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Travel Insurance and Assistance in Argentina Product Image

Travel Insurance and Assistance in Argentina

  • ID: 2817559
  • February 2014
  • Region: Argentina
  • 33 Pages
  • Finaccord

Travel Insurance and Assistance in Argentina is about the current status and likely future development of the market for stand-alone travel insurance policies in Argentina. 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 Argentina 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 122 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Argentina, 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 more than 120 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

Argentina's outbound travel market has continued to experience double-digit growth in recent years...

...thanks largely to the strength of its holiday and VFR segments...

...although many of these trips are undertaken by road rather than by air (or sea)

Around three quarters of outbound travellers head to other countries in Latin America

Market for travel insurance and assistance

Insurance uptake is still relatively low amongst intra-regional travellers...

...although gross written premiums are growing quickly, in both nominal and real terms...

...notwithstanding Argentina's very high levels of consumer price inflation

Annual policies remain largely the preserve of frequent business travellers

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Insurance availability is seemingly ubiquitous among travel agents, but fairly weak among airlines...

...and relatively few banks or similar organisations sell travel policies on a stand-alone basis

Operating models

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

Competitor share of partnerships

Assist-Card and two brands belonging to Grupo IMAS have a very large number of travel trade distributors...

…and many providers benefit from national agreements with large travel agency networks

Other highly visible competitors in this area include APRIL and Assist-Med

Allianz Global Assistance distributes travel policies through a number of airlines

Only four providers sell stand-alone cover through banks or credit card companies

Travel insurance and assistance linked to payment cards and bank accounts

More than three quarters of credit card products feature one or more types of travel cover…

…but provision of the different types of policy varies between standard and premium products

Other distribution channels

Automotive clubs

Direct distribution by insurance underwriters

Many providers sell cover directly to consumers, although some notable underwriters do not

Online aggregators and brokers

There are a number of generic and travel-specific insurance aggregators in this market

Other online brands

AXA and Grupo IMAS each distribute travel cover through various online agents

Retailers

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

Other types of distributor

Forecasts

Underlying foreign travel market

The number of foreign holiday trips is expected to grow at more than 10% per annum up to 2017

Market for travel insurance and assistance

In real terms, premiums are likely to exhibit annual growth of around 12% in the coming years...

... although the projected US dollar market value is vulnerable to further local currency devaluation

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

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

Destinations of foreign trips undertaken by residents of Argentina, 2012

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note: Product cover images may vary from those shown

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