© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com
Travel Insurance in the Asia-Pacific Region and ...
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A. Leach - Itic presentation, 18-06-14

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Alan Leach, director at Finaccord, presents at the Itic conference, 18 June 2014

Published in: Economy & Finance, Business
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A. Leach - Itic presentation, 18-06-14

  1. 1. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 1 Travel Insurance in the Asia- Pacific Region and Global Trends in Consumer Behaviour ITIC Asia-Pacific International Travel and Health Insurance Conference 18th June 2014
  2. 2. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 2 Travel Insurance in the Asia-Pacific Region - Analysis mainly from Travel Insurance and Assistance in the Asia-Pacific Region market research report released in November 2013; - coverage of Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, South Korea and Taiwan.
  3. 3. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 3 Travel insurance and assistance GWP in the Asia-Pacific Region in a global context, 2013 Americas, 34.5% Europe, 33.4% Asia-Pacific, 29.2% Africa and the Middle East, 2.8% Source: Finaccord Travel Insurance and Assistance reports Global market value = USD 13.8 billion
  4. 4. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 4 Number of overseas trips from China and other countries in the Asia-Pacific Region, 2008 to 2012 0 50 100 150 200 250 Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report million 2008 2009 2010 2011 2012 Other countries: CAGR = 3.9% China: CAGR = 16.1% 162.1 161.4 182.7 199.4 218.8 Total: CAGR = 7.8%
  5. 5. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 5 Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report Market for travel insurance and assistance in the Asia-Pacific region, 2008 to 2012 0 1 2 3 4 5 0 20 40 60 80 100 2008 2009 2010 2011 2012 Single-trip policies Annual policies GWP Policies (million) GWP (USD billion) GWP, 2012 = USD 3.63 billion No. single-trip policies, 2012 = 77.75 million No. annual policies = 12.13 million
  6. 6. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 6 Market for travel insurance and assistance in China and other countries in the Asia-Pacific region, 2008 to 2012 : number of policies Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report million 2008 2009 2010 2011 2012 Other countries: CAGR = 5.5% China: CAGR = 22.4% 64.7 65.8 74.1 81.6 89.9 Total: CAGR = 8.6% 0 20 40 60 80 100
  7. 7. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 7 Market for travel insurance and assistance in China and other countries in the Asia-Pacific region, 2008 to 2012 : gross written premiums Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report USD billion 2008 2009 2010 2011 2012 Other countries: CAGR = 6.9% China: CAGR = 25.7% 2.60 2.65 2.87 3.28 3.63 Total: CAGR = 8.7% 0 1 2 3 4
  8. 8. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 8 Key providers in travel insurance and assistance in the Asia-Pacific region: share of partnerships of travel trade, transportation and financial organisations Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report AIG, 16.3% Allianz, 8.2% ACE, 6.3% Munich Re, 4.8% Tokio Marine Holdings, 3.6% Government of India, 3.5% China Pacific Insurance Company, 3.0% Bajaj Finserv, 2.9% Ping An Insurance Company of China, 2.9% Dongbu Group, 2.8% other, 45.5%
  9. 9. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 9 Number of overseas trips from China and other countries in the Asia-Pacific Region, 2012 and 2016 Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report Other countries: CAGR = 4.2% China: CAGR = 14.9% Total: CAGR = 8.7% 0 100 200 300 400 2016 million 2012 218.8 304.9
  10. 10. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 10 Market for travel insurance and assistance in China and other countries in the Asia-Pacific region, 2012 and 2016: number of policies Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report million Other countries: CAGR = 5.4% China: CAGR = 17.1% Total: CAGR = 8.6% 20162012 89.9 124.9 0 50 100 150
  11. 11. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 11 Market for travel insurance and assistance in China and other countries in the Asia-Pacific region, 2012 and 2016: gross written premiums Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report USD billion Other countries: CAGR = 7.6% China: CAGR = 20.7% Total: CAGR = 9.6% 0 1 2 3 4 5 6 20162012 3.63 5.24
  12. 12. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 12 - Analysis from Travel Metrics consumer research reports to be released in July 2014; - coverage of Australia, Canada, France, Germany, Italy, Spain, UK and US; - 1,000 consumers surveyed in first seven countries, 2,000 in the US; - results show unweighted averages across all eight countries plus maximum values recorded in any single country. Global Trends in Consumer Behaviour
  13. 13. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 13 Consumer propensity to travel abroad or within own country for a week or more, 2014 Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA Abroad only (for any period) – 14.2% (maximum value: Canada – 31.6%) Own country only (for a week or more) – 22.3% (maximum value: Australia – 30.1%) Both abroad (for any period) and in own country (for a week or more) – 35.0% (maximum value: Germany – 53.2%) No – 28.5% (maximum value: US – 54.7%)
