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Travel Insurance and Assistance in India Product Image

Travel Insurance and Assistance in India

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

The report titled Travel Insurance and Assistance in India is about the current status and likely future development of the market for stand-alone travel insurance policies in India. 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 India 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 close to 140 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in India, 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 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 close to 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

Foreign trips per capita remain low although they have increased rapidly in recent years

Migrant worker flows, especially to parts of the Middle East, play a key role in India

Market for travel insurance and assistance

In real terms, India's travel insurance market is growing at a healthy rate…

…albeit the market remains heavily dominated by single-trip cover

Distribution through travel trade, transportation and financial organisations

Summary of organisations researched

Provision rates

Availability of travel policies is highest among travel agents and online travel specialists

...and more than half of India's banks also offer stand-alone cover

Operating models

The vast majority of distributors partner with one or more external underwriters

Competitor share of partnerships

Leading providers of insurance via the travel trade include Bajaj Allianz and Tata AIG...

...and many of National Insurance Company's activities in this area are due to TrawellTag

Seven other travel insurance underwriters lay claim to at least one significant travel trade partnership

Airline involvement in the distribution of travel insurance remains apparently limited

The leading provider of travel insurance to the travel sector works with nine banks...

...placing it comfortably ahead of its nearest rival which claims four bank relationships

Travel insurance and assistance linked to payment cards and bank accounts

Around a third of credit card products include one or more types of travel cover…

...whereas travel policies are not a feature of packaged bank accounts in India

Other distribution channels

Automotive clubs

Direct distribution by insurance underwriters

Many of the country's leading underwriters sell travel policies directly…

...although the state-owned insurers generally lack online sales capability

Online aggregators and brokers

Several online insurance aggregators are also active in this field

Other online brands

Two international travel insurance brands are able to offer cover to Indian travellers

Retailers

Two retail brands act as distributors of travel insurance

Other types of distributor

Forecasts

Underlying foreign travel market

The number of foreign holiday trips is expected to grow at nearly 12% per annum up to 2016...

Market for travel insurance and assistance

...which will help to propel strong nominal growth in travel insurance premiums

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in India, 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 India, segmented by purpose of trip, 2008 to 2012

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

Destinations of foreign trips undertaken by residents of India, 2012

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note: Product cover images may vary from those shown

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