Italy Travel Insurance Market Size, Share, Statistics and Industry Research Report by 2023

The growth of the travel insurance market in Italy is mainly attributed to the increasing trend of availing travel insurance as a precondition for attaining Visa permit to ensure that travelers are adequately covered in case of medical emergencies in foreign countries and securing individuals from the high costs of health services during traveling.

Further, terrorist attacks in Europe in the recent years has left many travelers on high alert. Travelers have become more alert about terrorist attacks, thus have been opting for travel insurance policies that provide cover against terrorism.

The Italy travel insurance market was valued at $377 million in 2016, and is projected to reach $590 million by 2023, registering a CAGR of 6.6% from 2017 to 2023. The long stay travel insurance segment is anticipated to witness the highest growth rate during the forecast period.

According to the World Tourism Organization, arrivals of international tourists rose by 3.9% in 2016. Thus, the spiraling growth of the travel industry is expected to drive the Italy travel insurance market. The single trip travel insurance segment contributed the highest share to the global market in 2016. This segment accounted for 74.2% in 2016, and is projected to grow at the CAGR of 5.8% during the forecast period. However, the long-stay travel insurance segment is projected to grow at the highest rate of 9.0%.

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Insurance intermediaries in the distribution channel generated the maximum revenue share in 2016, and is expected to dominate the market throughout the forecast period, registering a CAGR of 5.7% from 2017 to 2023. Further, the insurance aggregator segment is expected to grow at the highest CAGR during the forecast period.

Growth in Tourism Sector:

Increase in footfalls at airports in the recent years has led to more number of incidents of related to luggage loss, medical emergencies, and natural calamities cases, which in turn has fueled the need to implement travel insurance to mitigate the risk associated with unforeseen circumstances. Thus, growth of the tourism industry is anticipated to fuel the travel insurance market growth in Italy. According to The World Bank Group, Italy has received 4.5% more travelers in 2015 as compared to 48.6 million tourists in the previous year. Increase in the number of foreign tourists and nationals visiting other countries has created a potential space for market development of the travel insurance industry.

Surge in Baby Boomer Travelers:

The tourism industry has witnessed steep growth in the baby boomer travel in the recent years. Moreover, they are more inclined toward availing insurance policies, owing to their bad experiences in the past and age. In addition, they travel along with their family or relatives, which create the need for secure travel. It has been observed that most of the baby boomers take five or more trips a year on an average, while more than 50% of them travel to domestic locations.

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Key Findings:

•The family traveler segment accounted for the highest revenue share to the Italy travel insurance market in 2016, and is expected to grow at a CAGR of 6.4% from 2017 to 2023.

•The insurance aggregator market by distributional channel is projected to grow at the highest CAGR during the forecast period.

•The single trip travel insurance segment generated the highest share in 2016, and is expected to continue its dominance throughout the study period.

•The senior citizens segment in end user category is expected to witness the highest growth rate during the forecast period.

Key Players:

•UnipolSai Assicurazioni S.p.A.
•Reale Mutua Assicurazioni
•Gruppo Cattolica Assicurazioni
•DARAG Deutsche Versicherungs- und Rckversicherungs-AG
•Generali Group
•Allianz Group
•AXA Group
•Filo Diretto
•MAPFRE SA

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