Travel Insurance and Assistance in the Asia-Pacific Region

NEW YORK, Jan. 23, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Travel Insurance and Assistance in the Asia-Pacific Region
http://www.reportlinker.com/p01979528/Travel-Insurance-and-Assistance-in-the-Asia-Pacific-Region.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Travel_Services

Travel Insurance and Assistance in the Asia-Pacific Region investigates the market for stand-alone travel insurance and assistance in ten countries, namely, Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, South Korea and Taiwan.

This market is estimated by Finaccord to have been worth USD 3.63 billion in gross written premiums in 2012 having increased by over USD 1 billion since 2008. Moreover, the competitive and distribution dynamics of the market continue to evolve with new channels emerging and partnerships with major distributors subject to regular change.

For the research, Finaccord investigated the distribution partnerships of 1,220 travel trade, transportation and financial organisations across the region; it also analysed systematically the involvement in travel insurance in each country of other key distributor categories, namely automotive clubs, direct sales, online aggregators and brokers, other online brands, and retailers.

The report is accompanied by an Excel PartnerBASEâ„¢ dataset that details the travel insurance partnerships of each of the travel trade, transportation and financial organisations covered, plus a convenient market data annexe, also in Excel format.

Key findings from the executive summary include:

- the number of foreign trips (lasting one night or more) across the ten Asia-Pacific countries increased from 162 million in 2008 to 219 million in 2012, which equates to a compound annual growth rate of 7.8% during this period;

- on average, annual policies accounted for 13.5% of all stand-alone travel cover sold during 2012, and annual policies are perceived to be most significant in Singapore and least widespread in Taiwan;

-across its various subsidiaries, AIG is the leading provider of travel insurance and assistance in the Asia-pacific region, as measured by the number of partnerships held with travel trade, transportation and financial organisations, and it is active in all ten of the countries investigated;

- gross written premiums from stand-alone travel insurance and assistance in the ten countries are forecast to increase to USD 5.24 billion in 2016 which, after taking inflation into account, would represent an increase of 5.6% per year between 2012 and 2016.

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY 1

Outbound travel from this region has registered impressive growth in recent years 2
Residents of Hong Kong and Singapore are the most frequent international travellers 2
Most trips are to other Asia-Pacific countries, although France, the UK and the US are also popular 2
Regionally, premiums have been rising at more than 6% per annum in real terms 3
Two countries account for around half of travel insurance premiums across these ten countries 4
Uptake of travel insurance is particularly high in Taiwan, due to mandatory packaging. 5
Cover is available from the vast majority of travel agents and tour operators in the Asia-Pacific region 5
Overall, around a fifth of all distributors collaborate with two of more insurance providers 5
Leading underwriters in this sector include multinationals ACE, AIG and Allianz 6
China is expected to witness the fastest growth in premiums between 2012 and 2016 7

1.0 INTRODUCTION 9

What is this report about? 9
Rationale 9
This report updates and expands upon Finaccord's previous ground-breaking research 9
Methodology 10
Primary research 10
The survey includes more 1,220 travel trade, transportation and financial organisations… 10
…and draws on a separate analysis of travel benefits linked to more than 4,500 banking products. 10
Market data 12
External sources 12
Travel insurance and assistance: how it all fits together 12
The term 'travel insurance' can refer to protection from a heterogeneous range of risks… 12
.and assistance companies play a fundamental role in the global travel insurance industry 13
Definitions 13
Terms and abbreviations 13
Types of packaged travel insurance and assistance 14
Operating models 14
Currencies, exchange rates and inflation 15
PartnerBASE and market data annexe 16
Finaccord 16

2.0 REGIONAL OVERVIEW 18

Introduction 18
Underlying foreign travel markets 18
Number of trips 18
Outbound travel from this region as a whole is growing at around 8% per annum 18
The number of foreign trips undertaken by Chinese residents has almost doubled in the past four years 18
Several other markets, including Australia and Indonesia, are also growing quickly 18
Hong Kong and Singapore display by far the highest numbers of overnight foreign trips per capita. 20
.with much of this traffic being to neighbouring countries 20
Across this diverse region, there is little correlation between national wealth and frequency of travel. 22
.and several countries buck the expected trend for their own particular reasons 22
Purpose of trips 23
Business trips account for around a fifth of all outbound trips in the region 23
In general, leisure travel is expanding more quickly than business travel 25

