Travel Insurance and Assistance in Saudi Arabia

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Jun 17, 2013, 07:02 ET

NEW YORK, June 17, 2013 /PRNewswire/ --Reportlinker.com announces that a new market research report is available in its catalogue:

Travel Insurance and Assistance in Saudi Arabia

http://www.reportlinker.com/p01360803/Travel-Insurance-and-Assistance-in-Saudi-Arabia.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Travel_Services

Finaccord's report titled Travel Insurance and Assistance in Saudi Arabia is about the current status and likely future development of the market for stand-alone travel insurance policies in Saudi Arabia.

It includes the following unique features:

- data for the size of the market for stand-alone travel insurance and assistance in Saudi Arabia 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 80 actual and potential distributors of stand-alone travel policies;

- a review of other direct and affinity distribution channels used in Saudi Arabia, 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.

Table of Contents

0.0 EXECUTIVE SUMMARY1.0 INTRODUCTION

What is this report about?RationaleThis report builds upon Finaccord's ground-breaking studies of this topic in other regionsMethodologyPrimary researchThe survey includes around 90 travel trade, transportation and financial organisations……and draws on an analysis of various travel benefits linked to banking productsMarket dataExternal sourcesTravel insurance and assistance: how it all fits togetherThe 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 industryDefinitionsTerms and abbreviationsTypes of packaged travel insurance and assistanceOperating modelsCurrencies, exchange rates and inflationPartnerBASEFinaccord

2.0 MARKET ANALYSIS

IntroductionUnderlying foreign travel marketResidents of Saudi Arabia now undertake more than 17 million trips every year……although most of these travellers do not venture outside of the Middle EastMarket for travel insurance and assistanceDespite the traditional nature of Saudi society, this market is growing quickly……and an increasing proportion of travel policies take the form of annual or multi-trip coverDistribution through travel trade, transportation and financial organisationsSummary of organisations researchedProvision ratesInsurance is less widely available in Saudi Arabia than elsewhere in the GCC……with just a third of regular travel agents having a scheme for travel coverDistribution via financial organisations is virtually non-existentOperating modelsThe research identifies just one instance of a captive underwriter being usedCompetitor share of partnershipsTawuniya, Al Sagr and AXA jointly account for two thirds of schemes offered by travel agents…whereas the potentially lucrative Al Tayyar contract is held by another insurer……and Fursan Travel makes use of the Al Rajhi group's captive underwriterPartnerships with both transportation and financial entities are very limitedTravel insurance and assistance linked to payment cards and bank accountsIn Saudi Arabia, around a half of credit card products feature some form of travel benefit……although only premium cards feature the more valuable, comprehensive policiesOther distribution channelsAutomotive clubsDirect distribution by insurance underwritersSeveral providers, including Tawuniya, sell travel policies direct to the publicOnline aggregators and brokersOther online brandsRetailersOther types of distributorForecastsUnderlying foreign travel marketThe rapid expansion of Saudi Arabia's outbound travel sector is expected to continueMarket for travel insurance and assistanceThe value of Saudi Arabia's market is expected to more than double between 2012 and 2016?

LIST OF GRAPHICS / TABLES0.0 EXECUTIVE SUMMARY

Key market data for travel insurance and assistance in Saudi Arabia, 2008, 2012 and 2016

1.0 INTRODUCTION

Travel insurance and assistance: how it all fits together

2.0 MARKET ANALYSIS

Number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2008 to 2012Number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2008 to 2012 (table)Estimated gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2008 to 2012Estimated gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2008 to 2012 (table)Summary of travel trade, transportation and financial organisations researched in Saudi Arabia, segmented by type, 2013Provision rates for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2013Operating models used for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2013Operating models used for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2013 (table)Competitor share of partnerships for stand-alone travel insurance and assistance in Saudi Arabia, 2013: travel trade organisationsCompetitor share of partnerships for stand-alone travel insurance and assistance in Saudi Arabia, 2013: transportation organisationsCompetitor share of partnerships for stand-alone travel insurance and assistance in Saudi Arabia, 2013: financial organisationsProvision rates for travel insurance and assistance linked to payment cards and bank accounts in Saudi Arabia, segmented by product function and level, and by type of cover, 2013Forecast number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2016Forecast number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2016 (table)Forecast gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2016Forecast gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2016 (table)