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Travel Insurance and Assistance in Mexico Product Image

Travel Insurance and Assistance in Mexico

  • ID: 2817561
  • February 2014
  • Region: Mexico
  • 33 Pages
  • Finaccord

Travel Insurance and Assistance in Mexico is about the current status and likely future development of the market for stand-alone travel insurance policies in Mexico. It includes the following unique features:

- data spanning 2009 to 2013 for the underlying travel market with segmentations by type of journey (between holiday and business trips) and by destination country;

- data for the size of the market for stand-alone travel insurance and assistance in Mexico between 2009 and 2013 in terms of premiums and policies, with a segmentation between single-trip and annual cover;

- analyses of the share of distribution relationships of travel insurance providers split between travel trade, transportation and financial organisations, based on a primary survey of 97 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Mexico, including cover packaged with payment cards and bank accounts as well as automotive clubs, direct sales, online aggregators and brokers, other online brands and retailers;

- forecasts to 2017 for both the underlying travel market and for the size of the market for stand-alone travel insurance and assistance in terms of premiums and policies, with the same segmentations as those specified above for the period from 2009 to 2013.

Note: Product cover images may vary from those shown

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

This report expands Finaccord's previous ground-breaking studies of this topic

Methodology

Primary research

The survey includes around 100 travel trade, transportation and financial organisations…

…and draws on a separate analysis of travel benefits linked to banking products

Market data

External sources

Travel insurance and assistance: how it all fits together

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

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

Definitions

Terms and abbreviations

Types of packaged travel insurance and assistance

Operating models

Currencies, exchange rates and inflation

PartnerBASE and market data annexe

Finaccord

2.0 MARKET ANALYSIS

Introduction

Underlying foreign travel market

Mexicans undertake around 16 million overnight trips each year, and that number is growing consistently...

...albeit road transport remains the primary means of travelling to the US

Trips to the US dominate Mexico's outbound sector, leaving little room for long-haul travel

Market for travel insurance and assistance

Uptake of travel insurance is relatively low amongst Mexicans heading to the US

In real terms, Mexico's stand-alone market is growing at around 6% per year...

...and the vast majority of these policies take the form of single-trip cover

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Cover is seemingly available from all travel agents, plus a number of significant airlines...

...although very few banks or credit card companies promote stand-alone travel policies

Operating models

The vast majority of distributors in Mexico choose to partner with a single, external provider

Competitor share of partnerships

Four competitors account for more than three quarters of the schemes operated by the travel trade

Assist-Card and MAPFRE each have a number of significant group-level distribution contracts

AIG and Allianz Global Assistance each claim partnerships with online travel specialists...

... with the latter company also strong as a provider of travel insurance to airlines

Two banking networks controlled by Banorte make use of the group's joint venture with Generali

Travel insurance and assistance linked to payment cards and bank accounts

Around three quarters of credit card products feature one or more forms of travel cover…

…and the provision of each type of travel benefit is higher among premium cards

Other distribution channels

Automotive clubs

Direct distribution by insurance underwriters

All of Mexico's leading travel assistance brands can sell directly to consumers...

...as do a handful of other underwriters

Online aggregators and brokers

Mexico hosts numerous aggregators dedicated to comparing travel insurance quotes...

Other online brands

...and other notable websites are operated by Go! Travel Assistance, Pervolare and Proventum

Retailers

Several major retail brands are active indirectly via travel agency or financial subsidiaries

Other types of distributor

Several mobile operators act as intermediaries of travel insurance or assistance policies

Forecasts

Underlying foreign travel market

The relatively strong growth in Mexico's business travel sector is expected to continue

Market for travel insurance and assistance

In nominal terms, premiums are expected to exhibit nominal annual growth of more than 9%

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Mexico, 2009, 2013 and 2017

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS

Number of foreign trips undertaken by residents of Mexico, segmented by purpose of trip, 2009 to 2013

Number of foreign trips undertaken by residents of Mexico, segmented by purpose of trip, 2009 to 2013 (table)

Destinations of foreign trips undertaken by residents of Mexico, 2012

Estimated gross written premiums and policy numbers for travel insurance and assistance in Mexico, 2009 to 2013

Estimated gross written premiums and policy numbers for travel insurance and assistance in Mexico, 2009 to 2013 (table)

Summary of travel trade, transportation and financial organisations researched in Mexico, segmented by type, 2013

Provision rates for stand-alone travel insurance and assistance in Mexico, segmented by type of travel trade, transportation and financial organisation, 2013

Operating models used for stand-alone travel insurance and assistance in Mexico, segmented by type of travel trade, transportation and financial organisation, 2013

Operating models used for stand-alone travel insurance and assistance in Mexico, segmented by type of travel trade, transportation and financial organisation, 2013 (table)

Competitor share of partnerships for stand-alone travel insurance and assistance in Mexico, 2013: travel trade organisations

Competitor share of partnerships for stand-alone travel insurance and assistance in Mexico, 2013: transportation organisations

Competitor share of partnerships for stand-alone travel insurance and assistance in Mexico, 2013: financial organisations

Provision rates for travel insurance and assistance linked to payment cards and bank accounts in Mexico, segmented by product function and level, and by type of cover, 2013

Forecast number of foreign trips undertaken by residents of Mexico, segmented by purpose of trip, 2017

Forecast number of foreign trips undertaken by residents of Mexico, segmented by purpose of trip, 2017 (table)

Forecast gross written premiums and policy numbers for travel insurance and assistance in Mexico, 2017

Forecast gross written premiums and policy numbers for travel insurance and assistance in Mexico, 2017 (table)

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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