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Italy Travel Insurance Market by Product Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-stay Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others) and End User (Senior Citizen, Education Traveler, Backpackers, Business Traveler, Family Traveler, and Fully Independent Traveler) - Opportunity Analysis and Industry Forecasts, 2016-2023

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Pages: 105
Dec 2017 | 1366 Views
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Author's : Pankaj Lanjudkar
Tables: 21
Charts: 29
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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.

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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.

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Segment Review

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.

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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.

Key Benefits

  • 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
  • Bank
  • Insurance broker
  • Insurance aggregator
  • Other

By End User

  • Senior citizen
  • Education traveler
  • Backpackers
  • 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
 

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. RESEARCH METHODOLOGY

1.3.1. Primary research
1.3.2. Secondary research
1.3.3. Analyst tools and models
1.3.4. Market segmentation

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

3.2.3.1. Growth in tourism sector
3.2.3.2. Surge in baby boomers travelers
3.2.3.3. Lack of knowledge and low penetration of insurance policies
3.2.3.4. Technological advancement in the travel insurance industry

3.3. PORTER’S FIVE FORCES

3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Competitive rivalry

3.4. MARKET PLAYER POSITIONING
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Growth in tourism sector
3.5.1.2. Stringent travel rules and regulation by government authorities
3.5.1.3. Surge in baby boomers travelers

3.5.2. Restraints

3.5.2.1. Lack of knowledge and low penetration of insurance policies

3.5.3. Opportunities

3.5.3.1. Technological advancement in the travel insurance industry

Chapter: 4 ITALY TRAVEL INSURANCE MARKET, BY PRODUCT TYPE

4.1. OVERVIEW
4.2. SINGLE TRIP TRAVEL INSURANCE

4.2.1. Key market trends and growth factors
4.2.2. Market size and forecast

4.3. ANNUAL MULTI-TRIP TRAVEL INSURANCE

4.3.1. Key market trends and growth factors
4.3.2. Market size and forecast

4.4. LONG-STAY TRAVEL INSURANCE

4.4.1. Key market trends and growth factors
4.4.2. Market size and forecast

Chapter: 5 ITALY TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1. OVERVIEW
5.2. INSURANCE INTERMEDIARIES

5.2.1. Key market trends and growth factors
5.2.2. Market size and forecast

5.3. INSURANCE COMPANY

5.3.1. Key market trends and growth factors
5.3.2. Market size and forecast

5.4. BANK

5.4.1. Key market trends and growth factors
5.4.2. Market size and forecast

5.5. INSURANCE BROKER

5.5.1. Key market trends and growth factors
5.5.2. Market size and forecast

5.6. INSURANCE AGGREGATOR

5.6.1. Key market trends and growth factors
5.6.2. Market size and forecast

5.7. OTHER

5.7.1. Key market trends and growth factors
5.7.2. Market size and forecast

Chapter: 6 ITALY TRAVEL INSURANCE MARKET, BY END USER

6.1. OVERVIEW
6.2. SENIOR CITIZEN

6.2.1. Key market trends and growth factors
6.2.2. Market size and forecast

6.3. EDUCATION TRAVELER

6.3.1. Key market trends and growth factors
6.3.2. Market size and forecast

6.4. BACKPACKERS

6.4.1. Key market trends and growth factors
6.4.2. Market size and forecast

6.5. BUSINESS TRAVELER

6.5.1. Key market trends and growth factors
6.5.2. Market size and forecast

6.6. FAMILY TRAVELER

6.6.1. Key market trends and growth factors
6.6.2. Market size and forecast

6.7. FULLY INDEPENDENT TRAVELER

6.7.1. Key market trends and growth factors
6.7.2. Market size and forecast

Chapter: 7 COMPANY PROFILES

7.1. UNIPOLSAI ASSICURAZIONI S.P.A.

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

7.2. REALE MUTUA ASSICURAZIONI

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

7.3. GRUPPO CATTOLICA ASSICURAZIONI

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

7.4. DARAG DEUTSCHE VERSICHERUNGS- UND RÜCKVERSICHERUNGS-AG

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

7.5. GENERALI GROUP

7.5.1. Company overview
7.5.2. Company snapshot
7.5.3. Operating segments
7.5.4. Business performance
7.5.5. Key strategic moves & developments

7.6. ALLIANZ GROUP

7.6.1. Company overview
7.6.2. Company snapshot
7.6.3. Product portfolio
7.6.4. Business performance
7.6.5. Key strategic moves & developments

7.7. AXA GROUP

7.7.1. Company overview
7.7.2. Company snapshot
7.7.3. Business performance
7.7.4. Business performance
7.7.5. Key strategic moves and developments

7.8. FILO DIRETTO (DIRECT WIRE ASSICURAZIONI SPA)

7.8.1. Company overview
7.8.2. Company snapshot
7.8.3. Product portfolio
7.8.4. Business performance
7.8.5. Key strategic moves & developments

7.9. MAPFRE S.A.

7.9.1. Company overview
7.9.2. Company snapshot
7.9.3. Business performance
7.9.4. Business performance
7.9.5. Key strategic moves and developments

