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 Products Chapter
The Travel Insurance industry generates revenue from premiums paid for a range of insurance options. These insurance options aim to provide coverage for unforeseeable and unfortunate circumstances that would befall the insurance buyer during their travels, reducing his or her hardship as a result.
IBISWorld expects that the largest product segment in the industry is premiums associated with cancellation insurance. This segment accounts for the purchase of cancellation insurance to cover when travel plans must be cancelled ahead of time or during the trip itself. This typically includes coverage for expenses such as cancellation fees for flights, hotels or other bookings... purchase to read more