Europe Travel Insurance Market by Distribution Channel, Insurance Cover and End Users Forecast 2022

Europe Travel Insurance Market is estimated to reach $7,583 million by 2023, growing at a CAGR of 5.9% from 2016 to 2022.

Travel insurance is an important part of travel planning which is aimed at safeguarding the tourist from unforeseen events during their travel. It offers a relief in the form of monetary compensation to tackle intense travel situations. It provides a wide range of benefits to the tourists in terms of financial cover for medical and hospitalization expenses. In the event of evacuation or repatriation during an emergency, a valid travel insurance policy act as an authentic document for re-imbursement of expenses. Another added benefit of travel insurance includes protection against trip cancellation or interruption

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The growth in the tourism sector is expected create a huge demand of travel insurance in the European region. Moreover, the rising travel trend among senior citizen and baby boomer, government initiatives to create awareness and transformation towards digitalized platform are expected to drive the growth of Europe travel insurance market

Travel insurance services provider are offering several types of policy based on different requirement and needs. These policies are categorized into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance. Amongst these, single trip insurance dominates the Europe travel insurance market, owing to the growing travel among middle income group. Moreover, senior citizens and family traveler is considered as a most prominent end user segment for single trip travel insurance policy. However, long stay travel insurance policy is expected to grow at a relatively high growth rate owing to the rising educational travelers or sabbaticals.

UK is the market leader and accounted for 29% share of the Europe market in 2016, followed by Germany. UK is expected to maintain its dominance in the Europe travel insurance market, due to the process of Brexit, as the majority of the UK travelers are rely on European Health Insurance Card (EHIC) instead of purchasing a travel insurance policy to save money. However, Austria and Switzerland is estimated to grow at the highest CAGR of 7.5% and 7.1% during the forecast period, respectively. Exponential market growth in Austria is due to the gradual improvement in its economy and increase in tourism promotional activities by the Austria National Tourist Office.

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The companies operating in the Europe travel insurance market are shifting their focus towards digitalized channel in order to increase their customer reach. Amongst the various distribution channel, insurance aggregators are expected to grow at a relatively high growth rate and gain market share during the forecast period. This segment is expected to be highly popular among younger generation as they are more tech savvy as compared to other generations. However, insurance intermediaries are expected to maintain its dominance in the Europe travel insurance market, due to their trust and goodwill among senior citizens and baby boomers in delivering services.

Established market players have maintained their dominance in the Europe travel insurance industry even after the emergence of many new companies. However, taking advantage of the growing internet penetration, these budding companies are adopting marketing strategies such heavy discount options, and similar other value-added schemes to capture higher market share.

Key Findings of the Europe Travel Insurance Market:
•UK leads the Europe travel insurance market, followed by the Germany.
•Austria is still in its growth phase of adopting the travel insurance trend, and is expected to grow at highest CAGR of 7.5% from 2016 to 2022
•The insurance intermediaries segment accounts for the highest market share accounting for nearly 33% in 2016; however, the insurance aggregators segment is anticipated to witness highest demand during the forecast period.
•Overall, the family traveler segment possesses higher market share and is expected to witness a considerable growth during the forecast period.

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Key Players in the Value Chain
•Aviva Plc (UK)
•Saga Plc (UK)
•Atlas Travel Insurance Services Ltd (England)
•European Travel Insurance Group (Netherlands),
•InsuranceLine.gr (Greece),
•Alc Travel (UK),
•Staysure Limited (UK)
•ETA services (UK)
•Generali Group (Italy)
•Allianz Group (France)
•AXA Group (France)
•Insure and Go Insurance Services Limited (UK)
•The April Group (France)
•Mutuaide Assistance (France)
•Aon Plc (UK)

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