|By PR Newswire||
|January 28, 2014 10:39 AM EST||
NEW YORK, Jan. 28, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Finaccord's 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 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 2008 to 2012.
The report is accompanied by an Excel PartnerBASE™ dataset that details the travel insurance partnerships of each of the travel trade, transportation and financial organisations covered, plus a convenient market data annexe, also in Excel format. This annexe can be used as a convenient source of data already in Excel format which means that there is no need for users to re-enter data from the PDF report into their own Excel worksheets.
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
This report updates and expands upon Finaccord's previous ground-breaking research 3
Primary research 3
The survey includes more than 200 travel trade, transportation and financial organisations… 3
…and draws on a separate analysis of travel benefits linked to banking products 4
Market data 4
External sources 4
Travel insurance and assistance: how it all fits together 5
The term 'travel insurance' can refer to protection from a heterogeneous range of risks… 5
.and assistance companies play a fundamental role in the global travel insurance industry 5
Terms and abbreviations 6
Types of packaged travel insurance and assistance 6
Operating models 7
Currencies, exchange rates and inflation 7
PartnerBASE and market data annexe 8
2.0 MARKET ANALYSIS 10
Underlying foreign travel market 10
The number of foreign trips undertaken for leisure purposes grew at 17.5% per annum up to 2012 10
Three destinations account for over a half of China's outbound traffic 12
Market for travel insurance and assistance 12
In real terms, China's travel insurance market is growing at more than 20% per year… 12
…although it remains dominated by single-trip policies 12
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
More than 90% of travel agents and tour operators sell travel insurance. 15
.whereas availability from airlines and banks is significantly lower 15
Operating models 16
The vast majority of distributors choose to partner with a single, external underwriter. 16
.although captive and joint venture underwriters, plus one broker, are also active here 16
Competitor share of partnerships 18
Leading providers in the travel trade distribution channel include CPIC, PICC and Ping An. 18
.albeit Finaccord's research identifies a total of 18 providers as being active in this area. 19
.including joint venture CITIC-Prudential Life Insurance and one broker 19
AIG and Ping An each hold significant travel insurance partnerships with airlines. 20
. with the latter also a key provider to financial organisations. 21
. as are CIGNA & CMC Life and Taiping General 21
Travel insurance and assistance linked to payment cards and bank accounts 22
Around half of China's credit card products feature one or more forms of travel cover. 23
…with penetration generally stronger among premium cards 23
Other distribution channels 24
Automotive clubs 24
Automotive Alliance China collaborates with a number of travel insurance underwriters. 24
Direct distribution by insurance underwriters 25
Most of the leading insurers sell travel policies directly to consumers 25
Online aggregators and brokers 25
Several well-known insurance aggregators compare travel policies 25
Other online brands 25
Just one retail brand has begun selling travel cover to its customers 25
Other types of distributor 25
Underlying foreign travel market 26
The number of foreign holiday trips is expected to exceed 135 million by 2016. 26
Market for travel insurance and assistance 27
.causing the volume of stand-alone travel policies sold to continue climbing rapidly 27
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in China, 2008, 2012 and 2016 2
1.0 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 5
2.0 MARKET ANALYSIS 10
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2008 to 2012 11
Number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2008 to 2012 (table) 11
Destinations of foreign trips undertaken by residents of China, 2012 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2008 to 2012 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in China, 2008 to 2012 (table) 14
Summary of travel trade, transportation and financial organisations researched in China, segmented by type, 2013 15
Provision rates for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2013 16
Operating models used for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2013 17
Operating models used for stand-alone travel insurance and assistance in China, segmented by type of travel trade, transportation and financial organisation, 2013 (table) 18
Competitor share of partnerships for stand-alone travel insurance and assistance in China, 2013: travel trade organisations 20
Competitor share of partnerships for stand-alone travel insurance and assistance in China, 2013: transportation organisations 21
Competitor share of partnerships for stand-alone travel insurance and assistance in China, 2013: financial organisations 22
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 24
Forecast number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2016 26
Forecast number of foreign trips undertaken by residents of China, segmented by purpose of trip, 2016 (table) 27
Forecast gross written premiums and policy numbers for travel insurance and assistance in China, 2016 28
Forecast gross written premiums and policy numbers for travel insurance and assistance in China, 2016 (table) 28
To order this report: Travel Insurance and Assistance in China
Contact Clare: [email protected]
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