  14. 14. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 14 Propensity of consumers travelling abroad to acquire travel insurance, 2014 Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA Yes – 69.2% (maximum value: UK – 89.7%) No – 30.8% (maximum value: US – 56.7%)
  15. 15. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 15 Types of travel insurance acquired by all travelling consumers, 2014 (1) Note - analysis includes some travellers with more than one kind of policy Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA Single-trip policy – 46.6% (maximum value: Australia – 68.1%) Annual policy – 20.5% (maximum value: Germany – 43.9%) Automatic policy in price of holiday or travel ticket – 14.1% (maximum value: Italy – 27.9%) Automatic policy with credit card or bank account – 18.8% (maximum value: France – 47.2%)
  16. 16. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 16 Types of travel insurance acquired by all travelling consumers, 2014 (2) Note – non-standard consumer policies include specialist backpacker, domestic-only, expatriate, gap-year or student, older traveller, pre-existing medical condition and winter sports policies Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA Standard consumer policy – 79.5% (maximum value: Germany – 88.1%) Business policy – 4.0% (maximum value: Spain – 5.9%) Non-standard consumer policy – 16.6% (maximum value: UK – 28.5%)
  17. 17. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 17 Distribution channels used to acquire stand-alone travel insurance, 2014 Direct from insurer – 38.7% (maximum value: Australia – 51.8%) Airline – 14.0% (maximum value: US – 28.7%) Bank – 7.4% (maximum value: Canada – 14.1%) other – 20.2% (maximum value: Canada – 35.5%) Travel agent or tour operator – 19.7% (maximum value: Italy – 27.3%) Note – other distribution channels include automotive associations, cashback websites, employers, insurance aggregators, insurance brokers, the Post Office, and supermarkets or other retailers Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
  18. 18. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 18 Distribution interfaces used to acquire stand-alone travel insurance, 2014 Face-to-face – 36.3% (maximum value: Spain – 60.5%) Online – 52.5% (maximum value: US – 67.8%) Phone or post – 11.2% (maximum value: Canada – 28.5%) Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
  19. 19. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 19 Devices used to acquire stand-alone travel insurance online, 2014 Laptop / desktop – 88.7% (maximum value: Canada – 92.5%) Tablet – 8.2% (maximum value: Spain – 11.5%) Mobile phone – 3.0% (maximum value: Spain – 5.2%) Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
  20. 20. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 20 Cover penetration rates for travel insurance acquired by all travelling consumers, 2014 Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA % of insured travellers with cover for risk 46.7% (maximum value: Australia – 63.7%) 33.8% (maximum value: UK – 52.6%) 57.6% (maximum value: Australia – 75.1%) 56.4% (maximum value: Australia – 80.0%) 41.1% (maximum value: UK – 57.7%) 16.9% (maximum value: UK – 34.4%) 28.1% (maximum value: UK – 36.7%) 69.2% (maximum value: Canada – 75.9%) 75.9% (maximum value: Australia – 85.9%) 0% 20% 40% 60% 80% 100% Accidents incurred while travelling Assistance in the event of personal or medical emergencies experienced by you and / or other travelling family members Assistance in the event of personal or medical emergencies experienced by family members remaining at home Bankruptcy of a scheduled airline Flight or trip delay Loss, stolen or damaged baggage or belongings Medical expenses incurred while travelling Personal liability Trip cancellation, postponement or interruption
  21. 21. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour 21 Any questions?
  22. 22. © Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: info@finaccord.com Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour Finaccord is a leading market research, publishing and consulting company specialising in financial services. We provide our clients with insight with a particular focus on marketing and distribution strategies, including affinity and partnership marketing. Our areas of expertise include: affinity and partnership marketing; automotive financial services; bancassurance; commercial non-life insurance brokers; consumer intelligence; extended warranties and insurance for white, brown and grey goods; home emergency insurance and assistance; insurance and assistance linked to payment cards and bank accounts; mobile gadget and phone insurance; professional indemnity insurance; retailer payments, banking, insurance and assistance; road assistance; small business insurance; trade credit insurance; and travel insurance and assistance. Our international network of consultants is able to deliver information quickly and accurately across a range of countries worldwide, basing research projects on robust data and knowledge. Contact us The Office Farringdon 24 Greville Street London, EC1N 8SS Phone: +44 20 3178 2556 Fax: +44 20 7198 7902 Email: info@finaccord.com www.finaccord.com 22
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