“Although the travel insurance market has performed relatively well, especially considering the wider economy and holiday trends, there is still room for improvement. Competition on price and the high number of policies available has made it more difficult to compare the quality of cover, leaving some consumers with the wrong level of protection. This has resulted in a high level of consumer scepticism regarding claim payouts, and is something that providers will need to address in order to increase future sales.”

– Stevan Obradovic, Financial Services Analyst

Online banking is now firmly established as a mainstream channel within financial services. Around a third of all Irish consumers use online banking services with some degree of regularity, while around a fifth use online banking once a week or more often.

However, it remains the case that consumers primarily use online banking for simple, straightforward transactions – checking balances, viewing statements, paying bills and transferring money. Similarly, there is an increasing appetite among Irish consumers for purchasing financial products online, but these purchases tend to be confined to non-complex, commoditised financial products such as holiday and travel insurance.

Since Mintel last examined the Irish current account market in 2009, the situation facing both consumers and financial services providers has changed considerably. Both have their respective problems to address.

Consumers' efforts to reduce expenditure and curtail outgoings are negatively impacting upon current account providers' cross-selling opportunities. Banks' efforts to repair their balance sheets mean higher charges, fees and overdraft rates on current accounts.

The Irish population has faced a turbulent few years, amid threats of unemployment and not being able to manage their finances. These have subsequently led to a rise in stress, depression and other associated mental health problems, in addition to a rise in crime.

Many of the issues that were important consumers during the economic boom have retained some importance in consumers’ minds, with health being among the most prominent of these. Though the economy is showing signs of stabilising, the Irish population is still having to deal with the effects of the recession on a daily basis. This may be further compounded by threats to public sector spending, which will have a significant range of direct and indirect effects on consumers’ lifestyles, and rising global commodity prices. Overall there is a long road ahead in terms of restoring consumer confidence.

This report looks in detail at the travel insurance sector and the issues and challenges currently affecting the market. The report examines the factors that influence the market, such as people’s holiday trends, as well as wider external factors like PDI and the ageing population. Alternative products such as the EHIC are also explored. The size of the market is examined, including forecast growth in the sector, as well as the main players in the market and their respective market shares.