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© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
1
Travel Insurance in the Asia-
Pacific Region and Global Trends
in Consumer Behaviour
ITIC Asia-Pacific International Travel
and Health Insurance Conference
18th June 2014
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Travel Insurance in the Asia-Pacific Region
- Analysis mainly from Travel Insurance and Assistance in the Asia-Pacific Region
market research report released in November 2013;
- coverage of Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand,
Singapore, South Korea and Taiwan.
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Travel insurance and assistance GWP in the
Asia-Pacific Region in a global context, 2013
Americas, 34.5%
Europe, 33.4%
Asia-Pacific, 29.2%
Africa and the Middle East, 2.8%
Source: Finaccord Travel Insurance and Assistance reports
Global market value
= USD 13.8 billion
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Number of overseas trips from China and other
countries in the Asia-Pacific Region, 2008 to 2012
0
50
100
150
200
250
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
million
2008
2009
2010
2011
2012
Other countries: CAGR = 3.9%
China: CAGR = 16.1%
162.1
161.4
182.7
199.4
218.8
Total: CAGR = 7.8%
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
Market for travel insurance and assistance
in the Asia-Pacific region, 2008 to 2012
0
1
2
3
4
5
0
20
40
60
80
100
2008 2009 2010 2011 2012
Single-trip policies Annual policies GWP
Policies (million) GWP (USD billion)
GWP, 2012 = USD 3.63 billion
No. single-trip policies, 2012 = 77.75 million
No. annual policies = 12.13 million
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Market for travel insurance and assistance in
China and other countries in the Asia-Pacific
region, 2008 to 2012 : number of policies
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
million
2008
2009
2010
2011
2012
Other countries: CAGR = 5.5%
China: CAGR = 22.4%
64.7
65.8
74.1
81.6
89.9
Total: CAGR = 8.6%
0
20
40
60
80
100
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Market for travel insurance and assistance in
China and other countries in the Asia-Pacific
region, 2008 to 2012 : gross written premiums
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
USD billion
2008
2009
2010
2011
2012
Other countries: CAGR = 6.9%
China: CAGR = 25.7%
2.60
2.65
2.87
3.28
3.63
Total: CAGR = 8.7%
0
1
2
3
4
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Key providers in travel insurance and assistance in
the Asia-Pacific region: share of partnerships of travel
trade, transportation and financial organisations
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
AIG, 16.3%
Allianz, 8.2%
ACE, 6.3%
Munich Re, 4.8%
Tokio Marine Holdings, 3.6%
Government of India, 3.5%
China Pacific Insurance
Company, 3.0%
Bajaj Finserv, 2.9%
Ping An Insurance
Company of China, 2.9%
Dongbu Group, 2.8%
other, 45.5%
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Number of overseas trips from China and other
countries in the Asia-Pacific Region, 2012 and 2016
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
Other countries: CAGR = 4.2%
China: CAGR = 14.9%
Total: CAGR = 8.7%
0
100
200
300
400
2016
million
2012
218.8
304.9
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Market for travel insurance and assistance in
China and other countries in the Asia-Pacific
region, 2012 and 2016: number of policies
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
million
Other countries: CAGR = 5.4%
China: CAGR = 17.1%
Total: CAGR = 8.6%
2016
2012
89.9
124.9
0
50
100
150
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Market for travel insurance and assistance in
China and other countries in the Asia-Pacific
region, 2012 and 2016: gross written premiums
Source: Finaccord Travel Insurance and Assistance in the Asia-Pacific Region report
USD billion
Other countries: CAGR = 7.6%
China: CAGR = 20.7%
Total: CAGR = 9.6%
0
1
2
3
4
5
6
2016
2012
3.63
5.24
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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- Analysis from Travel Metrics consumer research reports to be released in July 2014;
- coverage of Australia, Canada, France, Germany, Italy, Spain, UK and US;
- 1,000 consumers surveyed in first seven countries, 2,000 in the US;
- results show unweighted averages across all eight countries plus maximum values
recorded in any single country.
