An individual’s potential loss during travel may vary significantly depending on factors such as how much of trip is prepaid, purchased ticket refundability, traveler’s health conditions, destination to where one is travelling, and similar other. Travel insurance acts as a cushion in an intense situation that may occur during travel. It covers the expenses incurred and minimizes the risks during travel. With the growing initiatives by government and the market players to spread awareness among the masses the industry has witnessed and increase in sales of travel insurance policy.
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In Europe, travel insurance market is at a niche level, however, with the changing competitive and distribution dynamics, the market is projected to grow at significant CAGR during the forecast period of 2016-2022. Furthermore, with the stringent government policy with regards to travel insurance policy and the high cost of health care facility in the region drive the Europe Travel Insurance Policy.
However, fewer written policies and low & fluctuating rates due to large number of competitors present in the market restrain the market growth.
In addition, growth in tourism industry creates a new prospect to surge the demand for travel insurance in the region.
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According to office of national statistics, the number of outbound travelers in the UK have increased by 3% in 2015 as compared to 2014, strengthening the growth of the UK travel insurance market. Moreover, in the Netherlands travel market it has been observed that domestic tourist spending had increased by relatively 2.6% in 2015.
The market is segmented on the basis of type of distribution channel, insurance cover, end user, and geography. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others.
Based on insurance cover, it is divided into single trip, annual multi-trip, and long stay. Based on end user, it is categorized into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers.
Geographically, it is analyzed across UK, Germany, France, Spain, Italy, Netherlands, Switzerland, Austria, and Rest of Europe. Key players profiled in the 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).
- This study provides an in-depth analysis of the Europe travel insurance market, in terms of value to elucidate the imminent investment pockets.
- A detailed impact analysis of the current trends, country-wise travel insurance market, and future estimations is provided to target the profitable sectors.
- The drivers, restraints, and opportunities are analyzed to identify the prevailing market opportunities.
- Porter’s Five Forces analysis highlights the potency of suppliers and buyers in the competitive market to facilitate efficient business planning.
KEY MARKET SEGMENTS
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By Distribution Channel
- Insurance Intermediaries
- Insurance Company
- Insurance Broker
- Insurance Aggregators
By Insurance Cover
- Single Trip
- Annual Multi-trip
- Long Stay
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Fully Independent Traveler
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- Rest of Europe
KEY PLAYERS IN THE VALUE CHAIN
- 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)
- Atlas Travel Insurance Services Ltd (England)
The other market players include:
- European Travel Insurance Group (Netherlands),
- InsuranceLine.gr (Greece),
- Alc Travel (UK),
- Staysure Limited (UK)
- ETA services (UK).
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