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ravel 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.
For further information about this research, please access the table of contents and report prospectus by clicking on the links at the top of this page, or e-mail email@example.com.
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