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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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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 Products Chapter

The Travel Insurance industry generates revenue from premiums paid for a range of insurance options. These insurance options aim to provide coverage for unforeseeable and unfortunate circumstances that may befall the policy buyer during their travels, reducing his or her hardship.

Cancellation insurance

The largest product segment in the industry is premiums associated with cancellation insurance. This segment consists of purchasing cancellation insurance to cover travel plans that must be cancelled ahead of time or during the trip itself. This typically includes coverage for expenses such as cancellation fees for flights, hotels or other bookings... 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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