LIST OF TABLES

TABLE 1. ITALY TRAVEL INSURANCE MARKET REVENUE, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 2. ITALY TRAVEL INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2016-2023 ($MILLION)
TABLE 3. ITALY TRAVEL INSURANCE MARKET REVENUE, BY END USER, 2016-2023 ($MILLION)
TABLE 4. UNIPOLSAI ASSICURAZIONI S.P.A.: COMPANY SNAPSHOT
TABLE 5. UNIPOLSAI ASSICURAZIONI S.P.A.: OPERATING SEGMENTS
TABLE 6. REALE MUTUA ASSICURAZIONI: COMPANY SNAPSHOT
TABLE 7. REALE MUTUA ASSICURAZIONI: OPERATING SEGMENTS
TABLE 8. GRUPPO CATTOLICA ASSICURAZIONI: COMPANY SNAPSHOT
TABLE 9. GRUPPO CATTOLICA ASSICURAZIONI: OPERATING SEGMENTS
TABLE 10. DARAG AG: COMPANY SNAPSHOT
TABLE 11. DARAG AG: OPERATING SEGMENTS
TABLE 12. GENERALI GROUP- COMPANY SNAPSHOT
TABLE 13. GENERALI GROUP- OPERATING SEGMENTS
TABLE 14. ALLIANZ GROUP: COMPANY SNAPSHOT
TABLE 15. ALLIANZ GROUP- PRODUCT PORTFOLIO
TABLE 16. AXA - COMPANY SNAPSHOT
TABLE 17. AXA - OPERATING SEGMENTS
TABLE 18. FILO DIRETTO - COMPANY SNAPSHOT
TABLE 19. FILO DIRETTO - OPERATING SEGMENTS
TABLE 20. MAPFRE - COMPANY SNAPSHOT
TABLE 21. MAPFRE - OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1. MARKET SEGMENTATION: ITALY TRAVEL INSURANCE MARKET
FIGURE 2. TOP WINNING STRATEGIES, 2015-2017 (%)
FIGURE 3. TOP WINNING STRATEGIES, 2015-2017
FIGURE 4. TOP INVESTMENT POCKETS
FIGURE 5. TOP IMPACTING FACTORS
FIGURE 6. MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 7. LOW BARGAINING POWER OF BUYERS
FIGURE 8. HIGH THREAT OF SUBSTITUTES
FIGURE 9. MODERATE THREAT OF NEW ENTRANTS
FIGURE 10. HIGH COMPETITIVE RIVALRY
FIGURE 11. MARKET PLAYER POSITIONING, 2016
FIGURE 12. DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 13. ITALY TRAVEL INSURANCE MARKET, BY PRODUCT TYPE
FIGURE 14. ITALY TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL
FIGURE 15. ITALY TRAVEL INSURANCE MARKET, BY END USER
FIGURE 16. UNIPOLSAI ASSICURAZIONI S.P.A.: NET SALES, 2014-2016 ($MILLION)
FIGURE 17. UNIPOLSAI ASSICURAZIONI S.P.A.: REVENUE SHARE BY BUSINESS SEGMENT, 2016 (%)
FIGURE 18. REALE MUTUA ASSICURAZIONI: NET SALES, 2014-2016 ($MILLION)
FIGURE 19. REALE MUTUA ASSICURAZIONI: REVENUE SHARE BY BUSINESS SEGMENT, 2016 (%)
FIGURE 20. GRUPPO CATTOLICA ASSICURAZIONI: NET SALES, 2013-2016 ($MILLION)
FIGURE 21. GRUPPO CATTOLICA ASSICURAZIONI: REVENUE SHARE BY BUSINESS SEGMENT, 2016 (%)
FIGURE 22. DARAG AG: NET SALES, 2014-2016 ($MILLION)
FIGURE 23. GENERALI GROUP: REVENUE, 2014-2016 ($MILLION)
FIGURE 24. ALLIANZ GROUP: REVENUE 2014-2016($ MILLION)
FIGURE 25. ALLIANZ GROUP: BUSINESS SEGMENTS, 2016(%)
FIGURE 26. AXA: REVENUE, 2014-2016($MILLION)
FIGURE 27. AXA: REVENUE, BY BUSINESS SEGMENT, 2016 (%)
FIGURE 28. MAPFRE: REVENUE, 2014-2016 ($MILLION)
FIGURE 29. MAPFRE: REVENUE, BY GEOGRAPHICAL SEGMENT, 2016(%)

 

Travel insurance is a type of insurance, which covers monetary expenses, healthcare expenditures, and other financial losses incurred during traveling. Growth in the tourism and leisure sector is expected to create a huge demand for travel insurance policies in Italy. Moreover, increasing travel trend among senior citizens and government initiatives to create awareness and transformation toward digitalized platform are expected to drive the Italy travel insurance market. Further, travel has become a part of the educational, professional, and personal life, which in turn increases the exposure to travel-related emergencies. Thus, most travelers opt for travel insurance policies to mitigate the risk associated with traveling.

The Italy travel insurance market is expected to reach $590 million by 2023, registering a CAGR of 6.6% during the forecast period. Travel insurance is an integral part of travel scheduling, which is aimed at safeguarding travelers from untoward events during travel. Moreover, travel insurance comprises medical cover along with a package with non-medical options such as trip postponement, cancellation of flights or trains, lodging bills charged due to cancellation of ticket, luggage theft, accidents, charges that are not included in the health insurance cover, and other uncertainties during trips.

The market is consolidated by the presence of key travel insurance providers in Italy. With moderate growth rate and low supply-demand gap, the market is expected to be highly competitive for the key market players. Further, constant demand for insurance cover on baggage loss, flight delays, and other inconveniences drive the demand for Italy travel insurance market.

 

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