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 Products Chapter
The Travel Insurance industry generates revenue from premiums paid for a range of insurance options. These insurance options aim to cover unlikely unfortunate circumstances that would befall the insurance buyer, reducing his or her hardship as a result.
IBISWorld expects that the largest product segment in the industry is premiums associated with cancellation insurance. This segment accounts for the purchase of cancellation insurance to cover when travel plans 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