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Travel Insurance and Assistance in Brazil Product Image

Travel Insurance and Assistance in Brazil

  • Published: October 2013
  • Region: Brazil
  • 32 Pages
  • Finaccord

The report titled Travel Insurance and Assistance in Brazil is about the current status and likely future development of the market for stand-alone travel insurance policies in Brazil. 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 Brazil 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 over 130 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Brazil, 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 READ MORE >

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 around 140 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

Brazil's outbound travel sector grew at around 7% per year between 2009 and 2013

Two destination countries jointly account for almost 40% of foreign trips undertaken by Brazilians

Market for travel insurance and assistance

Most travel insurance comes in the form of 'assistance cards'

In real terms, Brazil's travel insurance market is outpacing growth in the number of overseas trips...

…and an increasing proportion of travel policies take the form of annual or multi-trip cover

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Seemingly all traditional and online travel agents can offer insurance to their customers...

...whereas availability of stand-alone cover from banks is still relatively low

Operating models

A significant proportion of travel agents offer cover on behalf of two or more providers...

...whereas Banco do Brasil makes use of its joint venture underwriter in this context

Competitor share of partnerships

Leading assistance card providers include Assist-Card, GTA and MIC Coris International...

...and Travel Ace Assistance benefits from a number of group-level travel trade partnerships

There are a large number of providers and underwriters working with Brazil's travel trade

Allianz Global Assistance claims the most partnerships with major airlines serving Brazil

More than half of banking organisations underwrite travel cover on a captive or joint venture basis...

...although there are also several external partners working with financial organisations

Travel insurance and assistance linked to payment cards and bank accounts

More than half of credit cards feature one or more elements of travel insurance cover…

…but provision of the individual types of policy varies greatly between standard and premium cards

Other distribution channels

Automotive clubs

Direct distribution by insurance underwriters

Numerous providers sell travel cover directly to consumers, whereas some large underwriters do not

Online aggregators and brokers

Both generic and travel-specific aggregators play an active role in Brazil

Other online brands

Among others, AXA and SulAmérica distribute travel cover through separate online brands

Retailers

A number of retailers incorporate travel agencies, and therefore sell travel insurance

Other types of distributor

Forecasts

Underlying foreign travel market

Robust growth in the number of foreign holiday trips is expected to persist

Market for travel insurance and assistance

In nominal terms, premiums are likely to exhibit annual growth of more than 15%

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

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

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

Destinations of foreign trips undertaken by residents of Brazil, 2012

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note: Product cover images may vary from those shown

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