How Travel Insurance Market in Europe will hit $ 7,583 million: What comes next?

The rise in tourism, stringent government regulations, and rise in travel by baby boomers have propelled demand for travel insurance in Europe. Furthermore, a notable increase in the number of business travelers would have a positive impact on the travel insurance industry boost market growth in the years to come.

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The Europe travel insurance market was valued at $5,390 million in 2016, and is estimated to reach $ 7,583 million by 2023, registering a CAGR of 5.9% from 2016 to 2022. In 2016, the insurance intermediaries segment is estimated to dominate the Europe travel insurance market.

The key driver for the growth of Europe travel insurance market is the trend of countries within the region adopting travel insurance as a prerequisite for obtaining VISA. Furthermore, government and insurance regulatory bodies are creating a high-level awareness to the population and generating the demand for the growth of Europe travel insurance market. Low penetration level of insurance market and less awareness about the benefit related to travel insurance restrain the market growth.

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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Based on the distribution channel, traditional sources such as tour operators and travel agents have maintained their dominance in providing insurance policies with the help of advanced technology, combined with good training, and competitive pricing. However, with the changing consumer behavior and growth in digitalized channels, the online insurance aggregators have also gained market share. During the forecast period insurance aggregator is projected to grow at a CAGR of 10.6%.

Increasing Travel Rule and Regulation:

Countries such as UK, Germany, France, etc, are adopting travel insurance as a prerequisite for obtaining VISA. This provision exists to ensure that travelers are adequately covered in case of medical emergencies owing to high medical costs and hospitalization fees in visiting countries. In addition to this, in the event of repatriation, travel insurance cover the incurred cost. Moreover, the citizens of Europe have an added advantage to travel a Schengen area, which comprises of 26 countries of Europe, with Schengen VISA, wherein travel insurance policy is act as a minimum requirement to obtain a visa letter for the process of Schengen VISA. This precondition by authorities to have travel health insurance is a major driver for the Europe travel insurance market.

Comprehensive and Competitive Analysis of Leading travel insurance Industry in Europe Players:

•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)
•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)

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