Travel Insurance in Australia - Market Research Report

Travel Insurance industry trends (2014-2019)

poll Average industry growth 2014–2019: 5.7%

The Travel Insurance industry has grown strongly over the past five years. The performance of financial markets, the number of Australians travelling overseas and the propensity of consumers to demand travel insurance products have contributed to revenue growth. Overall, industry revenue is expected to grow at an annualised 3.3% over the five years through 2019-20. Revenue is expected to increase by 2.4% in the current year, to total $1.2 billion, largely driven by continual growth in international travel by Australians. Despite a weak Australian dollar over the past five years, the increasing availability of low-cost airlines and travel deal aggregators has bolstered Australians' enthusiasm for travel. As a result, the number of international trips...
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Travel Insurance industry outlook (2019-2024)

poll Average industry growth 2019-2024: x.xlockPurchase this report or a membership to unlock the average company profit margin for this industry.

The Travel Insurance industry is anticipated to continue growing over the next five years. Industry revenue is forecast to rise at an annualised X.X% over the five years through XXX-XX, to total $X.X billion. Strong tourism numbers are anticipated to generate greater demand for industry products and boost premium income. Revenue volatility is expected to fall over the same period, as financial markets stabilise and investment income steadies. However, the industry is projected to struggle to maintain profit margins due to rising reinsurance costs and price competition. Industry operators are anticipated to cut back on wage costs by outsourcing or automating non-core operations, which will lead to lower wage as a percentage of revenue in the industry....
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Travel Insurance industry statistics

  • attach_money Market Size: $1bn
  • business Number of Businesses: 68
  • poll Average Industry Profit Margin: x.x%
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  • supervisor_account Industry Employment: 422

Biggest companies in the Travel Insurance industry

The companies holding the largest market share in the Travel Insurance in Australia industry include Zurich Travel Solutions Pty Limited, Allianz Australia Limited, NIB Holdings Ltd and Suncorp Group Limited.

  • pie_chart Zurich Travel Solutions Pty Limited Market Share: x.x%
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  • pie_chart Allianz Australia Limited Market Share: x.x%
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  • pie_chart NIB Holdings Ltd Market Share: x.x%
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  • pie_chart Suncorp Group Limited Market Share: x.x%
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What is Travel Insurance industry?

Industry Definition

The 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 and Services

  • Cancellation insurance
  • Delay insurance
  • Emergency medical insurance
  • Personal item loss insurance
  • All Others

Industry Activities

  • Luggage insurance
  • Travel delay and cancellation insurance
  • Loss of income insurance
  • Overseas medical insurance

Market research report - table of contents

Industry Definition

The 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.

Main Activities

  • Luggage insurance
  • Travel delay and cancellation insurance
  • Loss of income insurance
  • Overseas medical insurance

Similar Industries

Additional Resources

Industry Statistics Snapshot

Industry Structure

Executive Summary

Key External Drivers

Travel agencies are one of the biggest buyers of travel insurance products. These businesses act as middlemen to many insurance underwriters and receive c...
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Demand from travel agency and tour arrangement services
Real household discretionary income
International travel by Australians
Trade-weighted index

Current Performance

Online sales
Travel insurance distribution
Profit and participation
Reinsurance expenses
 Chart: Revenue Growth

Industry Outlook

Online sales
Distributors
Profit margins
 Table: Travel Insurance in Australia - Market Research Report Industry Revenue Outlook

Industry Life Cycle

Life Cycle Reasons
 Chart: Benchmarking - Travel Insurance in Australia - Market Research Report Industry Lifecycle vs The Economy

Supply Chain

Key Buying Industries

International Airlines in Australia
Travel Agency and Tour Arrangement Services in Australia
Professional Services in Australia
Consumers in Australia



Key Selling Industries

General Insurance in Australia
Insurance Brokerage in Australia





Products & Services

The Travel Insurance industry generates revenue from premiums paid for a range of insurance options. These insurance options aim to provide coverage for u...
People aged 31 and 45
People aged 19 and 30
People aged over 65
People aged 18 years and under