Destination of trips 27
Around 90% of outbound travellers from Hong Kong do not venture beyond China. 27
.whereas Australian and Indian travellers arrive at a very wide range of destinations 27
Most trips are to other Asia-Pacific countries, although there are some key long-haul destinations too 27
Markets for travel insurance and assistance 30
Policy numbers and value of premiums 30
In real terms, regional premiums have been growing at more than 6% per annum in recent years 30
The largest three markets account for more than 60% of travel insurance premiums in this region 31
In terms of policy volumes, markets exhibiting rapid growth include China and Indonesia 31
Rapid nominal growth in premiums in India is greatly reduced when viewed in real terms 32
Awareness and use of annual policies is thought to be rising gradually across the region 34
Market metrics 36

Across this region, premiums per capita vary from less than USD 1 to more than USD 60 36
Taiwan has the highest estimated number of policies per trip… 40
…and average policy prices in Australia and Japan are far higher than in many other countries 40
Distribution through travel trade, transportation and financial organisations 43
Provision rates 43
Travel agents / tour operators: in three of the ten countries covered, availability is seemingly ubiquitous 43
Online travel specialists: this channel is least developed in Indonesia and Taiwan 44
Airlines: on average, around 30% of the region's airlines offer travel insurance to passengers 45
Ferry operators: barring a few exceptions, these do not actively distribute travel policies 46
Railway operators: three quarters of Japan's railway operators offer travel cover 47
Banking organisations: banks in Australia, Hong Kong and Singapore are very active in this field 48
Specialised card providers: relatively few Japanese and South Korean issuers sell stand-alone cover 49
Operating models 50
The majority of stand-alone travel schemes involve a single external underwriter… 50
…although the use of multiple providers is relatively common, especially in Japan and Taiwan 50
Competitive landscape 53
South Korea has the most concentrated stand-alone market in the Asia-Pacific region 53
At group level, AIG is the most common partner for stand-alone travel insurance schemes… 55
…and other leading providers include ACE, Allianz and Munich Re. 55
Distribution linked to payment cards and bank accounts 57
The packaging of comprehensive travel policies with credit cards is most common in Japan. 57
.whereas the inclusion of travel benefits with packaged bank accounts barely exists in this region 57

Forecasts 60
Underlying foreign travel markets 60
The region's outbound travel sector is expected to grow well between 2012 and 2016. 60
.with China and India both forecast to experience double-digit annual growth 60
Markets for travel insurance and assistance 61
At a regional level, policy volumes are forecast to rise at nearly 9% per annum… 61
…although the real-terms increase in gross written premiums is expected to be slightly lower than this 61
At the local level, the strongest growth in premiums is expected to occur in China 62

3.0 AUSTRALIA 65

Introduction 65
Underlying foreign travel market 65
Australia's outbound travel market continues to thrive, driven by a strong holiday segment 65
Australians habitually travel to a wide range of destinations across multiple continents 67
Market for travel insurance and assistance 67
In real terms, Australia's travel insurance market is growing at nearly 6.5% per year… 67
…and an increasing proportion of travel policies take the form of annual or multi-trip cover 68
Distribution through travel trade, transportation and financial organisations 69
Summary of organisations researched 69
Provision rates 70
Travel cover is available from virtually all travel agents, plus many leading airlines and banks 70
Operating models 71
Two banks make use of captive underwriters for their stand-alone travel policies 71
Competitor share of partnerships 73
Cover-More accounts for more than 40% of schemes operated by the travel trade. 73
.where it has group-level partnerships with several large travel agency brands 73

