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Travel Insurance in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Travel Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | May 2014

Turbulence: Fluctuations in the financial market cause revenue volatility

IBISWorld’s Travel Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Allianz Australia Allianz Australia market share
Great Lakes Australia Great Lakes Australia market share
Insurance Australia Group Insurance Australia Group market share
QBE Insurance Group QBE Insurance Group market share
Suncorp Group Suncorp Group market share
Industry Statistics & Market Size
Revenue
$773m
Annual Growth 09-14
1.3%
Annual Growth 14-19
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Profit
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Employment
300
Businesses
42
Industry Analysis & Industry Trends

The path trodden by the Travel Insurance industry in the past five years has been full of ups and downs. Seesawing revenue can largely be attributed to the volatility of the financial market, rather than the underlying demand for travel insurance products. Overall, IBISWorld estimates that industry revenue will grow at an annualised 1.3% over the five years through 2013-14. Revenue is forecast to grow by 2.0% in 2013-14, to reach $772.6 million.

The global financial crisis did not exhaust Australians' enthusiasm for travel. The number of international trips taken by Australians has increased at an annualised 8.8% over the past five years. This is mainly attributed to a strong Australian dollar, which makes overseas travel relatively cheaper... purchase to read more

Industry Report - Industry Locations Chapter

A large proportion of travel insurance underwriters reside along the Eastern seaboard, where the Australian population is most densely populated. This follows a similar trend to most financial service providers who chose to locate themselves within close proximity to downstream markets. This is also prevalent in the Australian Travel Insurance industry. Industry participants may be required to meet and communicate with clients to assess their conditions to underwrite insurance coverage.

As a result, New South Wales houses the highest proportion of industry establishments, at 38.5%. Nevertheless, industry establishment growth in Australia has been relatively slow, as many establishments have relocated to Queensland, which has a growing population... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Travel Insurance Industry?

This industry underwrites (i.e. assumes, pools and spreads out risk of financial losses over policyholders in exchange for premiums) travel insurance policies. Coverage can include losses from trip cancellation and delay, lost baggage and medical emergencies.

Industry Products
Cancellation insuranceDelay insuranceEmergency medical insurancePersonal item loss
 
Industry Activities
Luggage insuranceTravel delay and cancellation insuranceLoss of income insuranceOverseas medical insuranceLuggage insuranceTravel delay and cancellation insuranceLoss of income insuranceOverseas medical insurance


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