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The growth of the segment is attributed owing to, travel restrictions being normalized post the COVID-19 pandemic and the Europe travel industry gaining back its traction. COVID-19 created a surge in demand for Europe travel insurance. Now more than ever, travelers see the benefits of carrying the coverage, which is creating new trends in the market.
The government has imposed Mandatory rules & regulations which have urged consumers to avail of travel insurance as a prerequisite for obtaining a VISA, which is expected to drive the growth of the Europe travel insurance market. In addition, the increase in tourism led to several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others taking 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 the factors limiting the growth of Europe travel insurance premiums 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.
Scope of the Report
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad. Europe Travel Insurance Market is Segmented by Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and by End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others).
|By Coverage Type|
|Single-Trip Travel Insurance|
|Annual Multi-Trip Travel Insurance|
|By Distribution Channel|
|By End Users|
|Rest of Europe|
Key Market Trends
Technological Developments is Driving the Europe Travel Insurance Market
The insurance industry has witnessed a paradigm shift in recent years. Nearly 89.4% of the European population are accessing the internet via their mobile phones, desktop computers, and laptops. Therefore, by 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 by providing coverages seamlessly at the point of purchase in the region.
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Increasing in Demand for Travel & Tourism Industry is Driving the Travel Insurance Market
Revenue and market volume of the Travel & Tourism market in Europe is projected to grow at a substantial rate in 2022. Booking through digital channels and online platforms has become easier, and there are generally fewer barriers when it comes to travel. In the Travel & Tourism market, 77% of total revenue will be generated through online sales by 2026. Tourism is a major contributor to the economy of many regions Including Europe. Over the last couple of decades, modern communication, growth in wealth, and long periods of peace have led to the growth of the Travel & Tourism market. Over the last two years, the COVID-19 pandemic has led to a decrease in users and revenue numbers in the Travel & Tourism market. Widespread uncertainty regarding infection and incidence rates, combined with regional and/or national restrictions, prevented many tourists from selecting international destinations. Therefore, many turned to domestic travel, although the overall number of leisure vacations reduced across the board. To mitigate the negative impact of the pandemic, many travel companies offered free cancellations.
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Europe Travel Insurance Market is moderatly consolidated in nature. Some of the major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies is increasing their market presence by securing new contracts and by tapping new markets.
- On April 2022, AXA Partners, an AXA business unit offering a wide range of solutions in assistance services, travel, and specialised insurance and credit protection, has teamed up with Trip.com again to further expand a travel insurance product in Europe.
- On February 2022, has entered into an association with Allianz Partners to provide optional travel insurance to its passengers. This would Increase the revenue generated from Travel Insurance by Allianz.
Table of Contents
1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness- Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargainning Power of Buyers
4.4.3 Bargainning Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competative Rivalry
4.5 Insights into Latest Technological Innovations and Recent Trends in the Industry
4.6 Insights on Government Regulations in the Industry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Coverage Type
5.1.1 Single-Trip Travel Insurance
5.1.2 Annual Multi-Trip Travel Insurance
5.2 By Distribution Channel
5.2.1 Insurance Intermediaries
5.2.2 Insurance Companies
5.2.3 Insurance Brokers
5.2.4 Insurance Aggregator
5.3 By End Users
5.3.1 Senior Citizens
5.3.2 Education Travelers
5.3.3 Business Travelers
5.3.4 Family Travelers
5.4 By Country
5.4.2 United Kingdom
5.4.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Assicurazioni Generali S.P.A.
6.2.3 American International Group Inc.
6.2.6 Insure & Go Insurance Services Limited
6.2.7 European Travel Insurance Group
6.2.8 The April Group
7. FUTURE TRENDS AND MARKET OPPORTUNITIES
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Frequently Asked Questions
What is the study period of this market?
The Europe Travel Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Europe Travel Insurance Market?
The Europe Travel Insurance Market is growing at a CAGR of >6.5% over the next 5 years.
Who are the key players in Europe Travel Insurance Market?
Allianz, Assicurazioni Generali S.P.A., American International Group Inc., AXA, Aviva are the major companies operating in Europe Travel Insurance Market.