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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 | Apr 2015

Turbulence: Fluctuations in the financial market cause revenue volatility

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
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
$869m
Annual Growth 10-15
5.2%
Annual Growth 15-20
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Profit
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Employment
417
Businesses
44
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

 


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
 
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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