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Travel Insurance and Assistance in India

NEW YORK, Jan. 28, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Travel Insurance and Assistance in India
http://www.reportlinker.com/p01142093/Travel-Insurance-and-Assistance-in-India.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Travel_Services

Finaccord's 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 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
Rationale 3
This report updates and expands upon Finaccord's previous ground-breaking research 3
Methodology 3
Primary research 3
The survey includes close to 140 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
Definitions 6
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
Finaccord 8

2.0 MARKET ANALYSIS 10

Introduction 10
Underlying foreign travel market 10
Foreign trips per capita remain low although they have increased rapidly in recent years 10
Migrant worker flows, especially to parts of the Middle East, play a key role in India 12
Market for travel insurance and assistance 12
In real terms, India's travel insurance market is growing at a healthy rate… 12
…albeit the market remains heavily dominated by single-trip cover 13
Distribution through travel trade, transportation and financial organisations 14
Summary of organisations researched 14
Provision rates 15
Availability of travel policies is highest among travel agents and online travel specialists 15
.and more than half of India's banks also offer stand-alone cover 15
Operating models 16
The vast majority of distributors partner with one or more external underwriters 16
Competitor share of partnerships 18
Leading providers of insurance via the travel trade include Bajaj Allianz and Tata AIG. 18
.and many of National Insurance Company's activities in this area are due to TrawellTag 19
Seven other travel insurance underwriters lay claim to at least one significant travel trade partnership 19

Airline involvement in the distribution of travel insurance remains apparently limited 20
The leading provider of travel insurance to the travel sector works with nine banks. 21
. placing it comfortably ahead of its nearest rival which claims four bank relationships 21
Travel insurance and assistance linked to payment cards and bank accounts 22
Around a third of credit card products include one or more types of travel cover… 23
.whereas travel policies are not a feature of packaged bank accounts in India 23
Other distribution channels 24
Automotive clubs 24
Direct distribution by insurance underwriters 25
Many of the country's leading underwriters sell travel policies directly… 25
.although the state-owned insurers generally lack online sales capability 25
Online aggregators and brokers 25
Several online insurance aggregators are also active in this field 25
Other online brands 25
Two international travel insurance brands are able to offer cover to Indian travellers 25
Retailers 25
Two retail brands act as distributors of travel insurance 25
Other types of distributor 26
Forecasts 26
Underlying foreign travel market 26
The number of foreign holiday trips is expected to grow at nearly 12% per annum up to 2016. 26
Market for travel insurance and assistance 27
. which will help to propel strong nominal growth in travel insurance premiums 27

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1

Key market data for travel insurance and assistance in India, 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 India, segmented by purpose of trip, 2008 to 2012 11
Number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2008 to 2012 (table) 11
Destinations of foreign trips undertaken by residents of India, 2012 12
Estimated gross written premiums and policy numbers for travel insurance and assistance in India, 2008 to 2012 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in India, 2008 to 2012 (table) 14
Summary of travel trade, transportation and financial organisations researched in India, segmented by type, 2013 15
Provision rates for stand-alone travel insurance and assistance in India, segmented by type of travel trade, transportation and financial organisation, 2013 16

Operating models used for stand-alone travel insurance and assistance in India, segmented by type of travel trade, transportation and financial organisation, 2013 17
Operating models used for stand-alone travel insurance and assistance in India, 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 India, 2013: travel trade organisations 20
Competitor share of partnerships for stand-alone travel insurance and assistance in India, 2013: transportation organisations 21
Competitor share of partnerships for stand-alone travel insurance and assistance in India, 2013: financial organisations 22
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 24
Forecast number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2016 26
Forecast number of foreign trips undertaken by residents of India, segmented by purpose of trip, 2016 (table) 27
Forecast gross written premiums and policy numbers for travel insurance and assistance in India, 2016 28
Forecast gross written premiums and policy numbers for travel insurance and assistance in India, 2016 (table) 28

To order this report: Travel Insurance and Assistance in India
http://www.reportlinker.com/p01142093/Travel-Insurance-and-Assistance-in-India.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Travel_Services

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