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Europe Travel Insurance Market by Distribution Channel (Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Broker, and Others), Insurance Cover (Single Trip, Annual Multi-trip, and Long Stay) and End Users (Senior Citizens, Educational Travelers, Backpackers, Business Travelers, Family Travelers, and Fully Independent Traveler): Opportunity Analysis and Industry Forecast, 2016-2022

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Pages: 130
May 2017 | 1671 Views
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Author's : Mohd Umair Athar
Tables: 47
Charts: NA
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Europe Travel Insurance Market Overview:

Europe Travel Insurance Market is estimated to reach $7,583 million by 2023, growing at a CAGR of 5.9% from 2016 to 2022. Travel insurance provides protection against an unexpected medical cost and the number of risks faced by travelers. Governments of various countries and insurance regulatory bodies are taking initiatives to create awareness related to travel insurance. Moreover, various accessible channel provides an ease in having a travel insurance cover which is expected to create a demand in the Europe travel insurance market.

The Europe travel insurance market is segmented based on distribution channel, insurance cover, end user, and geography. Distribution channel is segmented on the basis of insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator, and others. For insurance cover, it is categorized into single trip, annual multi-trip, and long stay. Based on end user, it is classified into senior citizens, educational traveler, backpackers, business traveler, family traveler, and fully independent traveler. Geographically, it is analyzed across UK, Germany, France, Spain, Italy, Netherlands, Switzerland, Austria, and Rest of Europe.

Market Segmentation

Market Segmentation

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Source: Primary Research, Secondary Research, and AMR Analysis

End User is the most Focused Segment

Family traveler and senior citizens are expected to be the most focused cluster among the end user segment, as they travel for longer period of trips and mostly travel in groups. Therefore, they are more concerned towards having a cover during their travel to have a secure journey. The family traveler accounts for relatively high market share in Europe travel insurance market owing to the rising trend of group traveling in the European region which is expected to increase the demand of travel insurance policy. It has been observed that business traveler is gaining market share in the Europe travel insurance market due to the rising cross border business to avail advanced resources and better technology. Apart from this, the growing trend of foreign education is expected to create a demand for travel insurance among educational travelers

UK creates the Huge Opportunity

UK accounts for more than 27% market share of the Europe travel insurance market, wherein tour agencies and travel suppliers, such as tour operators and cruise lines are responsible for the major sale of travel insurance policies. It has been observed that travel insurance coupled with the total cost of the holiday is the most popular type of travel insurance policy purchased in the country. Only 4.7% of insured individuals have purchased the basic travel insurance, which indicates that the major proportion of individuals not only prefer security of themselves and their belongings, but also the cost of the entire trip. Moreover, the travel insurance market in the UK witnessed a shift toward annual policies over single-trip cover, owing to the increase in number of trips in a year by the rise in travel trend in baby boomers. In addition, the annual policies are often bundled with other products such as mobile phone insurance or breakdown cover, to provide extra benefit along with travel cover.

Furthermore, the process of Brexit is expected to provide a major opportunity for the travel insurance market, as the majority of UK travelers who travel Europe rely on EHIC instead of purchasing a travel insurance policy. Moreover, the growth of the Europe travel insurance market is largely subject to the rise of family travelers, who opt to travel for a long weekend trip and try to secure their travel from various concerns related to theft, health hazards, terrorism, and others.

Increasing Travel Rule and Regulation

Countries such as UK, Germany, France, etc, are adopting travel insurance as a prerequisite for obtaining VISA. This provision exists to ensure that travelers are adequately covered in case of medical emergencies owing to high medical costs and hospitalization fees in visiting countries. In addition to this, in the event of repatriation, travel insurance cover the incurred cost. Moreover, the citizens of Europe have an added advantage to travel a Schengen area, which comprises of 26 countries of Europe, with Schengen VISA, wherein travel insurance policy is act as a minimum requirement to obtain a visa letter for the process of Schengen VISA. This precondition by authorities to have travel health insurance is a major driver for the Europe travel insurance market.

Key Benefits

  • A comprehensive analysis of the current trends and future estimations in the market are provided.
  • The report elucidates on key drivers, restraints, and opportunities and a detailed impact analysis from 2016 to 2023.
  • Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
  • A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
  • The report provides a detailed analysis of the market with respect to distribution channel, insurance cover, end user, and geography.

Europe Travel Insurance Market Key Segments:

By Distribution Channel

  • Insurance Intermediaries
  • Insurance Company
  • Bank
  • Insurance Broker
  • Insurance Aggregators
  • Others

By Insurance Cover

  • Single Trip
  • Annual Multi-trip
  • Long Stay

By End User

  • Senior Citizens
  • Education Travelers
  • Backpackers
  • Business Travelers
  • Family Travelers
  • Fully Independent Traveler

By Geography

  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Netherlands
  • Switzerland
  • Austria
  • 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)
  • European Travel Insurance Group (Netherlands),
  • InsuranceLine.gr (Greece),
  • Alc Travel (UK),
  • Staysure Limited (UK)
  • ETA services (UK)
 