Other significant providers include QBE, SureSave and various brands owned by Allianz 74
Air New Zealand and Qantas both make use of the same insurance partner 75
Allianz is the leading underwriter of stand-alone travel policies distributed by banks. 75
…although CGU and AAI both have a number of partnerships in this area 76
Travel insurance and assistance linked to payment cards and bank accounts 77
More than 45% of credit card products feature comprehensive travel cover… 77
…but levels of provision vary greatly between standard and premium cards 77
Other distribution channels 78
Automotive clubs 78
Direct distribution by insurance underwriters 79
Most leading travel insurance providers have slick online sales engines. 79
. including Southern Cross, which has grown rapidly since its launch in Australia in 2009 79
Online aggregators and brokers 79
A number of specialist online aggregators exist in this area 79
Other online brands 79
Allianz is the underwriter behind a large number of online travel insurance brands 79
Retailers 80
Other types of distributor 80
WorldNomads is the accredited provider of travel insurance to both Lonely Planet and Rough Guides. 80
Forecasts 80
Underlying foreign travel market 80
The number of foreign holiday trips is expected to grow at more than 6% per annum up to 2016. 80
Market for travel insurance and assistance 82
. helping the value of the travel insurance market to advance at a similar rate 82

4.0 CHINA 84

Introduction 84
Underlying foreign travel market 84
The number of foreign trips undertaken for leisure purposes grew at 17.5% per annum up to 2012 84
Three destinations account for over a half of China's outbound traffic 86
Market for travel insurance and assistance 86
In real terms, China's travel insurance market is growing at more than 20% per year… 86
…although it remains dominated by single-trip policies 86
Distribution through travel trade, transportation and financial organisations 88
Summary of organisations researched 88
Provision rates 89
More than 90% of travel agents and tour operators sell travel insurance. 89
.whereas availability from airlines and banks is significantly lower 89
Operating models 90
The vast majority of distributors choose to partner with a single, external underwriter. 90
.although captive and joint venture underwriters, plus one broker, are also active here 90
Competitor share of partnerships 92

Leading providers in the travel trade distribution channel include CPIC, PICC and Ping An. 92
.albeit Finaccord's research identifies a total of 18 providers as being active in this area. 93
.including joint venture CITIC-Prudential Life Insurance and one broker 93
AIG and Ping An each hold significant travel insurance partnerships with airlines. 94
.with the latter also a key provider to financial organisations. 95
.as are CIGNA & CMC Life and Taiping General 95
Travel insurance and assistance linked to payment cards and bank accounts 96
Around half of China's credit card products feature one or more forms of travel cover. 97
…with penetration generally stronger among premium cards 97
Other distribution channels 98
Automotive clubs 98
Automotive Alliance China collaborates with a number of travel insurance underwriters. 98
Direct distribution by insurance underwriters 99
Most of the leading insurers sell travel policies directly to consumers 99
Online aggregators and brokers 99
Several well-known insurance aggregators compare travel policies 99
Other online brands 99
Retailers 99
Just one retail brand has begun selling travel cover to its customers 99
Other types of distributor 99
Forecasts 100
Underlying foreign travel market 100
The number of foreign holiday trips is expected to exceed 135 million by 2016. 100
Market for travel insurance and assistance 101
.causing the volume of stand-alone travel policies sold to continue climbing rapidly 101

5.0 HONG KONG 103

Introduction 103
Underlying foreign travel market 103
Residents undertake a huge number of trips and have a strong preference for FIT bookings 103
The vast majority of trips are to mainland China and, in particular, the local province of Guangdong 105
Market for travel insurance and assistance 106
Hong Kong residents benefit from relatively low premiums for travel cover… 106
…and an increasing proportion of travel policies take the form of annual or multi-trip cover 106
Distribution through travel trade, transportation and financial organisations 107
Summary of organisations researched 107
Provision rates 108
Stand-alone travel policies are available from virtually all of Hong Kong's retail banks 108
Operating models 109
The majority of distributors in Hong Kong choose to partner with a single, external underwriter 109
Competitor share of partnerships 111
Three insurers, led by Blue Cross, account for around 75% of schemes operated by the travel trade. 111
…and several providers benefit from national agreements with large travel agency networks 112
Chartis distributes its policies through several airlines 113
AXA benefits greatly from its recent acquisition of HSBC's general insurance portfolio… 114
…and the use of captive underwriters is widespread among Hong Kong's retail banks 114
Travel insurance and assistance linked to payment cards and bank accounts 115
Only a small proportion of credit cards feature one or more types of travel cover… 116
…although provision rates vary greatly between standard and premium cards 116
Other distribution channels 117

