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Sport, Travel & Leisure / REPORT INFORMATION

Consumer Approaches to Travel Insurance in Italy

DateOct, 2006
Pages35
Price / format$1130 / Online Download

$1 130 

Report Information | Custom-Tailored Research | Product Trade Lead


Abstract:
 Countries covered: Italy

Finaccord’s report titled Travel Metrics: Consumer Approaches to Travel Insurance in Italy offers detailed insights into the behaviour of Italian consumers in the context of travel insurance. Based on a primary survey of consumers in Italy carried out between June and August 2006, the research provides valuable data describing the extent to which those undertaking significant journeys take out travel insurance and clarifying the proportion of uninsured travellers who recognise the benefits of the insurance but simply do not get round to acquiring cover. In addition to calculating the percentage of consumers that buys travel insurance in Italy, the investigation also analyses the types of policy that they buy (ie. annual policies, single trip policies or policies packaged automatically with holidays / travel tickets or credit cards), whether they hold comprehensive or partial cover for travel-related risks, which distribution channel and interface they use to take out travel insurance and whether they buy a policy at the same time as arranging a holiday or travel ticket or either in advance or retrospectively. Finally, the report measures the degree to which consumers are satisfied with their insurance, whether they find it expensive and if they are unlikely to purchase it the next time that they undertake a significant trip, and ranks major underwriters of travel insurance according to the frequency with which they are identified by consumers as the provider of their policy. Key features of this report include: - unique analyses showing the percentage of consumers that acquire travel insurance in Italy and the potential for this proportion to grow further; - accurate data describing the percentage of travellers covered for a comprehensive range of travel-related risks as opposed to a limited array of risks only; - robust statistics illustrating the extent to which a plethora of alternative distribution channels, such as airlines, banking institutions, credit card issuers, retailers and direct sales by insurers are eroding the share of the travel trade; - reliable ranking of the underwriters identified by consumers as the providers of their travel insurance the last time that they undertook a significant journey; - valuable insights into the reasons given by travellers for not purchasing insurance (for example, because they did not have time, because it is too expensive, because they did not see the benefit).



Table of contents:
0.0 EXECUTIVE SUMMARY
A significant proportion of consumers lack any form of travel cover when they make a significant trip
Single trip and packaged policies are used most commonly by insured travellers in Italy
There is clear scope to increase the penetration of comprehensive travel insurance policies
Many insured travellers lack awareness of the ultimate underwriter or provider of their insurance
Even excluding packaged policies, the travel trade is the most important class of distributor
The research suggests a comparatively small market for retrospective or ‘last minute’ sales
A clear majority of insured travellers appear to be fully satisfied with the cover that they acquired
Expanding the market will require insurers and their distributors to implement several action points
1.0 INTRODUCTION
Finaccord
European consumer research
Travel insurance
Creditor insurance
Mobile telephone insurance
European market, partnership and bancassurance research
Research rationale
Consumer research illustrates the differences between Europe’s five most populous markets…
… thereby helping underwriters and distributors to develop robust strategies for future development
Research sample
The research embraces a total of 1,222 respondents in Italy
Research strengths and weaknesses
A mixed Internet and telephone research methodology produces balanced results…
… assisting insurance companies and other interested parties to benchmark their performance
2.0 SURVEY ANALYSIS
Introduction
% of respondents undertaking significant travel
% of respondents covered by insurance the last time that they travelled
Attitudes towards travel insurance of respondents without cover
Types of travel insurance protecting respondents
Risks covered by travel insurance protecting respondents
Identities of underwriters offering travel insurance
Policies paid for separately and automatic packaging
Distribution channels used for travel insurance
Distribution interfaces used for travel insurance
Point in time chosen by respondents to obtain travel insurance
Attitudes towards travel insurance of respondents with cover


GRAPHICS / TABLES


Sample breakdown in Italy by age group, household income band and geographical location
% of respondents in Italy undertaking significant travel, 2004-6
% of respondents in Italy covered by insurance the last time that they undertook significant travel, 2004-6
% split of attitudes towards travel ins. of resps. in Italy undertaking significant travel without cover, 2004-6
Types of travel insurance protecting respondents in Italy, 2004-6
Risks covered by travel insurance in Italy, 2004-6 (penetration among those with travel insurance)
Risks covered by travel insurance in Italy, 2004-6 (penetration among all undertaking significant travel)
Identities of underwriters offering travel insurance in Italy, 2004-6
Segment. of travel ins. in Italy between pols. paid for separately and pols. packaged automatically, 2004-6
Distribution channels used for stand-alone travel insurance protecting respondents in Italy, 2004-6
Distribution interfaces used for stand-alone travel insurance protecting respondents in Italy, 2004-6
Point in time chosen by respondents in Italy to obtain stand-alone travel insurance, 2004-6
% split of attitudes towards travel insurance of respondents in Italy with cover, 2004-6




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