Bharat Book

Travel Insurance and Assistance in the Middle East

Press Release   •   Jun 17, 2013 12:48 IST

Across each of these countries, the study investigates trends in both business and leisure travel between 2008 and 2012, verifies the current distribution partnerships for travel cover of all major travel trade, transportation and financial organisations, and analyses the importance of travel cover packaged automatically with payment cards and bank accounts.
 Moreover, the report is accompanied by an Excel PartnerBASE™ dataset that details the travel insurance partnerships of each of the travel trade, transportation and financial organisations covered, plus convenient market data annexes, also in Excel format.
 Key findings from the executive summary include:
 - the estimated number of foreign trips (lasting one night or more) across this region increased from 21.6 million in 2008 to 30.7 million in 2012, which equates to a compound annual growth rate of 9.2% during this period;
 - across its various subsidiaries, AXA is identifiable as the leading insurance and assistance provider in the Middle East, as measured by the number of partnerships held with travel trade, transportation and financial organisations;
 - two other highly significant providers are Chartis and Allianz, with the latter mainly active in this sphere through its assistance arm, Mondial Assistance;
 - factors that will encourage continuing strong growth in the market for travel insurance and assistance between 2012 and 2016 include a rise in the underlying volume of overseas trips, increasing availability of Shariah-compliant, takaful policies and generally developing awareness among potential buyers of the benefits of travel cover.
 Outbound travel from this region has registered impressive growth in recent years
 Around three quarters of all foreign travel is to destinations within the Middle East region
 The largest three markets account for more than 75% of travel insurance premiums
 People's awareness and use of annual policies is rising gradually
 The vast majority of stand-alone travel schemes involve a single external underwriter
 At group level, AXA is the most common partner for stand-alone travel insurance schemes
 Gross written premiums are expected to rise by more than 12% per year in real terms
 What is this report about?
 The outbound travel sectors of some of these countries are growing rapidly…
 …and yet this is the first ever study to focus on travel insurance and assistance in this region
 Primary research
 The survey includes around 470 travel trade, transportation and financial organisations…
 …and draws on an analysis of travel benefits linked to hundreds of banking products
 Market data
 External sources
 Travel insurance and assistance: how it all fits together
 The term 'travel insurance' can refer to protection from a heterogeneous range of risks…
 ...and assistance companies play a fundamental role in the global travel insurance industry
 Terms and abbreviations
 Types of packaged travel insurance and assistance
 Operating models
 Currencies, exchange rates and inflation
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