Automotive clubs 117
Direct distribution by insurance underwriters 118
Many of Hong Kong's top underwriters sell travel policies direct to the consumer… 118
…and insurance agents play a key and, at times, militant role in this market 118
Online aggregators and brokers 118
Other online brands 118
Retailers 119
Other types of distributor 119
Forecasts 119
Underlying foreign travel market 119
In this mature market, the number of trips is expected to grow at just 1.5% per annum 119
Market for travel insurance and assistance 121
In nominal terms, premiums are likely to exhibit annual growth of more than 6% in the coming years 121

6.0 INDIA 123

Introduction 123
Underlying foreign travel market 123
Foreign trips per capita remain low although they have increased rapidly in recent years 123
Migrant worker flows, especially to parts of the Middle East, play a key role in India 125
Market for travel insurance and assistance 125
In real terms, India's travel insurance market is growing at a healthy rate… 125
…albeit the market remains heavily dominated by single-trip cover 126
Distribution through travel trade, transportation and financial organisations 127
Summary of organisations researched 127
Provision rates 128
Availability of travel policies is highest among travel agents and online travel specialists 128
.and more than half of India's banks also offer stand-alone cover 128
Operating models 129
The vast majority of distributors partner with one or more external underwriters 129
Competitor share of partnerships 131

Leading providers of insurance via the travel trade include Bajaj Allianz and Tata AIG. 131
.and many of National Insurance Company's activities in this area are due to TrawellTag 132
Seven other travel insurance underwriters lay claim to at least one significant travel trade partnership 132
Airline involvement in the distribution of travel insurance remains apparently limited 133
The leading provider of travel insurance to the travel sector works with nine banks. 134
.placing it comfortably ahead of its nearest rival which claims four bank relationships 134
Travel insurance and assistance linked to payment cards and bank accounts 135
Around a third of credit card products include one or more types of travel cover… 136
.whereas travel policies are not a feature of packaged bank accounts in India 136
Other distribution channels 137
Automotive clubs 137
Direct distribution by insurance underwriters 138
Many of the country's leading underwriters sell travel policies directly… 138
.although the state-owned insurers generally lack online sales capability 138
Online aggregators and brokers 138
Several online insurance aggregators are also active in this field 138

Other online brands 138
Two international travel insurance brands are able to offer cover to Indian travellers 138
Retailers 138
Two retail brands act as distributors of travel insurance 138
Other types of distributor 139
Forecasts 139
Underlying foreign travel market 139
The number of foreign holiday trips is expected to grow at nearly 12% per annum up to 2016. 139
Market for travel insurance and assistance 140
.which will help to propel strong nominal growth in travel insurance premiums 140

7.0 INDONESIA 142

Introduction 142
Underlying foreign travel market 142
Tax cuts, extra airline capacity and a growing middle class all contribute to rising trip numbers 142
More than 60% of outbound travellers from Indonesia head either to Singapore or Malaysia 144
Market for travel insurance and assistance 144
Relatively few travellers posses insurance, but awareness and uptake are growing quickly 144
Annual policies represent only a very small part of this young travel insurance market 145
Distribution through travel trade, transportation and financial organisations 146
Summary of organisations researched 146
Provision rates 147
The availability of stand-alone travel cover is still relatively under-developed in Indonesia 147
Operating models 148
Around three quarters of Indonesian distributors opt to partner with a single, external underwriter 148

