Industry Analysis & Industry Trends
The path trodden by the Travel Insurance industry in the past five years has been full of ups and downs. Seesawing revenue can largely be attributed to the volatility of the financial market, rather than the underlying demand for travel insurance products. Overall, IBISWorld estimates that industry revenue will grow at an annualised 1.3% over the five years through 2013-14. Revenue is forecast to grow by 2.0% in 2013-14, to reach $772.6 million.
The global financial crisis did not exhaust Australians' enthusiasm for travel. The number of international trips taken by Australians has increased at an annualised 8.8% over the past five years. This is mainly attributed to a strong Australian dollar, which makes overseas travel relatively cheaper... purchase to read more
Industry Report - Industry Locations Chapter
A large proportion of travel insurance underwriters reside along the Eastern seaboard, where the Australian population is most densely populated. This follows a similar trend to most financial service providers who chose to locate themselves within close proximity to downstream markets. This is also prevalent in the Australian Travel Insurance industry. Industry participants may be required to meet and communicate with clients to assess their conditions to underwrite insurance coverage.
As a result, New South Wales houses the highest proportion of industry establishments, at 38.5%. Nevertheless, industry establishment growth in Australia has been relatively slow, as many establishments have relocated to Queensland, which has a growing population... purchase to read more