Market Trends of Germany Travel Insurance Industry
This section covers the major market trends shaping the Germany Travel Insurance Market according to our research experts:
Robust Automotive Market will Augment the Multiple Trip Travel Insurance Demand
The Germany Travel insurance market is anticipated to see maximum gains through 2027 fuelled by the strong automotive sector. Market players are expanding in this country, leading to a rise in the number of business trips. Multiple trip insurance eliminates the hassle of buying a new plan for every trip, acting as a one-time comprehensive solution. These insurance plans offer easy renewability, financial support, and clearance of documents. Industry participants including American Express Company and Allianz Partners are offering multi-trip insurance policies for frequent travellers to gain a higher market share.
Increase in Travel & Tourism Industry is Increasing the demand
Germany is one of the most visited countries in Europe. Both for domestic and international arrivals, Germany is well-connected in terms of travel routes and options. In general, Germans go on a variety of holidays both in and outside of the country. The most popular types of travel include summer holidays and going away with family. Making travel plans has changed enormously because of the internet. In Germany, 74 percent of the population go online to research their vacations. An increasing number of people also book their holidays on the internet. The German travel accommodation industry has been recording encouraging growth levels year after year, or, at least, before the pandemic. As of 2020, total revenue from tourist accommodation in the country amounted to 18.5 billion euros. In 2021, 50,912 establishments for tourists to stay in were open in Germany.