Competitor share of partnerships 150
Partnerships forged at group level are sometimes ignored by local travel agency branches 150
By share of partnerships in the travel trade, AIG emerges as the market leader 150
Other providers with numerous distribution deals in this area include ACA, AXA and Zurich 151
One insurance group has a strong hold on partnerships involving airlines. 152
.and a number of foreign insurance companies are active in this transportation sector 152
Bank Rakyat Indonesia partners with another state-owned entity for travel insurance 153
Travel insurance and assistance linked to payment cards and bank accounts 154
Around 35% of credit card products feature one or more types of travel cover… 155
…although the availability of travel benefits varies greatly between standard and premium cards 155
Other distribution channels 156
Automotive clubs 156
Direct distribution by insurance underwriters 157
Direct selling of travel insurance is widespread in Indonesia. 157
.although policy purchases cannot always be fulfilled via the internet 157
Online aggregators and brokers 157
Other online brands 157
Retailers 157
Other types of distributor 157
Some of Indonesia's leading mobile phone operators have set up travel insurance schemes 158
Forecasts 158
Underlying foreign travel market 158
The number of business trips is expected to grow at nearly 10% per annum 158
Market for travel insurance and assistance 159
Premiums from stand-alone travel policies are forecast to almost double in value between 2012 and 2016 159

8.0 JAPAN 161

Introduction 161
Underlying foreign travel market 161
Japan's outbound travel sector may now be retreating from the peak levels seen in 2012 161
The US is the most common destination, thanks in part to the popularity of trips to Hawaii 163
Market for travel insurance and assistance 163
Japan's stand-alone travel insurance market is rising at around 1.9% per year in real terms… 163
…and the significance of annual or multi-trip cover continues to grow 164
Distribution through travel trade, transportation and financial organisations 165
Summary of organisations researched 165
Provision rates 166
The vast majority of travel agents sell stand-alone policies, as do Japan's two main airlines 166
Operating models 167
Most distributors partner with a single, external underwriter. 167

.but there are examples of travel agents using captive or joint venture insurers 167
Competitor share of partnerships 169
Three insurers, led by AIU, account for nearly three quarters of schemes operated by the travel trade. 169
…although many large travel agents work with several of the leading underwriters 170
JI Accident & Fire Insurance acts as both an external and a joint venture partner 170
Whilst ANA collaborates with three insurers, JAL has an exclusive partnership with Tokio Marine 171
Multiple banks and card issuers partner with Mitsui Sumitomo and Sompo Japan 172
Travel insurance and assistance linked to payment cards and bank accounts 173
The majority of Japanese credit cards feature travel insurance of one kind or another… 174
…and premium cards almost always include a comprehensive travel policy 174
Other distribution channels 175
Automotive clubs 175
Direct distribution by insurance underwriters 176
The majority of Japan's main non-life insurers also sell travel cover direct to the consumer 176
Online aggregators and brokers 176
Japan hosts several multi-line insurance aggregators plus at least one specialising in travel cover 176

Other online brands 176
Retailers 176
Two major retailing groups are significant distributors of travel insurance 176
Other types of distributor 176
Other distributors of travel insurance include airport kiosks, mobile operators and suitcase rental outlets 176
Forecasts 177
Underlying foreign travel market 177
The number of foreign trips is expected to increase only marginally between 2012 and 2016 177
Market for travel insurance and assistance 178
The number of stand-alone policies sold is expected to exceed 10 million in the near future 178

9.0 NEW ZEALAND 180

Introduction 180
Underlying foreign travel market 180
Apart from during 2009, New Zealand's outbound travel sector has continued to grow in recent years 180
Australia is by far the most common destination, accounting for around 45% of all foreign trips 182
Market for travel insurance and assistance 182
In real terms, New Zealand's travel insurance market is growing at around 3.5% per year… 182
…and an increasing proportion of travel policies take the form of annual or multi-trip cover 183
Distribution through travel trade, transportation and financial organisations 184
Summary of organisations researched 184
Provision rates 185
The most significant airlines and retail banks all sell stand-alone travel policies 185
Operating models 186
The vast majority of distributors in New Zealand choose to partner with a single, external underwriter 186

Competitor share of partnerships 188
Three insurers, led by QBE, account for more than 80% of schemes operated by the travel trade. 188
…and many top providers benefit from national agreements with large travel agency networks 189
Allianz Global Assistance, Chartis and QBE each collaborate with multiple airlines 190
Vero partners with subsidiaries of both ANZ National Bank and SBS…. 191
…and IAG New Zealand accounts for around a fifth of partnerships in this field 191
Travel insurance and assistance linked to payment cards and bank accounts 192
More than 40% of credit card products feature comprehensive travel cover… 193
…but provision of the different types of policy varies greatly between standard and premium cards 193
Other distribution channels 194
Automotive clubs 194

