Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "Europe Travel Insurance Market" report has been added to ResearchAndMarkets.com's offering.
The European travel insurance market is experiencing a substantial growth phase, with its value expected to skyrocket from US$ 2.15 billion in 2022 to US$ 10.65 billion by 2030, marking a CAGR of 22.8%. This growth reflects the increasing reliance on travel insurance amid the burgeoning tourism sector in Europe.
The market's expansion is primarily fueled by the rapid growth of the tourism sector and government-mandated travel policies. These factors are crucial in increasing the adoption of travel insurance. However, the market faces challenges due to the politically sensitive nature of the travel and tourism industry, which can impact travel trends and insurance uptake.
Segment Overview
The market is segmented based on risk coverage, trip type, insurance type, destination, distribution channel, and end-user. The report also provides insights into the number of travelers (both domestic and international), which is a significant factor in understanding market dynamics and potential.
By Risk Coverage
- Medical Cover
- Emergency Accidental Treatment & Evacuation
- Emergency Medical Treatment & Evacuation
- Personal Accident
- Daily Cash Allowance
- Accidental Death & Disability
- Emergency Dental Treatment
- Smooth Transit Covers
- Trip Cancellations
- Common Carrier Delay
- Delay of Checked-In Baggage
- Flexible Trip
- Loss of Passport
- Emergency Cash
- Emergency Trip Extension
- Trip Abandonment
- Personal Liability & Bail Bond
- Others
By Trip Type
- Comprehensive Travel
- Student Travel
- Leisure Travel
By Type
- Individual Insurance
- Single Trip Insurance
- Multi Trip Insurance
- Group Insurance
- Single Trip Insurance
- Multi Trip Insurance
By Destination
- International
- Domestic
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Students
- Travelers
- Travel Bloggers
- Tourist Guides
- Family Travelers
- Business Travelers
- Group Travelers
- Senior Citizens
- Others
Notably, the Medical Cover segment, which encompasses a range of emergency services, dominates with over 50% market share in 2022. Comprehensive Travel in trip types and Individual Insurance in insurance types are showing significant growth potential. The Domestic destination segment is anticipated to reach US$ 6.8 billion by 2030. In terms of distribution channels, Insurance Aggregators lead the market with over 50% share in 2022. Among end-users, Travelers, including bloggers and business travelers, dominated the market in terms of revenue in 2022.
By Country
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Hungary
- Switzerland
- Russia
- Poland
- Austria
- Slovakia
- Czech Republic
- Croatia
- Slovenia
- Romania
- Bulgaria
- Rest of Europe
In the European market, Spain leads with the largest market share in 2022, while France presents a notable growth opportunity estimated at around US$ 1.1 billion for 2023-2030. Other key countries include Germany, the UK, Italy, the Netherlands, and Eastern European nations, each contributing to the market dynamics.
Competitive Landscape
The market is characterized by the presence of major players, with a cumulative market share of 67.4%. Key players include AXA SA, Allianz Travel, Tata AIG, SocGen, American Express Company, and others. These companies are integral in shaping the market through their offerings and strategic initiatives.
A selection of companies mentioned in this report includes, but is not limited to:
- Allianz Travel
- AXA SA
- Tata AIG
- SocGen
- American Express Company
- American International Group
- Atlas International
- Berkshire Hathway Travel
- CSA Travel Protection (Generali Global Assistance)
- FWD Group Limited
- Generali
- Hanse Merkur
Key Takeaways:
- The Europe travel insurance market is projected to reach US$ 10.65 billion by 2030
- Growth is driven by the booming tourism sector and government policies
- Medical coverage and individual insurance types show significant growth
- Spain and France are key markets within Europe
For more information about this report visit https://www.researchandmarkets.com/r/963ka4
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