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 Analysis Chapter
Despite the lacklustre growth of many world economies, Australians continue to travel abroad in record numbers. As a result, the Travel Insurance industry, which piggybacks on demand for travel products, has grown in the past five years. However, revenue volatility has been high during this period. The industry has been rattled by a volatile financial market, which it depends on for investment income. Fortunately, profit margins have grown over this period due to operators' ability to pass on price rises and manage costs effectively. Overall, industry revenue is expected to grow by an annualised 5.2% over the five years through 2014-15, to reach $869.0 million... purchase to read more