Industry Analysis & Industry Trends
The growth trajectory of the Travel Insurance industry over the past five years has been a roller-coaster ride. Revenue growth is largely attributable to the volatility of the financial market, as well as the consumer propensity to demand travel insurance products. Overall, IBISWorld estimates that industry revenue will grow at an annualised 5.2% over the five years through 2014-15, boosted by the strong recovery in 2010-11. Revenue is forecast to grow by 6.7% in 2014-15, to reach $869.0 million, driven by continual growth in tourism by Australians.
The global financial crisis did not exhaust Australians' enthusiasm for travel, and the number of international trips taken by Australians has increased at an annualised 6.4% over the past five years... purchase to read more
Industry Report - Industry Key Buyers Chapter
The Travel Insurance industry exhibits a high level of market share concentration, with the top four companies accounting for 84.4% of the industry. The industry is a subset of the General Insurance industry. Like many other financial service industries, the insurance sector is dominated by a handful of large multinational financial services companies. The Travel Insurance industry is also characterised by a number of independent agents who underwrite and issue travel insurance in partnership with foreign insurance companies. Over the five years through 2014-15, industry establishment numbers have grown slowly, with most industry players offering a diverse range of insurance products in addition to travel insurance... purchase to read more