Direct distribution by insurance underwriters 195
Many of the country's leading underwriters sell travel policies direct to the consumer… 195
…and Southern Cross continues to expand its market share in this key area 195
Online aggregators and brokers 195
Other online brands 196
Retailers 196
Other types of distributor 196
Forecasts 196
Underlying foreign travel market 196
The number of foreign holiday trips is expected to grow at around 4% per annum 196
Market for travel insurance and assistance 198
In nominal terms, premiums are likely to exhibit annual growth of more than 6% in the coming years 198

10.0 SINGAPORE 200

Introduction 200
Underlying foreign travel market 200
Singapore's outbound travel sector has continued to develop in recent years 200
Malaysia is by far the most common destination, accounting for around 45% of all overnight trips 202
Market for travel insurance and assistance 202
In real terms, Singapore's travel insurance market is growing at around 7.5% per year… 202
…and an increasing proportion of travel policies take the form of annual or multi-trip cover 203
Distribution through travel trade, transportation and financial organisations 204
Summary of organisations researched 204
Provision rates 205
Availability of stand-alone travel cover from mainstream travel agents and banks is very high 205
Operating models 206
The vast majority of distributors in Singapore choose to partner with a single, external underwriter 206
Competitor share of partnerships 208
Three insurers, led by Chartis, account for more than 75% of schemes operated by the travel trade. 208

…and ACE is the exclusive underwriter for two key travel agents 209
So far, relatively few travel insurers have forged distribution links within the transportation sector 210
ACE, Chartis and MSIG all have distribution partnerships with multiple financial organisations… 210
…and several banks make use of captive insurance companies 211
Travel insurance and assistance linked to payment cards and bank accounts 212
More than half of credit card products feature some form of travel benefit… 213
…but provision of the different types of policy varies greatly between standard and premium cards 213
Other distribution channels 214
Automotive clubs 214
Direct distribution by insurance underwriters 215

All of Singapore's large non-life underwriters sell travel policies direct to the consumer 215
Online aggregators and brokers 215
Other online brands 215
Retailers 215
Other types of distributor 215
Forecasts 216
Underlying foreign travel market 216
The number of foreign holiday trips is expected to grow at around 8% per annum 216
Market for travel insurance and assistance 217
In nominal terms, premiums are likely to exhibit annual growth of more than 10% in the coming years 217

11.0 SOUTH KOREA 219

Introduction 219
Underlying foreign travel market 219
Outbound travel continues to grow, backed by a strong currency and increased airline capacity 219
China and Japan are the most popular destinations, jointly accounting for over 40% of all trips 221
Market for travel insurance and assistance 221
In real terms, the stand-alone market has been growing at more than 7% per year… 221
…and annual or multi-trip cover accounts for a growing proportion of policies 222
Distribution through travel trade, transportation and financial organisations 223
Summary of organisations researched 223
Provision rates 224
Availability from travel agents is seemingly ubiquitous, whilst airline provision is undeveloped 224
A number of the largest retail banks offer stand-alone travel insurance policies 224
Operating models 225
A majority of distributors partner with one or more external underwriters. 225
.although two banking organisations use their own captive insurers for this purpose 225
Competitor share of partnerships 227

Two providers jointly account for more than three quarters of travel trade partnerships. 227
. in a sector in which seven underwriters hold at least one distribution relationship 228
One international insurer leads the field for bank partnerships in South Korea. 229
.whilst active local underwriters in this area include several captive entities 229
Travel insurance and assistance linked to payment cards and bank accounts 230
Less than 5% of South Korean credit cards feature comprehensive travel insurance. 231
…although travel benefits of most kinds are far more commonly added to premium credit cards. 231
Other distribution channels 232
Automotive clubs 232
Direct distribution by insurance underwriters 233
Many of the country's largest underwriters sell policies directly to consumers 233
Online aggregators and brokers 233
At least six aggregators compare quotes from different travel insurance firms. 233
Other online brands 233