Chapter: 1 INTRODUCTION

1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology

1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1. CXO Perspective

Chapter: 3 MARKET OVERVIEW

3.1. Market Definition and Scope
3.2. Key Findings

3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies

3.3. Porters Five Forces Analysis
3.4. Market Positioning, 2016
3.5. Market Dynamics

3.5.1. Drivers

3.5.1.1. Rise in tourism
3.5.1.2. Increasing travel rule and regulation
3.5.1.3. Rise in baby boomer travel

3.5.2. Restraints

3.5.2.1. Low penetration of insurance policies

3.5.3. Opportunities

3.5.3.1. New technological developments for the travel insurance industry

Chapter: 4 EUROPE TRAVEL INSURANCE MARKET

4.1. Europe Travel Insurance Market, By Distribution Channel

4.1.1. Introduction
4.1.2. Key market trends
4.1.3. Key drivers and opportunities
4.1.4. Market size and forecast

4.2. Europe Travel Insurance Market, By Insurance Cover

4.2.1. Introduction
4.2.2. Key market trends
4.2.3. Key drivers and opportunities
4.2.4. Market size and forecast

4.3. Europe Travel Insurance Market, By End User

4.3.1. Introduction
4.3.2. Key market trends
4.3.3. Key drivers and opportunities
4.3.4. Market size and forecast

Chapter: 5 EUROPE TRAVEL INSURANCE MARKET, BY COUNTRY

5.1. UK Travel Insurance Market

5.1.1. Introduction
5.1.2. Key market trends
5.1.3. Key drivers and opportunities
5.1.4. Market size and forecast

5.2. Germany Travel Insurance Market

5.2.1. Introduction
5.2.2. Key market trends
5.2.3. Key drivers and opportunities
5.2.4. Market size and forecast

5.3. France Travel Insurance Market

5.3.1. Introduction
5.3.2. Key market trends
5.3.3. Key drivers and opportunities
5.3.4. Market size and forecast

5.4. Spain Travel Insurance Market

5.4.1. Introduction
5.4.2. Key market trends
5.4.3. Key drivers and opportunities
5.4.4. Market size and forecast

5.5. Italy Travel Insurance Market

5.5.1. Introduction
5.5.2. Key market trends
5.5.3. Key drivers and opportunities
5.5.4. Market size and forecast

5.6. Netherlands Travel Insurance Market

5.6.1. Introduction
5.6.2. Key market trends
5.6.3. Key drivers and opportunities
5.6.4. Market size and forecast

5.7. Switzerland Travel Insurance Market

5.7.1. Introduction
5.7.2. Key Market Trends
5.7.3. Key Drivers And Opportunities
5.7.4. Market Size And Forecast

5.8. Austria Travel Insurance Market

5.8.1. Introduction
5.8.2. Key market trends
5.8.3. Key drivers and opportunities
5.8.4. Market size and forecast

Chapter: 6 RELATED INDUSTRY INSIGHTS

6.1. Usage Based Insurance Market
6.2. Cyber Insurance Market

Chapter: 7 COMPANY PROFILE

7.1. Generali Group

7.1.1. Company overview
7.1.2. Operating business segments
7.1.3. Business performance
7.1.4. Key strategic moves and developments

7.2. Allianz Group

7.2.1. Company overview
7.2.2. Operating business segments
7.2.3. Business performance
7.2.4. Key strategic moves and developments

7.3. AXA Group

7.3.1. Company overview
7.3.2. Operating business segments
7.3.3. Business performance
7.3.4. Key strategic moves and developments

7.4. Insure and Go Insurance Services Ltd

7.4.1. Company overview
7.4.2. Operating business segments
7.4.3. Business performance
7.4.4. Key strategic moves and developments

7.5. The April Group

7.5.1. Company overview
7.5.2. Operating business segments
7.5.3. Business performance
7.5.4. Key strategic moves and developments

7.6. Mutuaide Assistance

7.6.1. Company overview
7.6.2. Operating business segments
7.6.3. Business performance
7.6.4. Key strategic moves and developments

7.7. Aon Plc

7.7.1. Company overview
7.7.2. Operating business segments
7.7.3. Business performance
7.7.4. Key strategic moves and developments

7.8. Aviva Plc

7.8.1. Company overview
7.8.2. Operating business segments
7.8.3. Business performance
7.8.4. Key strategic moves and developments

7.9. Saga Plc

7.9.1. Company overview
7.9.2. Operating business segments
7.9.3. Business performance
7.9.4. Key strategic moves and developments

7.10. Atlas Travel Insurance Services Ltd

7.10.1. Company overview
7.10.2. Operating business segments
7.10.3. Business performance
7.10.4. Key strategic moves and developments

