the ten countries researched was an estimated USD 5.79 billion in gross written premiums in 2010, having grown from an estimated USD 4.25 million in 2006;
in terms of its outright value, the US is the largest of the ten markets analysed, followed in descending order by Canada, Japan, Australia and South Korea;
however, when measured in terms of real (deflated) growth between 2006 and 2010, the US is ranked only fifth, behind China, India, Brazil and Russia;
in fact, the number of foreign holiday and leisure trips undertaken by Chinese citizens increased by an average of 18.3% per year between 2003 and 2010, thanks partly to the expansion of the list of state-approved destination countries to which Chinese tourists are permitted to travel;
in spite of the fact that Indian consumers undertake more than 650 million domestic trips every year; domestic travel insurance and assistance policies are not widely available from India's travel trade.
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