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 can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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
Annual Growth 10-15
Annual Growth 15-20
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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 Key Buyers Chapter

The Travel Insurance industry exhibits a high level of market share concentration, with the top four companies accounting for 84.4% 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 Travel Insurance industry is also characterised by a number of independent agents who underwrite and issue travel insurance in partnership with foreign insurance companies. Over the five years through 2014-15, industry establishment numbers have grown slowly, with most industry players offering a diverse range of insurance products in addition to travel insurance... 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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