Italy Travel Insurance Market Overview:
Italy Travel Insurance Market is a financial instrument, which offsets the potential loss that may be incurred due to untoward incidents such as medical treatment cost due to mishaps, trip cancellations, loss of luggage, and other travelling associated unforeseen losses.
The Italy travel insurance market was valued at $377 million in 2016, and is expected to reach $590 million by 2023, registering a CAGR of 6.6% from 2017 to 2023. The market is driven by factors such as upsurge in tourism sector, growth in baby boomer travelers, stringent travel rules and regulation by government authorities, and manifold rise in domestic and international travelers.
The key players operating in the Italy travel insurance industry include Allianz Global Assistance SAS, AXA Group, DARAG Deutsche Versicherungs- und Rckversicherungs-AG, Filo Diretto, Generali Group, Gruppo Cattolica Assicurazioni, MAPFRE S.A., Reale Mutua Assicurazioni, and UnipolSai Assicurazioni S.p.A. The key business strategies adopted by market players include acquisition, geographical expansion, new product development, strategic alliance, and collaboration.
The Italy travel insurance market is segmented on the type of distribution channel, product type, and end user. Based on product type, it is categorized into single trip, annual multi-trip, and long stay. Based on distribution channel, the market is classified into insurance intermediaries, insurance company, bank, insurance broker, insurance aggregators, and others. The end users of the industry are divided into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers.
Among end users, senior citizens and family travelers have the maximum need for insurance policies to ensure safety during travel and avoid hassles. Insurance providers have digitalized their product offerings and services to improve consumer experience.
Drivers, Restraints, and Opportunities
Growth in Tourism Sector
Increase in footfalls at airports in the recent years has led to more number of incidents of related to luggage loss, medical emergencies, and natural calamities cases, which in turn has fueled the need to implement travel insurance to mitigate the risk associated with unforeseen circumstances. Thus, growth of the tourism industry is anticipated to fuel the travel insurance market growth in Italy. According to The World Bank Group, Italy has received 4.5% more travelers in 2015 as compared to 48.6 million tourists in the previous year. Increase in the number of foreign tourists and nationals visiting other countries has created a potential space for market development of the travel insurance industry.
Surge in Baby Boomer Travelers
The tourism industry has witnessed steep growth in the baby boomer travel in the recent years. Moreover, they are more inclined toward availing insurance policies, owing to their bad experiences in the past and age. In addition, they travel along with their family or relatives, which create the need for secure travel. It has been observed that most of the baby boomers take five or more trips a year on an average, while more than 50% of them travel to domestic locations.
Top Winning Strategies
Top winning strategies have been analyzed by performing a thorough study of the leading players in the Italy travel insurance industry. Comprehensive analysis of the recent developments and growth curves of various companies have helped in understanding the growth strategies adopted by them and their potential effects on the market growth. Market players have been evaluated based on annual reports, SEC filings, and press releases. The key strategies traced from the analysis of recent developments of the key players in the Italy travel insurance market include:
- Acquisition: This move is adopted by companies to take ownership stakes in other companies and control them. Moreover, it helps in expanding geographical presence and catering to new customer requirements.
- New Product Launch: This includes the introduction of new, unique rental plans in the market.
- Partnership: This strategy is adopted when two or more companies agree to cooperate and advance their mutual interests.
- Business Expansion: This strategy is adopted to enhance product portfolios, effective operations, expand geographical outreach, and increase customer base.
- In-depth analysis of the Italy travel insurance market and dynamics is provided to understand the market dynamics.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on the prevailing opportunities.
- Porters five forces analysis examines the competitive structure of the Italy travel insurance market, and provides a clear understanding of the factors that influence market entry and expansion.
- Comprehensive analyses of the trends, subsegments, and key revenue pockets are provided in the report.
- Detailed analysis of the key players operating in the Italy travel insurance industry and their business strategies have been provided to assist stakeholders to take informed business decisions.
Italy Travel Insurance Market Key Segments:
By Product Type
- Single trip travel insurance
- Annual multi-trip travel insurance
- Long stay travel insurance
By Distribution Channel
- Insurance intermediaries
- Insurance company
- Insurance broker
- Insurance aggregator
By End User
- Senior citizen
- Education traveler
- Business traveler
- Family traveler
- Fully independent traveler
The key players profiled in the report are as follows:
- UnipolSai Assicurazioni S.p.A.
- Reale Mutua Assicurazioni
- Gruppo Cattolica Assicurazioni
- DARAG Deutsche Versicherungs- und Rckversicherungs-AG
- Generali Group
- Allianz Group
- AXA Group
- Filo Diretto
- MAPFRE SA