A new study by Report Ocean states that the Europe travel insurance market is likely to register a high rise in the years to come. The study is titled “Europe Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Regional Opportunity Analysis and Industry Forecast, 2020–2027.”
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The increase in traveling by the baby boomer population, along with their family or relatives, is creating huge requirements for secure travel. This, in turn, has augmented the demand of travel insurance among baby boomers. For instance, the baby boomer population spends an average of 27 days in traveling, annually, in which, around 41% of them choose Europe for international travel, thereby, driving the Europe travel insurance market. Furthermore, with a rise in tourism, trip cancellations, loss of luggage and important documents, medical emergencies, and several other incidences take place. To mitigate these risks, the demand for travel insurance has increased significantly across Europe, adding to this market. However, the dearth of awareness toward travel insurance policies, in terms of premium rates and coverage, and low penetration level and fewer written policies for travel insurance in the region are limiting the growth of this market.
Impact of Covid 19 on Europe Travel Insurance Market
The Coronavirus pandemic has disturbed a number of industries across the world. One among those is the Europe travel insurance market. The severity of this virus’ impact on humans has compelled various governments in Europe to impose lockdown in their respective states, which restricted every activity that needed people to go out of their homes, including tours and travel. In such a situation, the demand for travel insurance dropped radically, impacting the market’s growth. In the mid two quarters of 2020, the market suffered huge losses. However, now, with restrictions partially lifted, this European market is expected to gradually recover over some time.
Insurance Companies to Continue to Lead
In this report, the Europe travel insurance market has been assessed on the basis of the insurance cover, distribution channel, end user, and the region. Based on distribution channel, the market has been segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. Insurance companies are leading the Europe market and are expected to continue to do so over the next few years. In terms of insurance cover, the market has been segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance.
On the basis of end user, it has been segmented into senior citizens, education travelers, business travelers, family travelers, and others. Country wise, the market is analyzed across the UK, Germany, France, Italy, Spain, Netherlands, Switzerland, Austria, and the Rest of Europe in this report
The key players in the Europe travel insurance market, profiled in this report are Allianz, American International Group, Inc., Assicurazioni Generali S.P.A., Aviva, AXA, EUROPEAN Travel Insurance Group, Insure & Go Insurance Services Limited, Mutuaide, The April Group, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Findings:
- Insurance companies are leading the Europe market and are expected to continue to do so over the next few years.
The Europe travel insurance market is segmented into:
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Country
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Austria
- Rest of Europe
Companies Mentioned in the Report
- Allianz
- American International Group Inc.
- Assicurazioni Generali S.P.A.
- Aviva
- AXA
- EUROPEAN Travel Insurance Group
- Insure & Go Insurance Services Limited
- Mutuaide
- The April Group
- Zurich
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