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Travel Insurance and Assistance in China Product Image

Travel Insurance and Assistance in China

  • ID: 2733124
  • October 2013
  • Region: China
  • 32 Pages
  • Finaccord

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

- data spanning 2008 to 2012 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 China between 2008 and 2012 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 over 200 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in China, 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 2016 for both the underlying travel market and READ MORE >

Note: Product cover images may vary from those shown

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

This report updates and expands upon Finaccord's previous ground-breaking research

Methodology

Primary research

The survey includes more than 200 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

The number of foreign trips undertaken for leisure purposes grew at 17.5% per annum up to 2012

Three destinations account for over a half of China's outbound traffic

Market for travel insurance and assistance

In real terms, China's travel insurance market is growing at more than 20% per year…

…although it remains dominated by single-trip policies

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

More than 90% of travel agents and tour operators sell travel insurance...

...whereas availability from airlines and banks is significantly lower

Operating models

The vast majority of distributors choose to partner with a single, external underwriter...

...although captive and joint venture underwriters, plus one broker, are also active here

Competitor share of partnerships

Leading providers in the travel trade distribution channel include CPIC, PICC and Ping An...

...albeit Finaccord's research identifies a total of 18 providers as being active in this area...

...including joint venture CITIC-Prudential Life Insurance and one broker

AIG and Ping An each hold significant travel insurance partnerships with airlines...

... with the latter also a key provider to financial organisations...

... as are CIGNA & CMC Life and Taiping General

Travel insurance and assistance linked to payment cards and bank accounts

Around half of China's credit card products feature one or more forms of travel cover...

…with penetration generally stronger among premium cards

Other distribution channels

Automotive clubs

Automotive Alliance China collaborates with a number of travel insurance underwriters

Direct distribution by insurance underwriters

Most of the leading insurers sell travel policies directly to consumers

Online aggregators and brokers

Several well-known insurance aggregators compare travel policies

Other online brands

Retailers

Just one retail brand has begun selling travel cover to its customers

Other types of distributor

Forecasts

Underlying foreign travel market

The number of foreign holiday trips is expected to exceed 135 million by 2016...

Market for travel insurance and assistance

...causing the volume of stand-alone travel policies sold to continue climbing rapidly

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in China, 2008, 2012 and 2016

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS

Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2008 to 2012

Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2008 to 2012 (table)

Destinations of foreign trips undertaken by residents of China, 2011

Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2008 to 2012

Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2008 to 2012 (table)

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

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

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

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

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

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

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

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

Forecast number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2016

Forecast number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2016 (table)

Forecast gross written premiums and policy numbers for travel insurance and assistance in China, 2016

Forecast gross written premiums and policy numbers for travel insurance and assistance in China, 2016 (table)

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

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