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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 2016

Unexpected turbulence: Volatile financial markets cause industry revenue to fluctuate

IBISWorld’s Travel Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Allianz Australia Allianz Australia market share
Great Lakes Australia Great Lakes Australia market share
QBE Insurance Group QBE Insurance Group market share
Suncorp Group Suncorp Group market share
Industry Statistics & Market Size
Revenue
$885m
Annual Growth 11-16
1.0%
Annual Growth 16-21
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Profit
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Employment
426
Businesses
45
Industry Analysis & Industry Trends

The growth trajectory of the Travel Insurance industry has been volatile over the past five years. Revenue growth is linked to the performance of financial markets and consumer propensity to demand travel insurance products. Overall, industry revenue is forecast to grow at an annualised 1.0% over the five years through 2015-16. Revenue is projected to increase by 1.4% in 2015-16, to reach $885.4 million, largely driven by continual growth in travel by Australians.

The strong Australian dollar for most of the past five years has bolstered Australians' enthusiasm for travel, and the number of international trips taken by Australians has increased consistently over the past five years. This trend has persisted even as the Australian dollar depreciated since 2012-13... purchase to read more

Industry Report - Industry Investment Chapter

The Travel Insurance industry exhibits a medium level of capital intensity. For every dollar paid as wages, an estimated $0.13 is spent on capital investment. This is due to a large portion of activities being carried out by employees. The industry generally demands highly skilled employees specialising in finance, mathematics and statistics, risk management or actuarial science. The risk profile of consumers and the return on investments often require constant rebalancing by skilled and highly educated employees. This means that the average wage per employee in the industry is high, as is typical of industries in the insurance sector... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Travel Insurance Industry?

The Travel Insurance 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 insurance
 
Industry Activities
Luggage insuranceTravel delay and cancellation insuranceLoss of income insuranceOverseas medical insurance


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