LIST OF TABLES

Table 1. Europe Travel Insurance Market, by Distribution Channel, 2014-2022 ($Million)
Table 2. Europe Travel Insurance Market, by Insurance Cover, 2014-2022 ($Million)
Table 3. Europe Travel Insurance Market, by End-User, 2014-2022 ($Million)
Table 4. UK Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 5. UK Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 6. UK Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 7. Germany Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 8. Germany Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 9. Germany Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 10. France Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 11. France Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 12. France Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 13. Spain Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 14. Spain Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 15. Spain Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 16. Italy Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 17. Italy Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 18. Italy Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 19. Netherlands Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 20. Netherlands Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 21. Netherlands Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 22. Switzerland Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 23. Switzerland Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 24. Switzerland Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 25. Austria Travel Insurance Market Revenue by Distribution Channel, 2014-2022 ($Million)
Table 26. Austria Travel Insurance Market Revenue by Insurance Cover, 2014-2022 ($Million)
Table 27. Austria Travel Insurance Market Revenue by User, 2014-2022 ($Million)
Table 28. Generali Group: Company Snapshot
Table 29. Generali Group: Operating Segments
Table 30. Allianz Group: Company Snapshot
Table 31. Allianz Group: Operating Segments
Table 32. AXA Group: Company Snapshot
Table 33. AXA Group: Operating Segments
Table 34. Insure and Go Insurance Services Ltd.: Company Snapshot
Table 35. Insure and Go Insurance Services Ltd: Operating Segments
Table 36. The April Group: Company Snapshot
Table 37. The April Group: Operating Segments
Table 38. Mutuaide Assistance: Company Snapshot
Table 39. Mutuaide Assistance: Operating Segments
Table 40. Aon Plc: Company Snapshot
Table 41. Aon Plc: Operating Segments
Table 42. Aviva Plc: Company Snapshot
Table 43. Aviva Plc: Operating Segments
Table 44. Saga Plc: Company Snapshot
Table 45. Saga Plc: Operating Segments
Table 46. Atlas Travel Insurance Services Ltd: Company Snapshot
Table 47. Atlas Travel Insurance Services Ltd: Operating Segments

LIST OF FIGURES

Figure 1. Top Impacting Factors
Figure 2. Top Investment Pockets
Figure 3. Top Winning Strategies
Figure 4. Bargaining Power of Suppliers
Figure 5. Bargaining Power of Buyers
Figure 6. Threat of New Entrants
Figure 7. Competitive Rivalry
Figure 8. Threat of Substitutes
Figure 9. Market Positioning, 2016
Figure 10. UK Travel Insurance Market, 2014-2022 ($Million)
Figure 11. Germany Travel Insurance Market, 2014-2022 ($Million)
Figure 12. France Travel Insurance Market, 2014-2022 ($Million)
Figure 13. Spain Travel Insurance Market, 2014-2022 ($Million)
Figure 14. Italy Travel Insurance Market, 2014-2022 ($Million)
Figure 15. Netherlands Travel Insurance Market, 2014-2022 ($Million)
Figure 16. Switzerland Travel Insurance Market, 2014-2022 ($Million)
Figure 17. Austria Travel Insurance Market, 2014-2022 ($Million)
Figure 18. Generali Group: Company Snapshot
Figure 19. Allianz Group: Company Snapshot
Figure 20. AXA Group: Company Snapshot
Figure 21. Insure and Go Insurance Services Ltd: Company Snapshot
Figure 22. The April Group: Company Snapshot
Figure 23. Mutuaide Assistance: Company Snapshot
Figure 24. Aon Plc: Company Snapshot
Figure 25. Aviva Plc: Company Snapshot
Figure 26. Saga Plc: Company Snapshot
Figure 27. Atlas Travel Insurance Services Ltd: Company Snapshot

 

Travel insurance is an important part of travel planning which is aimed at safeguarding the tourist from unforeseen events during their travel. It offers a relief in the form of monetary compensation to tackle intense travel situations. It provides a wide range of benefits to the tourists in terms of financial cover for medical and hospitalization expenses. In the event of evacuation or repatriation during an emergency, a valid travel insurance policy act as an authentic document for re-imbursement of expenses. Another added benefit of travel insurance includes protection against trip cancellation or interruption

The growth in the tourism sector is expected create a huge demand of travel insurance in the European region. Moreover, the rising travel trend among senior citizen and baby boomer, government initiatives to create awareness and transformation towards digitalized platform are expected to drive the growth of Europe travel insurance market

Travel insurance services provider are offering several types of policy based on different requirement and needs. These policies are categorized into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance. Amongst these, single trip insurance dominates the Europe travel insurance market, owing to the growing travel among middle income group. Moreover, senior citizens and family traveler is considered as a most prominent end user segment for single trip travel insurance policy. However, long stay travel insurance policy is expected to grow at a relatively high growth rate owing to the rising educational travelers or sabbaticals.

The companies operating in the Europe travel insurance market are shifting their focus towards digitalized channel in order to increase their customer reach. Amongst the various distribution channel, insurance aggregators are expected to grow at a relatively high growth rate and gain market share during the forecast period. This segment is expected to be highly popular among younger generation as they are more tech savvy as compared to other generations. However, insurance intermediaries are expected to maintain its dominance in the Europe travel insurance market, due to their trust and goodwill among senior citizens and baby boomers in delivering services.

Established market players have maintained their dominance in the Europe travel insurance industry even after the emergence of many new companies. However, taking advantage of the growing internet penetration, these budding companies are adopting marketing strategies such heavy discount options, and similar other value-added schemes to capture higher market share.

 

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