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.
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