0
2020
Italy Travel Insurance Market

Italy 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), Distribution Mode (Business-to-Business (B2B), Business-to-Consumer (B2C), and Business-to-Business-to-Consumer (B2B2C), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Opportunity Analysis and Industry Forecast, 2020–2027
Update Available On-Demand

A04176
Pages: 134
Jul 2020 | 9314 Views
Author(s) : Aarti Goswami, promod borasi , Vineet Kumar
Tables: 61
Charts: 28
  • Formats*:

  • SIngle User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Italy Travel Insurance Market

Request Now !

Italy Travel Insurance Market Outlook – 2027

The Italy travel insurance market size was valued at $440 million in 2019 and is projected to reach $909 million by 2027, growing at a CAGR of 17.5% from 2020 to 2027. Travel insurance is a type of insurance that provides protection for those traveling domestically or abroad. Primarily, it covers the costs & losses such as loss of baggage, evacuation due to medical condition or hijack, trip cancellation due to medical emergency, loss of travel documents, and other such losses associated with traveling. Key players in the country offer different plans by covering costs and losses depending on coverages in the policy.

Post COVID-19, the single-trip travel insurance accounted for the highest market share, owing to numerous features offered by these coverage policies, such as trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others.

Increase in tourism result in several incidences such as health issues, cancelled flights, accidents, theft or loss of baggage, natural calamities, and other such occurrences of uncertainties during travel. Therefore, to mitigate the risks associated with such incidences, consumers are opting for travel insurance, which is acting as a prime driver for the Italy travel insurance market. However, relaxed norms & low fluctuation in rates due to large number of competitors and lack of awareness regarding various insurance schemes and benefits of travel insurance have resulted in decline of gross written premium in the Italy travel insurance market.

Italy Travel Insurance Market

Get more information on this report : Request Sample Pages

On the contrary, expansion of existing products by including specific coverages such as pre-existing medical condition, COVID-19 related coverages and others, is providing an immense potential to the travel insurance providers in the country. Moreover, technological developments such as global positioning system (GPS), artificial intelligence (AI), geo-location, application program interface (API), data analytics, among others are providing innovative opportunities for insurers in the market. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

The single-trip travel insurance dominated the Italy travel insurance market industry in 2019 and is projected to maintain its dominance during the forecast period. Due to increased demand for customized coverage offerings under this policy and are available at an extra premium cost depending on customers need and demands. In addition, rise in number of multi-generation travelers such as grandparents, parents, and grandchildren availing single-trip travel personalized coverages with an extra premium are becoming major factors driving the Italy travel insurance market growth.

The report focuses on the growth prospects, restraints, and trends of the Italy travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Italy travel insurance market.

 

Italy Travel Insurance Market
By Insurance Cover

Your browser does not support the canvas element.

Single-Trip Travel Insurance segment will dominate the market throughout the forecast period

Get more information on this report : Request Sample Pages

 

Segment Review

The Italy travel insurance market is segmented on the basis of insurance cover, distribution channel, distribution mode, and end user. In terms of insurance cover, it is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance.

 

Italy Travel Insurance Market
By Distribution Channel

Your browser does not support the canvas element.

Insurance Intermediaries segment holds a dominant position in 2019 and would maintain the lead during 2020-2027

Get more information on this report : Request Sample Pages

 

Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of distribution mode, it is segmented into business-to-business (B2B), business-to-consumer (B2C), and business-to-business-to-consumer (B2B2C). Based on end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others.

 

Italy Travel Insurance Market
By Distribution Mode

Your browser does not support the canvas element.

Business-to-Consumer (B2C) segment would grow at a highest CAGR of 18.6% during the forecast period

Get more information on this report : Request Sample Pages

 

The report analyses the profiles of key players operating in the Italy travel insurance industry including Allianz, American International Group Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

 

Italy Travel Insurance Market
By End User

Your browser does not support the canvas element.

Business Travelers segment would exhibit the highest CAGR of 20.2% during 2020-2027

Get more information on this report : Request Sample Pages

 

COVID-19 Impact Analysis

The coronavirus pandemic has a significant impact on the Italy travel insurance market, as several countries have imposed travel ban. Also, policyholders are filing claims for cancelled holidays & business trips and changing the terms of their policies. This has led to insurers freezing sales of new coverages for travel insurance in the country.

Furthermore, dealing with an unprecedented increase in the volume of claims, administer existing policies, rise in influx of new claims, address customer inquiries, and process claims are some of the critical challenges faced by the Italy travel insurance providers in the market. Therefore, to overcome these several challenges, insurers have established new developments existing policies & adopted technologies to enhance the claim processes and provide better user experience, despite the global health crisis.

