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Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in Europe
Finaccord, June 2011, Pages: 219
The report titled Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in Europe offers detailed and unique insights into the behaviour of consumers in six major European countries in the context of travel insurance and assistance. This publication follows on from the ground-breaking study in 2006, and is based on a survey of 6,000 consumers in France, Germany, Italy, the Netherlands, Spain and the UK carried out at the end of 2010.
The research quantifies the proportion of consumers in each country who travel and the proportion that buy travel insurance, segmented by age and income. It also investigates the types of policy that they buy (annual policies, single trip policies or packaged policies, e.g. with a travel ticket or a payment card), the risks covered and assistance services provided by their policy, the distribution channels and interfaces that they use to take out travel insurance, and whether they bought a policy before booking their travel, at the same time, or afterwards. It also reports on the reasons why uninsured travellers did not buy travel insurance.
Finally, the report analyses claims frequency for travel insurance, including data for the types of claim and for acceptance rates, and ranks major providers of insurance and assistance by the frequency with which they are identified by consumers as the provider of their policy. For all countries apart from the Netherlands (which was not covered by the original survey) the majority of results from the latest research are compared with those of the 2006 study.
You may be able to use this report in one or more of the following ways:
- to benchmark your organisation's performance in travel insurance: how do your policy features and your mix of single, annual or packaged policies compare against the average?
- to identify the most important demographic segments for travel insurance: can you improve product design to appeal to them?
- to evaluate the opportunities for distributing travel insurance through channels other than the travel trade: to what extent will consumers buy through these other means?
- to assess the apparent consumer awareness and utilisation of major underwriters of travel insurance, including ACE European Group, AXA, Chartis, Columbus Direct, Europ Assistance, Mondial Assistance, and firms belonging to the European Travel Insurance Group;
- to understand claims experience for travel insurance, how this varies by type of customer and what this might mean for the profitability of your activities in this sector.
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Also available
Travel Metrics: Consumer Approaches to Travel Insurance in France
Travel Metrics: Consumer Approaches to Travel Insurance in Italy
Travel Metrics: Consumer Approaches to Travel Insurance in the UK
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