Rise in tourism, stringent government regulations, and rise in travel by baby boomers have propelled demand for travel insurance in Europe. Furthermore, a notable increase in the number of business travelers would have positive impact on travel insurance industry boost the market growth in the years to come.
According to a new report published by Allied Market Research, titled, Europe Travel Insurance Market by Distribution Channel, Insurance Cover, and End User: Global Opportunity Analysis and Industry Forecast, 2016-2022, the Europe travel insurance market was valued at $5,390 million in 2016, and is estimated to reach $ 7,583 million by 2023, registering a CAGR of 5.9% from 2016 to 2022. In 2016, the insurance intermediaries segment is estimated to dominate the Europe travel insurance market.
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The key driver for the growth of Europe travel insurance market is the trend of countries within the region adopting travel insurance as a prerequisite for obtaining VISA. Furthermore, government and insurance regulatory bodies are creating a high-level awareness to the population and generating the demand for the growth of Europe travel insurance market.
Low penetration level of insurance market and less awareness about the benefit related to travel insurance restrain the market growth.
UK is the market leader and accounted for 29% share of the Europe market in 2016, followed by Germany. UK is expected to maintain its dominance in the Europe travel insurance market, due to the process of Brexit, as the majority of the UK travelers are rely on European Health Insurance Card (EHIC) instead of purchasing a travel insurance policy to save money.
However, Austria and Switzerland is estimated to grow at the highest CAGR of 7.5% and 7.1% during the forecast period, respectively. Exponential market growth in Austria is due to the gradual improvement in its economy and increase in tourism promotional activities by the Austria National Tourist Office.
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Based on distribution channel, traditional sources such as tour operators and travel agents have maintained their dominance in providing insurance policies with the help of advanced technology, combined with good training, and competitive pricing. However, with the changing consumer behavior and growth in digitalized channels, the online insurance aggregators have also gained market share.
During the forecast period insurance aggregator is projected to grow at a CAGR of 10.6%.
Key Findings of the Europe Travel Insurance Market:
- UK leads the Europe travel insurance market, followed by the Germany.
- Austria is still in its growth phase of adopting the travel insurance trend, and is expected to grow at highest CAGR of 7.5% from 2016 to 2022
- The insurance intermediaries segment accounts for the highest market share accounting for nearly 33% in 2016; however, the insurance aggregators segment is anticipated to witness highest demand during the forecast period.
- Overall, the family traveler segment possesses higher market share and is expected to witness a considerable growth during the forecast period.
The key players profiled in this report include Generali Group (Italy), Allianz Group (France), AXA Group (France), Insure and Go Insurance Services Limited (UK), The April Group (France), Mutuaide Assistance (France), Aon Plc (UK), Aviva Plc (UK), Saga Plc (UK), and Atlas Travel Insurance Services Ltd (England).
Category: Market Research Publishers and RetailersCompany about: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...