AIG's distribution capability includes a local Travel Guard website 233
Retailers 233
Other types of distributor 233
The education sector is likely to be a fairly important conduit for selling travel cover 233
Forecasts 234
Underlying foreign travel market 234
The number of trips undertaken for both business and leisure purposes is expected to advance further. 234
Market for travel insurance and assistance 235
. which will drive a nominal compound annual growth rate of 3.4% in the market value up to 2016 235

12.0 TAIWAN 237

Introduction 237
Underlying foreign travel market 237
Apart from during 2009, Taiwan's outbound travel sector has grown well in recent years… 237
…and group tours currently account for just a third of all foreign trips 237
China and Hong Kong are the leading destinations, and account for around 52% of all foreign trips 239
Market for travel insurance and assistance 239
In real terms, Taiwan's travel insurance market is growing at around 5.4% per year… 239
…and this market is characterised by a virtual absence of annual policies 240
Distribution through travel trade, transportation and financial organisations 241
Summary of organisations researched 241
Provision rates 242
Travel agents selling packages are required to include basic travel accident and medical cover 242
Operating models 243
The use of multiple underwriters is relatively common, as are bank-owned captive insurers 243
Competitor share of partnerships 245

Fubon and Cathay Century lead the field in terms of partnering with travel agents 245
Several local and multinational providers benefit from multiple distribution agreements 246
ACE Insurance is the most common external underwriter used by banking organisations… 247
…although a number of Taiwan's banks make use of captive insurance partners. 247
Travel insurance and assistance linked to payment cards and bank accounts 248
The majority of Taiwanese credit card products feature one or more forms of travel cover 249
Other distribution channels 250
Automotive clubs 250
Direct distribution by insurance underwriters 251
Direct sales, and those conducted through insurance agents, are highly significant in Taiwan 251
Online aggregators and brokers 251
Other online brands 251
Retailers 251
Other types of distributor 251
Forecasts 252
Underlying foreign travel market 252
The number of foreign trips for business purposes is expected to reach 3.2 million in 2016 252
Market for travel insurance and assistance 253
In nominal terms, premiums are likely to exhibit annual growth of 8% in the coming years 253

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1

Key market data for travel insurance and assistance in the Asia-Pacific region, 2008 to 2012 8

1.0 INTRODUCTION 9

Number of travel trade, transportation and financial organisations covered by the research, segmented by country and by type of organisation, 2013 11
Travel insurance and assistance: how it all fits together 13

2.0 REGIONAL OVERVIEW 18

Number of foreign trips undertaken by residents of the Asia-Pacific region, segmented by country, 2008 to 2012 19
Number of foreign trips undertaken by residents of the Asia-Pacific region, segmented by country, 2008 to 2012 (table) 20
Number of foreign trips per capita in the Asia-Pacific region, segmented by country, 2008 to 2012 21
Number of foreign trips per capita in the Asia-Pacific region, segmented by country, 2008 to 2012 (table) 22
GDP per capita versus number of foreign trips per capita in the Asia-Pacific region, segmented by country, 2012 23
Purpose of foreign trips undertaken by residents of the Asia-Pacific region, segmented by country, 2012 24
Purpose of foreign trips undertaken by residents of the Asia-Pacific region, segmented by country, 2012 (table) 25

Compound annual growth in foreign trips undertaken by residents of the Asia-Pacific region, segmented by country and by purpose of trip, 2008 to 2012 26
Concentration of leading destinations for outbound travellers from the Asia-Pacific region, segmented by country, 2011 and 2012 28
Concentration of leading destinations for outbound travellers from the Asia-Pacific region, segmented by country, 2011 and 2012 (table) 29
Estimated single-trip and annual policy numbers and gross written premiums for stand-alone travel insurance and assistance in the Asia-Pacific region, 2008 to 2012 30
Relative size of estimated gross written premiums for stand-alone travel insurance and assistance in the Asia-Pacific region, segmented by country, 2012 31
Compound annual growth in the estimated number of stand-alone travel insurance and assistance policies in the Asia-Pacific region, segmented by country, 2008 to 2012 32
Compound annual

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