Summary

• 1. Consolidation is a symptom, not the story. The story is that the economics of the sector have changed, and scale is now a precondition for competing on the capabilities that matter.
  2. Distribution is overtaking product as the primary source of competitive advantage, but only where it delivers the right cover to the right customer.
  3. Embedded insurance is reshaping how and when customers buy, compressing the traditional sales moment into the booking flow and raising the duty to ensure customers understand what they are buying.
  4. A rising regulatory bar around product design, target markets, fair value and claims handling is making customer duty inseparable from commercial success.
  5. Travel distributors have become sophisticated commercial actors who expect integration, governance, reporting and genuine partnership.
  6. The gap between commercial intent and execution is widening, and it is where most value is now won or lost.