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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 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 Saudi Arabia 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 over 120 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 Saudi Arabia 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 u

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 120 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
Outbound trips from Saudi Arabia have proved relatively resistant to economic difficulties… ......... 10
… with business travel constituting a particularly low proportion of all journeys overseas ... 10
Over two thirds of outbound travel is to neighbouring or nearby countries ... 12
Market for travel insurance and assistance .... 12
Trip growth has brought about a steady rise in both policies and premiums… ........ 12
… although annual policies are generally less prevalent than in other countries ..... 12
Average travel insurance policy prices are comparatively high in Saudi Arabia ....... 13
Distribution through travel trade, transportation and financial organisations  14
Summary of organisations researched ........ 14
Provision rates .......... 15
Less than a third of all potential distributors are actual distributors of travel insurance......... 15
Operating models ..... 16
In the shape of MetLife ANB AIG, Arab National Bank is unique in using a joint venture underwriter ......... 16
Competitor share of partnerships – travel trade entities ..... 19
Seven underwriters claim distribution partnerships with travel trade organisations… .......... 19
… albeit Medgulf claims just over a half of the weighted share of partnerships........ 19
Competitor share of partnerships – transportation organisations .. 21
Only two insurers are visible as providers of travel insurance for airlines… . 21
…with AIG claiming the highest share in the weighted analysis of partnerships ...... 21
Competitor share of partnerships – financial organisations ........... 23
Al Rajhi Bank and SABB both employ captive underwriters for travel insurance… .. 23
…and a large number of insurance brands underwrite their own travel cover .......... 23
Tawuniya and Medgulf lead the weighted analysis, reflecting their prominence as insurance brands ........ 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
Online aggregators and brokers ...... 27
Aggregator Sougalmal provides links to six travel insurance underwriters ... 27
Other online brands .. 27
HolidayGuard operates as a tied agent in the Saudi Arabian market ........... 27
Retailers ........ 27
Other types of distributor ...... 27
Leading competitors ..... 27
Medgulf is likely to be the clear market leader for stand-alone travel insurance in Saudi Arabia… . 27
…with Al Rajhi Takaful, AXA Cooperative Insurance and Tawuniya also prominent… ....... 28
…and with a large number of other companies claiming smaller shares, generally through direct distribution ...... 28
Forecasts .......... 30
Underlying foreign travel market ...... 30
Growth in business trips should accelerate rapidly if and when the economy recovers… ... 30
… albeit they will remain dwarfed by journeys made for holiday and leisure purposes ........ 30
Market for travel insurance and assistance . 32
Relatively robust growth is expected for Saudi Arabia’s travel insurance market… . 32
… with annual policies forecast to outpace single-trip policies up to 2019 .... 32

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY ....... 1
Key market data for travel insurance and assistance in Saudi Arabia, 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 Saudi Arabia, segmented by purpose of trip, 2011 to 2015 ...... 11
Number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2011 to 2015 (table) ....... 11
Estimated gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2011 to 2015 ..... 13
Estimated gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2011 to 2015 (table) ..... 14
Summary of travel trade, transportation and financial organisations researched in Saudi Arabia, segmented by type, 2015 ........ 15
Provision rates for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2015 . 16
Operating models used for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2015 . 17
Operating models used for stand-alone travel insurance and assistance in Saudi Arabia, segmented by type of travel trade, transportation and financial organisation, 2015 (table) . 18
Partnerships with travel trade organisations offering travel insurance and assistance in Saudi Arabia, 2015: weighted and unweighted competitor share ... 20
Partnerships with transportation organisations offering travel insurance and assistance in Saudi Arabia, 2015: weighted and unweighted competitor share .... 22
Partnerships with financial organisations offering travel insurance and assistance in Saudi Arabia, 2015: weighted and unweighted competitor share ... 24
Provision 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 ........ 26
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Saudi Arabia, 2015 ........... 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in Saudi Arabia, 2015 (table) ........... 30
Number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2019 (forecast) ........... 31
Number of foreign trips undertaken by residents of Saudi Arabia, segmented by purpose of trip, 2019 (forecast) (table) ........... 31
Gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2019 (forecast) ........... 32
Gross written premiums and policy numbers for travel insurance and assistance in Saudi Arabia, 2019 (forecast) (table) ........... 33

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