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Travel Insurance and Assistance in Chile Product Image

Travel Insurance and Assistance in Chile

  • ID: 2817560
  • February 2014
  • Region: Chile
  • 33 Pages
  • Finaccord

Travel Insurance and Assistance in Chile is about the current status and likely future development of the market for stand-alone travel insurance policies in Chile. 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 Chile 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 102 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Chile, 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.

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

Chileans make around 3.5 million overnight trips each year, and that number is growing steadily...

...although road travel to immediately neighbouring countries remains significant

Argentina and Peru jointly account for more than two thirds of all foreign trips

Market for travel insurance and assistance

Travel insurance generally takes the form of 'assistance card' products

In real terms, Chile's travel insurance market is growing at more than 12% per year...

...and annual policies remain an expensive option largely reserved for business travellers

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Virtually all travel trade entities offer insurance, whereas only a quarter of airlines do so...

...and the availability of stand-alone cover from banks is also relatively weak

Operating models

Almost 30% of distributors offer their customers a choice of two or more insurance providers...

Competitor share of partnerships

Travel Ace Assistance and Assist-Card are the two providers most used by the travel trade...

...although exclusive distribution agreements are fairly rare in this market

Other fairly visible providers in this area include APRIL, MOK Travel Assist and Universal Assistance

In the field of distribution via airlines, Travel Assist benefits from its relationship with the LATAM group

MAPFRE SegurViaje's stand-alone policies are available from three retail banks …

...and Banco Santander underwrites its travel policies via a joint venture with Zurich

Travel insurance and assistance linked to payment cards and bank accounts

More than 60% of credit card products feature one or more types of travel cover…

…and around a fifth of premium products feature comprehensive travel policies

Other distribution channels

Automotive clubs

Direct distribution by insurance underwriters

Most of Chile's best-known travel assistance brands also sell direct to the consumer…

... as do most major non-life insurance underwriters

Online aggregators and brokers

Both home-grown and multinational aggregators are present in this market

Other online brands

Go! Travel Assistance and Pervolare operate a number of websites in Chile

Retailers

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

Other types of distributor

Forecasts

Underlying foreign travel market

Up to 2017, the number of foreign holiday trips is expected to grow at around 6.5% per annum

Market for travel insurance and assistance

In real terms, gross written premiums are expected to increase by more than 8% annually

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Chile, 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 Chile, segmented by purpose of trip, 2009 to 2013

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

Destinations of foreign trips undertaken by residents of Chile, 2012

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note: Product cover images may vary from those shown

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