Italy Travel Insurance Market Expected to Reach $590 Million by 2023 with leading companies like UnipolSai Assicurazioni S.p.A., Reale Mutua Assicurazioni, Gruppo Cattolica Assicurazioni, DARAG Deutsche Versicherungs und Rckversicherungs-AG, Generali Grou

The Italy travel insurance market is in its growth phase, and is expected to grow at a CAGR of 6.6% during the forecast period. The growing tourism industry and rise in the number of domestic and international travelers have fueled the demand for travel insurance policies in Italy. Rise in terrorist attacks in Europe and increase in uncertainties during travel are expected to drive the Italy travel insurance market.

According to a new report published by Allied Market Research, titled, Italy Travel Insurance Market by Product Type, Distribution Channel, and End User: Opportunity Analysis and Industry Forecast, 2017-2023, 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.

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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. 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%.

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.

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The report features a competitive scenario of the Italy travel insurance industry along with a comprehensive analysis of the key growth strategies adopted by major players. The key players profiled in the study are 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, and MAPFRE SA. The key strategies adopted by market players include geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations.

Key Findings of the Italy Travel Insurance Market:
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.

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