UK-based financial market research consultancy Finaccord has released new research revealing that, despite persistently chaotic economic conditions in the Eurozone, a number of European markets for travel insurance and assistance have remained prosperous, and that certain international providers have managed to maintain market dominance. “Collectively, across the 20 European markets studied by Finaccord, stand-alone travel insurance and assistance is estimated to be worth €3.35 billion in gross written premiums in 2012,†said Simon Tottman, a Finaccord consultant. “The largest market is that of the UK, followed by those of Germany, Norway and the Netherlands. However, some of these markets are faring much better than others.†Despite a decline in the estimated number of foreign trips as a result of the financial crisis, a few countries have seen significant increases in outbound travel â€" Denmark, for example, saw a compound annual rate increase of 11 per cent between 2008 and 2012, while similar (although lower-level) growth was also recorded in the other three Nordic countries, as well as Spain, Turkey and Russia. Healthy growth in travel insurance premiums has also been noted in Turkey, whose market has more than doubled since the crash of 2008, and Romania, which has observed double-digit annual growth. The survey included over 2,750 transporation, travel trade and financial institutions across Europe, and identified partnerships for assistance and travel insurance involving over 200 providers, but overall, three multinational groups seemed to stand head and shoulders above the rest â€" Allianz, Generali and Munich Re. “At the European level,†commented Tottman, “these top three providers jointly accounted for 35.7 per cent of the distribution partnerships documented by the research, with the next five providers accounting for a further 10.8 per cent of partnerships. However, the concentration of individual markets varies widely.†He cited the example of Austria’s leading provider, Europäische Reiseversicherung, which is a joint venture between Generali and Munich Re and holds over 60 per cent of partnerships. “On the other hand,†he added, “in the UK â€" which is Europe’s most fragmented travel insurance market â€" the top four providers accounted for less than 25 per cent between them.†Coming soon in ITIJ, Simon Tottman will be providing further insight into the travel insurance markets in Asia. ShareThis Powered By iWebRSS.co.cc
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