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Travel Insurance and Assistance in Hong Kong
Publication Date Sep 2012
Publisher Finaccord
Product Type Report
Single User License help $ 954.00
 

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Finaccord’s report titled Travel Insurance and Assistance in Hong Kong is about the current status and likely future development of the market for stand-alone travel insurance policies in Hong Kong. It includes the following unique features:

- data for 2012 for the underlying travel market with segmentations by destination (split out for the top ten countries plus all others combined) and by type of journey (between holiday and business trips);

- data for the size of the market for stand-alone travel insurance and assistance in Hong Kong between 2008 and 2012 in terms of premiums and policies, with a segmentation between single-trip and annual cover;

- analyses of the share of distribution relationships of travel insurance providers split between travel trade, transportation and financial organisations, based on a primary survey of over 90 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Hong Kong, including cover packaged with payment cards and bank accounts as well as automotive clubs, direct sales, online aggregators and brokers, other online brands and retailers;

- forecasts to 2016 for both the underlying travel market and for the size of the market for stand-alone travel insurance and assistance in terms of premiums and policies, with the same segmentations as those specified above for the period from 2008 to 2012.

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 a convenient market data annexe, also in Excel format. This annexe can be used as a convenient source of data already in Excel format which means that there is no need for users to re-enter data from the PDF report into their own Excel worksheets.

1.0 INTRODUCTION

What is this report about? 

Rationale 

This report expands Finaccord's previous ground-breaking studies of this topic 

Methodology 

Primary research 

The survey includes over 90 travel trade, transportation and financial organisations… 

…and draws on a separate analysis of travel benefits linked to 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 

Definitions 

Terms and abbreviations 

Types of packaged travel insurance and assistance 

Operating models 

Currencies, exchange rates and inflation 

PartnerBASE™ and market data annexe 

Finaccord 

 

2.0 MARKET ANALYSIS

Introduction 

Underlying foreign travel market 

Residents undertake a huge number of trips and have a strong preference for FIT bookings 

The vast majority of trips are to mainland China and, in particular, the local province of Guangdong 

Market for travel insurance and assistance 

Hong Kong residents benefit from relatively low premiums for travel cover… 

…and an increasing proportion of travel policies take the form of annual or multi-trip cover 

Distribution through travel trade, transportation and financial organisations 

Summary of organisations researched 

Provision rates 

Stand-alone travel policies are available from virtually all of Hong Kong's retail banks 

Operating models 

The majority of distributors in Hong Kong choose to partner with a single, external underwriter 

Competitor share of partnerships 

Three insurers, led by Blue Cross, account for around 75% of schemes operated by the travel trade... 

…and several providers benefit from national agreements with large travel agency networks 

Chartis distributes its policies through several airlines 

AXA benefits greatly from its recent acquisition of HSBC's general insurance portfolio… 

…and the use of captive underwriters is widespread among Hong Kong's retail banks 

Travel insurance and assistance linked to payment cards and bank accounts 

Only a small proportion of credit cards feature one or more types of travel cover… 

…although provision rates vary greatly between standard and premium cards 

Other distribution channels 

Automotive clubs 

Direct distribution by insurance underwriters 

Many of Hong Kong's top underwriters sell travel policies direct to the consumer… 

…and insurance agents play a key and, at times, militant role in this market 

Online aggregators and brokers 

Other online brands 

Retailers 

Other types of distributor 

Forecasts 

Underlying foreign travel market 

In this mature market, the number of trips is expected to grow at just 1.5% per annum 

Market for travel insurance and assistance 

In nominal terms, premiums are likely to exhibit annual growth of more than 6% in the coming years

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