Market Size of Europe Travel Insurance Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.39 Billion EUR |
| Market Size (2029) | USD 6.05 Billion EUR |
| CAGR (2024 - 2029) | 6.20 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Europe Travel Insurance Market Analysis
The Europe Travel Insurance Market size in terms of gross written premiums value is expected to grow from EUR 4.39 billion in 2024 to EUR 6.05 billion by 2029, at a CAGR of 6.20% during the forecast period (2024-2029).
2021 saw the Travel Insurance industry grapple with a multitude of challenges including pandemic impacts, disruptive technology, and climate-related risks. COVID-19 accelerated the transition to digital solutions because of necessity and enabled insurers to manage the pandemic's impact by allowing workforces to operate remotely effectively and efficiently. But with this shift came the rise in cyber threats.
However, whilst last year necessitated a faster pace of change than was perhaps ideal, looking forward the insurers will want to continue to adapt to protect their operations, and market and promote customer retention. Customer demand for more interactive and efficient digital platforms and products is set to continue, which will require travel insurers' ongoing adaption to new technologies. With that will possibly come associated cyber risks, with ransomware and supply chain attacks continuing to increase. However, digital transformation remains important for insurers wanting to stay relevant, competitive, and reputationally sound in the current market.
