Constant demand for Italy Travel Insurance Market, 2016-2023 | Allied Market Research

The Italy travel insurance market is expected to reach $590 million by 2023, registering a CAGR of 6.6% during the forecast period. Travel insurance is an integral part of travel scheduling, which is aimed at safeguarding travelers from untoward events during travel. Moreover, travel insurance comprises medical cover along with a package with non-medical options such as trip postponement, cancellation of flights or trains, lodging bills charged due to cancellation of ticket, luggage theft, accidents, charges that are not included in the health insurance cover, and other uncertainties during trips.

The market is consolidated by the presence of key travel insurance providers in Italy. With moderate growth rate and low supply-demand gap, the market is expected to be highly competitive for the key market players. Further, constant demand for insurance cover on baggage loss, flight delays, and other inconveniences drive the demand for Italy travel insurance market.

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Travel insurance is a type of insurance, which covers monetary expenses, healthcare expenditures, and other financial losses incurred during traveling. Growth in the tourism and leisure sector is expected to create a huge demand for travel insurance policies in Italy. Moreover, increasing travel trend among senior citizens and government initiatives to create awareness and transformation toward digitalized platform are expected to drive the Italy travel insurance market. Further, travel has become a part of the educational, professional, and personal life, which in turn increases the exposure to travel-related emergencies. Thus, most travelers opt for travel insurance policies to mitigate the risk associated with traveling.

The Italy travel insurance market was valued at $377 million in 2016, and is expected to reach $590 million by 2023, registering a CAGR of 6.6% from 2017 to 2023. The market is driven by factors such as upsurge in tourism sector, growth in baby boomer travelers, stringent travel rules and regulation by government authorities, and manifold rise in domestic and international travelers.

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Top Winning Strategies

Top winning strategies have been analyzed by performing a thorough study of the leading players in the Italy travel insurance industry. Comprehensive analysis of the recent developments and growth curves of various companies have helped in understanding the growth strategies adopted by them and their potential effects on the market growth. Market players have been evaluated based on annual reports, SEC filings, and press releases. The key strategies traced from the analysis of recent developments of the key players in the Italy travel insurance market include:

Acquisition: This move is adopted by companies to take ownership stakes in other companies and control them. Moreover, it helps in expanding geographical presence and catering to new customer requirements.
New Product Launch: This includes the introduction of new, unique rental plans in the market.
Partnership: This strategy is adopted when two or more companies agree to cooperate and advance their mutual interests.
Business Expansion: This strategy is adopted to enhance product portfolios, effective operations, expand geographical outreach, and increase customer base.

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Key Benefits

In-depth analysis of the Italy travel insurance market and dynamics is provided to understand the market dynamics.
Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on the prevailing opportunities.
Porters five forces analysis examines the competitive structure of the Italy travel insurance market, and provides a clear understanding of the factors that influence market entry and expansion.
Comprehensive analyses of the trends, subsegments, and key revenue pockets are provided in the report.
Detailed analysis of the key players operating in the Italy travel insurance industry and their business strategies have been provided to assist stakeholders to take informed business decisions.

The key players operating in the Italy travel insurance industry include Allianz Global Assistance SAS, AXA Group, DARAG Deutsche Versicherungs- und Rckversicherungs-AG, Filo Diretto, Generali Group, Gruppo Cattolica Assicurazioni, MAPFRE S.A., Reale Mutua Assicurazioni, and UnipolSai Assicurazioni S.p.A. The key business strategies adopted by market players include acquisition, geographical expansion, new product development, strategic alliance, and collaboration.

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