Europe Travel Insurance Market Expected to Reach $7,583 Million | By Top Leading CompaniesGenerali Group (Italy), Allianz Group (France), AXA Group (France), Insure and Go Insurance Services Limited (UK), The April Group (France), Mutuaide Assistance (Fra

According to a new report published by Allied Market Research, titled, Europe Travel Insurance Market by Distribution Channel, Insurance Cover, and End User: Global Opportunity Analysis and Industry Forecast, 2016-2022, 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.

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 positive impact on travel insurance industry boost the market growth in the years to come.

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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.

Based on 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%.

The key players profiled in this report include 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), and Atlas Travel Insurance Services Ltd (England).

Analyst Review:

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.

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.

LIST OF TABLES

Table 1. Europe Travel Insurance Market, by Distribution Channel, 2014-2022 ($Million)
Table 2. Europe Travel Insurance Market, by Insurance Cover, 2014-2022 ($Million)
Table 3. Europe Travel Insurance Market, by End-User, 2014-2022 ($Million)
Table 4. UK Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 5. UK Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 6. UK Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 7. Germany Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 8. Germany Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 9. Germany Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 10. France Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 11. France Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 12. France Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 13. Spain Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 14. Spain Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 15. Spain Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 16. Italy Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 17. Italy Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 18. Italy Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 19. Netherlands Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 20. Netherlands Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 21. Netherlands Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 22. Switzerland Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 23. Switzerland Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 24. Switzerland Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 25. Austria Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 26. Austria Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 27. Austria Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 28. Generali Group: Company Snapshot
Table 29. Generali Group: Operating Segments
Table 30. Allianz Group: Company Snapshot
Table 31. Allianz Group: Operating Segments
Table 32. AXA Group: Company Snapshot
Table 33. AXA Group: Operating Segments
Table 34. Insure and Go Insurance Services Ltd.: Company Snapshot
Table 35. Insure and Go Insurance Services Ltd: Operating Segments
Table 36. The April Group: Company Snapshot
Table 37. The April Group: Operating Segments
Table 38. Mutuaide Assistance: Company Snapshot
Table 39. Mutuaide Assistance: Operating Segments
Table 40. Aon Plc: Company Snapshot
Table 41. Aon Plc: Operating Segments
Table 42. Aviva Plc: Company Snapshot
Table 43. Aviva Plc: Operating Segments
Table 44. Saga Plc: Company Snapshot
Table 45. Saga Plc: Operating Segments
Table 46. Atlas Travel Insurance Services Ltd: Company Snapshot
Table 47. Atlas Travel Insurance Services Ltd: Operating Segments

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