Overview

Travelling well: Rising international travel numbers and higher incomes ensure growth

IBISWorld’s Travel Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • The steady rise in international travel by Australians is supporting industry demand
  • The proliferation of online insurance providers has increased industry competition
  • A forecast rise in discretionary income is likely to encourage longer more expensive holidays

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    Industry Analysis & Industry Trends

    The Travel Insurance industry has grown strongly over the past five years. Revenue growth is linked to the performance of financial markets, the number of Australians travelling overseas and the propensity of consumers to demand travel insurance products. Overall, industry revenue is forecast to grow at an annualised 4.2% over the five years through 2016-17. Revenue is expected to increase by 1.2% in the current year, to reach $987.7 million, largely driven by continual growth in travel by Australians...

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    What is the Travel Insurance industry?

    The Travel Insurance industry exhibits a high level of market share concentration, with the top four companies accounting for an estimated 80.2% 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 multiple independent agents who underwrite and issue travel insurance in partnership with foreign insurance companies. Over the past five years, industry establishment numbers have grown slowly, with most industry players offering a diverse range of insurance products in addition to travel insurance. The...

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    Additional Insights for the Travel Insurance Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Travel Insurance Industry are

  • Ability to effectively manage risk
  • Provision of a related range of goods and services
  • Having a cost-effective distribution system
  • IBISWorld analysts also discuss how external factors such as Real household discretionary income and Consumer sentiment index in the Travel Insurance industry impact industry performance..

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    Products & Brands

    Major products in this industry
    Cancellation insurance
    Delay insurance
    Emergency medical insurance
    Personal item loss insurance
    Examples of brands in this Industry
    Allianz Global Assistance
    Cover-More Travel Insurance
    Travel Insurance Partners
    Vero Insurance

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Real household discretionary income
  • Consumer sentiment index
  • Demand from travel agency and tour arrangement services
  • International travel by Australians
  • Trade-weighted index

  • Current Performance
  • Travellers’ behaviour
  • Online sales
  • Travel insurance distribution
  • Reinsurance expenses
  • Profit and participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Travel trends
  • Online sales
  • Distributors
  • Profit margins
  • Table: Travel Insurance Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Travel Insurance Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • International Airlines
  • Travel Agency and Tour Arrangement Services
  • Professional Services
  • Consumers

  • Key Selling Industries
  • General Insurance
  • Insurance Brokerage

  • Products & Services
  • Cancellation insurance
  • Emergency medical insurance
  • Delay insurance
  • Personal item loss insurance
  • Chart: Travel Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • People between 31 and 45 years
  • People between 46 and 65 years
  • People between 19 and 30 years
  • People over 65 years of age
  • People aged 18 years and under
  • Chart: Major Market Segmentation for the Travel Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Travel Insurance

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Travel Insurance Industry

  • Industry Globalization
    Major Companies
    Great Lakes AustraliaAllianz Australia LimitedSuncorp Group LimitedQBE Insurance Group Limited
  • Table: Great Lakes Australia - financial performance
  • Table: Allianz Australia Limited - financial performance
  • Table: Suncorp Group Limited - financial performance
  • Table: QBE Insurance Group Limited - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Travel Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Travel Insurance Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Authorised Representatives
  • Independent retailers of insurance policies that deal directly with consumers.
  • Coverage
  • The range of unforeseen events in which travel insurance will pay out.
  • Distributors
  • Companies that issue insurance on behalf of the underwriter.
  • Reinsurance
  • A type of insurance that is usually purchased by an insurance company as a risk management tool.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Travel Insurance:
    • 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 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, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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