Top Impacting Factors

Rapid Growth in Tourism

Rise in tourist population owing to increase in disposable income, extensive coverage for holidays, easy online travel booking options, among others has attributed to the growth of the tourism industry in the country. With an increase in tourism, several incidences such as cancelled flights, accidents, health issues, theft or loss of baggage, natural calamities, and other such occurrences of uncertainties during travel. To mitigate the risks associated with such incidences, consumers are opting for travel insurance. Therefore, the growth of the tourism industry is acting as a prime driver for the Italy travel insurance market.

New Technological Developments in the Italy Travel Insurance Industry

Increase in technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, blockchain, and big data are providing innovative opportunities for insurers in the country. With these technological developments, travel insurance distribution platforms are expected to enhance productivity for providing coverages seamlessly at the point-of-purchase. Moreover, digital transformation enables travel insurance companies to create highly personalized user experiences to their customers.

Further, in order to maintain the market position, insurers are considering use of big data analytics that offer possibilities of generating large premiums. In addition, technologies help in data collection, cater to customer specific needs, calculate risk, and detect fraud. Therefore, easy accessibility and convenient travel insurance offerings by technological advancements are expected to provide lucrative opportunities for insures in the country.

Key Benefits for Stakeholders:

  • The study provides an in-depth analysis of the Italy travel insurance market share along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • An extensive analysis of the key segments of the industry helps to understand the Italy travel insurance market trends.
  • The quantitative analysis of the Italy travel insurance market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

  • 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 DISTRIBUTION MODE
    • Business-to-Business (B2B)
    • Business-to-Consumer (B2C)
    • Business-to-Business-to-Consumer (B2B2C)
  • BY END USER
    • Senior Citizens
    • Education Travelers
    • Business Travelers
    • Family Travelers
    • Others


Key Market Players

  • ALLIANZ GROUP
  • AMERICAN INTERNATIONAL GROUP, INC
  • AXA
  • ASSICURAZIONI GENERALI S.P.A
  • CATTOLICA ASSICURAZIONI
  • COLUMBUS DIRECT
  • ERGO GROUP AG
  • IMA ITALIA ASSISTANCE S.p.A
  • INSURE & GO INSURANCE SERVICES LIMITED
  • ITALY TRAVEL COMPANY
  • MAPFRE
  • NOBIS INSURANCE COMPANY SpA
  • REALE MUTUA ASSICURAZIONI
 

Loading Table Of Content...


 
 

Travel insurance providers in the country are looking forward to expanding their offerings to provide customized coverages for their customers. In addition, millennials, Gen Y, and Gen Z are the major users of travel insurance, they tend to travel and explore the world as digital nomads. Therefore, insurers are having lucrative opportunities to innovate their offerings via several online sources. Nevertheless, a considerable number of companies remain under the perception that they have minimum travel insurance exposure.

However, this scenario is changing and the year 2019 has witnessed an increase in sale of travel insurance policies due to rise in tourism and higher awareness of travel risk among C-level executives. Consequently, there is an increase in customers buying travel insurance policy, especially due to online comparison-shopping sites such as direct airlines portals, online travel agency (OTA), among others, which are more convenient and easier to compare premium & coverages for the policy in the country.

The Italy travel insurance market is consolidated with the presence of key vendors such as Allianz, American International Group, Inc., AXA, ASSICURAZIONI GENERALI S.P.A. Some of the key players profiled in the report include Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. For instance, in the wake of COVID-19 pandemic, Nobis Insurance Company SpA has updated collective travel policies for free with new anti-covid-19 guarantees.

PURCHASE OPTIONS

Start reading instantly ,This Report and over 13000+ thousand more Reports, Available with Avenue Library, T&C*

Call or Email us

U.S.-Canada
Toll-free :
+1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

 Request Sample
 
FREQUENTLY ASKED QUESTIONS?

A. The Italy Travel Insurance Market is expected to grow at a CAGR of 17.5% from 2020 to 2027.

A. The Italy Travel Insurance Market is projected to reach $909 million by 2027.

A. The Italy Travel Insurance Market is projected to reach $909 million by 2027.

A. To get the latest version of sample report

A. Rapid Growth in Tourism and New Technological Developments in the Insurance Industry drive the Italy Travel Insurance market growth.

A. The key players profiled in the report include Allianz, American International Group Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Italy Travel Insurance Market is segmented on the basis of insurance cover, distribution channel, distribution mode, and end user.

A. The key growth strategies of Italy Travel Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Annual Multi-Trip Travel Insurance segment would grow at a highest CAGR of 20.5% during the forecast period.

A. Insurance Broker segment would exhibit the highest CAGR of 20.3% during 2020-2027.

RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Sample

OR

Purchase Full Report of
Italy Travel Insurance Market

Start reading instantly.
This Report and over 13,000+ thousand more Reports, Available with Avenue Library. T&C*.

  • Data Pack
  • $2,324
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $3,649
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $3,904
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $6,444
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library Membership
  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers