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 Key Buyers Chapter
The Travel Insurance industry exhibits a high level of market share concentration, with the top four companies accounting for 85.2% 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 industry is also characterised by a number of independent agents who underwrite and issue travel insurance in partnership with foreign insurance companies. In the five years through 2013-14, industry establishment numbers have remained relatively stagnant, as many industry players offer a diverse range of insurance products in addition to travel insurance... purchase to read more