Demand Determinants

Demand for travel insurance strongly correlates to the amount of domestic and international travel plans made by Australians. When real household discreti...
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Major Markets

People aged 31 and 45
People aged 19 and 30
People aged over 65
People aged 18 years and under



 Chart: Major Market Segmentation for the Travel Insurance in Australia - Market Research Report Industry

International Trade

Business Locations

Chart: Business Locations by State Chart: Business Locations by State

Market Share Concentration

The Travel Insurance industry exhibits moderate market share concentration, with the top four companies accounting for an estimated 65% of the industry. T...
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Key Success Factors

Cost Structure Benchmarks

Profit, Purchases, Wages, Other Costs
 Chart: Cost Structure Benchmarking – Sector vs Travel Insurance in Australia - Market Research Report

Basis of Competition

Internal competition
External competition

Barriers to Entry

 Table: Barriers to Entry Checklist for the Travel Insurance in Australia - Market Research Report Industry

Industry Globalization

Zurich Travel Solutions Pty Limited is a foreign-owned company that entered the industry in April 2017, when it acquired Cover-More for approximately $741...
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Zurich Travel Solutions Pty Limited

 Table: Zurich Travel Solutions Pty Limited - financial performance

Allianz Australia

 Table: Allianz Australia - financial performance

NIB Holdings

 Table: NIB Holdings - financial performance

Suncorp Group

 Table: Suncorp Group - financial performance

Capital Intensity

The Travel Insurance industry exhibits a high level of capital intensity. For every dollar paid as wages, an estimated $0.34 is spent on capital investmen...
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 Chart: Level of Capital Intensity for the Travel Insurance in Australia - Market Research Report Industry
 Chart: Tools of the Trade: Growth Strategies for Success

Technology & Systems

Revenue Volatility

Chart: Volatility vs Industry Growth Chart: Volatility vs Industry Growth

Regulation & Policy

Industry Assistance

Table: Industry data Table: Industry Data for the Travel Insurance in Australia Industry

Industry Revenue (2007-2026)
Industry Gross Product (2007-2026)
Establishments (2007-2026)
Businesses (2007-2026)
Employment (2007-2026)
Exports (2007-2026)
Imports (2007-2026)
Wages (2007-2026)
Domestic Demand (2007-2026)

Table: Annual Percentage Change for Key Industry Data Table: Annual Percentage Change for Key Industry Data

Table: Key Ratios for Industry Key Dat Table: Key Ratios for Industry Key Data

Table: Industry Financial Ratios Table: Industry Financial Ratios

Liquidity Ratios
Coverage Ratios
Leverage Ratios
Operating Ratios
Cash Flow & Debt Service Ratios (% of Sales)
Assets, %
Liabilities, %

COVERAGE

DISTRIBUTORS

REINSURANCE

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Included in Report

  • Industry Financial Ratios
    Industry Financial Ratios
  • Revenue Forecasts
    Revenue Forecasts
  • Historical and Forecast Growth
    Historical and Forecast Growth
  • Industry Market Size
    Industry Market Size
  • Industry Major Players
    Industry Major Players
  • Profitability Analysis
    Profitability Analysis
  • SWOT Analysis
    SWOT Analysis
  • Industry Trends
    Industry Trends
  • Industry Operating Conditions
    Industry Operating Conditions
  • Porter's 5 Forces Analysis
    Porter's 5 Forces Analysis

Why buy this report on the Travel Insurance industry?

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This report on Travel Insurance in Australia:

  • Provides Market Size information to assist with planning and strategic decisions.
  • Includes the necessary information to perform SWOT, PEST and STEER analysis.
  • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
  • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.

The Travel Insurance in Australia market research report includes:

  • Historical data and analysis for the key drivers of this industry
  • A five-year forecast of the market and noted trends
  • Detailed research and segmentation for the main products and markets
  • An assessment of the competitive landscape and market shares for major companies
  • And of course, much more

IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Travel Insurance in Australia, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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