Global Trends in Consumer Behaviour
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Consumer propensity to travel abroad or
within own country for a week or more, 2014
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
Abroad only (for any period) – 14.2%
(maximum value: Canada – 31.6%)
Own country only (for a week or more) – 22.3%
(maximum value: Australia – 30.1%)
Both abroad (for any period) and in own
country (for a week or more) – 35.0%
(maximum value: Germany – 53.2%)
No – 28.5%
(maximum value: US – 54.7%)
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Propensity of consumers travelling
abroad to acquire travel insurance, 2014
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
Yes – 69.2%
(maximum value: UK – 89.7%)
No – 30.8%
(maximum value: US – 56.7%)
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Types of travel insurance acquired by
all travelling consumers, 2014 (1)
Note - analysis includes some travellers with more than one kind of policy
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
Single-trip policy – 46.6%
(maximum value: Australia – 68.1%)
Annual policy – 20.5%
(maximum value: Germany – 43.9%)
Automatic policy in price of
holiday or travel ticket – 14.1%
(maximum value: Italy – 27.9%)
Automatic policy with credit card
or bank account – 18.8%
(maximum value: France – 47.2%)
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Types of travel insurance acquired by
all travelling consumers, 2014 (2)
Note – non-standard consumer policies include specialist backpacker, domestic-only, expatriate, gap-year or student, older
traveller, pre-existing medical condition and winter sports policies
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
Standard consumer policy – 79.5%
(maximum value: Germany – 88.1%)
Business policy – 4.0%
(maximum value: Spain – 5.9%)
Non-standard consumer policy – 16.6%
(maximum value: UK – 28.5%)
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Distribution channels used to acquire
stand-alone travel insurance, 2014
Direct from insurer – 38.7%
(maximum value: Australia – 51.8%)
Airline – 14.0%
(maximum value: US – 28.7%)
Bank – 7.4%
(maximum value: Canada – 14.1%)
other – 20.2%
(maximum value: Canada – 35.5%)
Travel agent or tour operator – 19.7%
(maximum value: Italy – 27.3%)
Note – other distribution channels include automotive associations, cashback websites, employers, insurance aggregators,
insurance brokers, the Post Office, and supermarkets or other retailers
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Distribution interfaces used to acquire
stand-alone travel insurance, 2014
Face-to-face – 36.3%
(maximum value: Spain – 60.5%)
Online – 52.5%
(maximum value: US – 67.8%)
Phone or post – 11.2%
(maximum value: Canada – 28.5%)
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Devices used to acquire stand-alone
travel insurance online, 2014
Laptop / desktop – 88.7%
(maximum value: Canada – 92.5%)
Tablet – 8.2%
(maximum value: Spain – 11.5%)
Mobile phone – 3.0%
(maximum value: Spain – 5.2%)
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Cover penetration rates for travel insurance
acquired by all travelling consumers, 2014
Source: Finaccord Travel Metrics reports for Australia, Canada, France, Germany, Italy, Spain, UK and USA
% of insured travellers with cover for risk
46.7% (maximum value: Australia – 63.7%)
33.8% (maximum value: UK – 52.6%)
57.6% (maximum value: Australia – 75.1%)
56.4% (maximum value: Australia – 80.0%)
41.1% (maximum value: UK – 57.7%)
16.9% (maximum value: UK – 34.4%)
28.1% (maximum value: UK – 36.7%)
69.2% (maximum value: Canada – 75.9%)
75.9% (maximum value: Australia – 85.9%)
0% 20% 40% 60% 80% 100%
Accidents incurred while travelling
Assistance in the event of personal or medical emergencies
experienced by you and / or other travelling family members
Assistance in the event of personal or medical emergencies
experienced by family members remaining at home
Bankruptcy of a scheduled airline
Flight or trip delay
Loss, stolen or damaged baggage or belongings
Medical expenses incurred while travelling
Personal liability
Trip cancellation, postponement or interruption
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
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Any questions?
© Finaccord Ltd., 2014 Web: www.finaccord.com, E-mail: [email protected]
Travel Insurance in the Asia-Pacific Region and Global Trends in Consumer Behaviour
Finaccord is a leading market research, publishing and consulting company specialising in financial
services. We provide our clients with insight with a particular focus on marketing and distribution
strategies, including affinity and partnership marketing.
Our areas of expertise include: affinity and partnership marketing; automotive financial services;
bancassurance; commercial non-life insurance brokers; consumer intelligence; extended warranties
and insurance for white, brown and grey goods; home emergency insurance and assistance;
insurance and assistance linked to payment cards and bank accounts; mobile gadget and phone
insurance; professional indemnity insurance; retailer payments, banking, insurance and assistance;
road assistance; small business insurance; trade credit insurance; and travel insurance and
assistance.
Our international network of consultants is able to deliver information quickly and accurately across a
range of countries worldwide, basing research projects on robust data and knowledge.
Contact us
The Office Farringdon
24 Greville Street
London,
EC1N 8SS
Phone: +44 20 3178 2556
Fax: +44 20 7198 7902
Email: [email protected]
www.finaccord.com
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