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Travel Insurance and Assistance in the UAE is about the current status and likely future development of the market for stand-alone travel insurance policies in the UAE. It includes the following unique features:

- data spanning 2011 to 2015 for the underlying travel market with a segmentation by type of journey (between holiday and business trips) and with related commentary concerning the popularity of different overseas destinations;

- data for the size of the market for stand-alone travel insurance and assistance in the UAE between 2011 and 2015 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 130 actual and potential distributors of stand-alone travel policies including airlines, banks, insurance brands and specialised lenders, plus both traditional and online travel trade entities;

- a review of other direct and affinity distribution channels used in the UAE including automotive clubs, direct sales, online aggregators, other online brands and retailers, plus cover packaged with payment cards and bank accounts;

- estimates for the market share of travel insurance and assistance gross premiums for the top ten underwriters of this type of cover in the UAE in 2015

0.0 EXECUTIVE SUMMARY .......... 1
1.0 INTRODUCTION .......... 3
What is this report about?  3
Rationale . 3
This report builds upon Finaccord's previous ground-breaking studies about this topic ...... 3
Methodology ........ 3
Primary research ........... 3
The survey includes over 130 travel trade, transportation and financial organisations........ 3
... including airlines, banks, insurance brands and both traditional and online travel trade entities .. 4
Market data ...... 4
External sources ........... 5
Travel insurance and assistance: how it all fits together .... 5
The term 'travel insurance' can refer to protection from a heterogeneous range of risks…  5
...and assistance companies play a fundamental role in the travel insurance industry ....... 6
Definitions ............ 6
Terms and abbreviations ........... 6
Types of packaged travel insurance and assistance ...... 6
Operating models ......... 7
Weighted shares ........... 8
Currencies, exchange rates and inflation ........... 8
PartnerBASE ....... 8
Finaccord  8
2.0 MARKET ANALYSIS . 10
Introduction ........ 10
Underlying foreign travel market  10
Rapid growth in travel from the UAE between 2011 and 2014 slowed down considerably in 2015… ....... 10
… with business trips the first to feel this effect .. 10
Market for travel insurance and assistance ......... 12
Both policy numbers and premiums have been hit by the economic downturn of 2015… ............ 12
… with previous steady growth in annual policies stalling in that year ..... 12
Distribution through travel trade, transportation and financial organisations ......... 14
Summary of organisations researched  14
Provision rates ............ 15
All travel agents and insurance brands promote stand-alone travel cover ............ 15
Operating models ....... 16
A significant number of distributors utilise more than one travel insurance partner… ....... 16
… with captive underwriters also quite prominent ........... 16
Competitor share of partnerships – travel trade entities ............ 19
AXA Insurance Gulf is the most commonly used travel insurance provider to the travel trade… .. 19
…with AIG and Zurich Insurance Middle East also prevalent amid a diverse range… ..... 19
… albeit RSA leapfrogs those two providers in the weighted analysis of partnerships ..... 19
Competitor share of partnerships – transportation organisations .......... 21
AIG and Noor Takaful are especially visible as providers of travel insurance for airlines… ........... 21
…and the former company maintains this visibility in the weighted analysis of partnerships ......... 21
Competitor share of partnerships – financial organisations ...... 23
AXA and Zurich are the most frequently named underwriters in the financial category…  23
…albeit a number of other insurers have picked up distribution mandates with banks ..... 23
RSA leads the weighted analysis as a consequence of its partnership with Emirates NBD Bank  23
Travel insurance and assistance linked to payment cards and bank accounts..... 25
Other distribution channels ......... 26
Automotive clubs ......... 26
Direct distribution by specialist travel insurers .. 27
Orient Insurance underwrites policies distributed by Mondial Assistance  27
Online aggregators and brokers .......... 27
The activity of online intermediaries appears to be increasingly rapidly ... 27
Other online brands .... 27
Four brands act as tied agents in the specific context of travel insurance ............ 27
Retailers ......... 27
Other types of distributor ......... 28
Providers of visa application services constitute a minor additional channel for travel insurance .. 28
Using its WISConnectz platform, Worldwide Insurance Solutions is seeking to benefit from market growth .......... 28
Leading competitors ....... 28
AXA is likely to be the clear market leader for stand-alone travel insurance in the UAE… ............ 28
… and only two other competitors are likely to hold a market share of more than 10%... . 29
… with more than a dozen others probably restricted to a market share of less than 1%  31
Forecasts ........... 31
Underlying foreign travel market .......... 31
Overseas trips are forecast to slowly recover up to 2019… ........ 31
Market for travel insurance and assistance ...... 33
… which should help to sustain growth in the UAE’s travel insurance market ...... 33

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY .......... 1
Key market data for travel insurance and assistance in the UAE, 2011, 2015 and 2019 .... 2
1.0 INTRODUCTION .......... 3
Travel insurance and assistance: how it all fits together .... 5
2.0 MARKET ANALYSIS . 10
Number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2011 to 2015 .. 11
Number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2011 to 2015 (table) .... 11
Estimated gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2011 to 2015 ...... 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2011 to 2015 (table) ....... 14
Summary of travel trade, transportation and financial organisations researched in the UAE, segmented by type, 2015 .......... 15
Provision rates for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2015 ..... 16
Operating models used for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2015 ........ 17
Operating models used for stand-alone travel insurance and assistance in the UAE, segmented by type of travel trade, transportation and financial organisation, 2015 (table) .......... 18
Partnerships with travel trade organisations offering travel insurance and assistance in the UAE, 2015: weighted and unweighted competitor share ........ 20
Partnerships with transportation organisations offering travel insurance and assistance in the UAE, 2015: weighted and unweighted competitor share ........ 22
Partnerships with financial organisations offering travel insurance and assistance in the UAE, 2015: weighted and unweighted competitor share ........ 24
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in the UAE segmented by product function and level, and by type of cover ....... 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in the UAE, 2015  30
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in the UAE, 2015 (table) .. 31
Number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2019 (forecast) .. 32
Number of foreign trips undertaken by residents of the UAE, segmented by purpose of trip, 2019 (forecast) (table) .... 33
Gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2019 (forecast) ............ 34
Gross written premiums and policy numbers for travel insurance and assistance in the UAE, 2019 (forecast) (table)  34

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