Press release
Europe Travel Insurance Market Size to reach $10.39 Billion by 2027, growing at a CAGR of 14.4% from 2020 to 2027
Travel insurance covers the expenses incurred and minimizes the risks during travel. It acts as a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents, among others.
During COVID-19, the sale of travel insurance policies is expected to decline, owing to global fear of the virus and unprecedented travel restrictions, which has tremendously reduced the demand for travel services across the regions.
Several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers providing consumers with various options to compare products and prices, suggest suitable policies, and others. In addition, travel insurance providers in the region offer different plans by covering costs and losses depending on coverages in the policy.
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Mandatory rules & regulations imposed by the government have urged the consumers to avail travel insurance as a prerequisite for obtaining VISA, which is expected to drive the growth of Europe travel insurance market. In addition, increase in tourism led to several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the Europe travel insurance market.
However, lack of understanding & awareness regarding travel insurance coverages and low penetration level & fewer written policies of travel insurance are some of factors limit the growth of Europe travel insurance premium in the market. On the contrary, insurers in the region are expected to enhance existing distribution platforms of travel insurance to accelerate productivity with the help of technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), among others. As a result, these factors are expected to create lucrative opportunity for the Europe travel insurance market in the upcoming years.
The insurance intermediaries sector dominated the Europe travel insurance industry in 2019 and is projected to maintain its dominance during the forecast period. Due to several intermediaries upgrading their offerings by incorporating software such as global distribution system (GDS), which enables transactions between travel industry service providers such as airlines, hotels, car rental companies, and travel agencies.
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The report focuses on the growth prospects, restraints, and trends of the Europe travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Europe travel insurance market.
SEGMENT REVIEW
The Europe travel insurance market is segmented on the basis of insurance cover, distribution channel, end user, and region. In terms of insurance cover, it is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance.
Based on distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Country wise, it is analyzed across UK, Germany, France, Italy, Spain, Netherlands, Switzerland, Austria, and Rest of Europe.
The report analyses the profiles of key players operating in the market are Allianz, American International Group Inc., Assicurazioni Generali S.P.A., Aviva, AXA, EUROPEAN Travel Insurance Group, Insure & Go Insurance Services Limited, Mutuaide, The April Group, and Zurich. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their position in the industry.
COVID-19 IMPACT ANALYSIS
Key players operating in the market are facing the negative impact of the COVID-19 outbreak, which are witnessing reduction in their revenue. Although the COVID-19 outbreak negatively impacts the Europe travel insurance market growth, the industry is expected to recover by the third quarter of 2020. This is attributed to an increased awareness of travel insurance among individuals, essentials of insurance coverage, restarting of tourism places, and other such factors are expected to provide numerous opportunities for the market in the upcoming years. In addition, insurers could test, enhance better connectivity to support more staff working off-site, and in flexible ways during the pandemic situation.
TOP IMPACTING FACTORS
RISE IN BABY BOOMER TRAVEL
The European tourism industry has witnessed steep growth in the baby boomer travel in the recent years. Moreover, they are more inclined toward availing insurance policies, owing to their past experiences and growing age. In addition, they travel along with their family or relatives, which creates the need for secure travel.
It has been observed that most of the baby boomers spend an average of 27 days in a year traveling, wherein nearly 41% of them considered Europe for international travel. In addition, the three most popular European countries visited by baby boomers are England, France, and Italy. Thus, rise in baby boomers travel is a significant factor toward the growth of the Europe travel insurance market.
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NEW TECHNOLOGICAL DEVELOPMENTS IN THE EUROPE TRAVEL INSURANCE INDUSTRY
The insurance industry has witnessed a paradigm shift in the recent years. For instance, according to Internet world stat, nearly 89.4% of the European population are accessing the internet via their mobile phones, desktop computers, and laptops. Therefore, with observing this trend, insurance companies have focused on formulating various strategies to provide mobile-friendly services.
Furthermore, increased technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, blockchain, and big data are providing innovative opportunities for insurers in the market. With these technological developments, travel insurance distribution platforms are expected to enhance productivity for providing coverages seamlessly at the point-of-purchase in the region.
KEY BENEFITS FOR STAKEHOLDERS
o The study provides an in-depth analysis of the Europe travel insurance market share along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
o Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
o An extensive analysis of the key segments of the industry helps to understand the Europe travel insurance market trends.
o The quantitative analysis of the Europe travel insurance market from 2020 to 2027 is provided to determine the market potential.
EUROPE TRAVEL INSURANCE MARKET KEY SEGMENTS
BY INSURANCE COVER
o Single-Trip Travel Insurance
o Annual Multi-Trip Travel Insurance
o Long-Stay Travel Insurance
BY DISTRIBUTION CHANNEL
o Insurance Intermediaries
o Insurance Companies
o Banks
o Insurance Brokers
o Insurance Aggregators
BY END-USER
o Senior Citizens
o Education Travelers
o Business Travelers
o Family Travelers
o Others
BY COUNTRY
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Switzerland
o Austria
o Rest of Europe
KEY MARKET PLAYERS
o Allianz
o American International Group Inc.
o Assicurazioni Generali S.P.A.
o Aviva
o AXA
o EUROPEAN Travel Insurance Group
o Insure & Go Insurance Services Limited
o Mutuaide
o The April Group
o Zurich
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