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Europe Travel Insurance Market by Distribution Channel, Insurance Cover and End Users: Opportunity Analysis and Industry Forecast, 2016-2022

  • ID: 4612606
  • Report
  • Region: Europe
  • 130 pages
  • Allied Analytics LLP
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An individual’s potential loss during travel may vary significantly depending on factors such as how much of trip is prepaid, purchased ticket refundability, traveler’s health conditions, destination to where one is travelling, and similar other. Travel insurance acts as a cushion in an intense situation that may occur during travel. It covers the expenses incurred and minimizes the risks during travel. With the growing initiatives by government and the market players to spread awareness among the masses the industry has witnessed and increase in sales of travel insurance policy.

In Europe, travel insurance market is at a niche level, however, with the changing competitive and distribution dynamics, the market is projected to grow at significant CAGR during the forecast period of 2016-2022. Furthermore, with the stringent government policy with regards to travel insurance policy and the high cost of health care facility in the region drive the Europe Travel Insurance Policy. However, fewer written policies and low & fluctuating rates due to large number of competitors present in the market restrain the market growth.

In addition, growth in tourism industry creates a new prospect to surge the demand for travel insurance in the region. According to office of national statistics, the number of outbound travelers in the UK have increased by 3% in 2015 as compared to 2014, strengthening the growth of the UK travel insurance market. Moreover, in the Netherlands travel market it has been observed that domestic tourist spending had increased by relatively 2.6% in 2015.

The market is segmented on the basis of type of distribution channel, insurance cover, end user, and geography. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Based on insurance cover, it is divided into single trip, annual multi-trip, and long stay. Based on end user, it is categorized into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. Geographically, it is analyzed across UK, Germany, France, Spain, Italy, Netherlands, Switzerland, Austria, and Rest of Europe. Key players profiled in the report include 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), and Atlas Travel Insurance Services Ltd (England).

KEY BENEFITS

This study provides an in-depth analysis of the Europe travel insurance market, in terms of value to elucidate the imminent investment pockets.
A detailed impact analysis of the current trends, country-wise travel insurance market, and future estimations is provided to target the profitable sectors.
The drivers, restraints, and opportunities are analyzed to identify the prevailing market opportunities.
Porter’s Five Forces analysis highlights the potency of suppliers and buyers in the competitive market to facilitate efficient business planning.

KEY MARKET 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)

The other market players include:

European Travel Insurance Group (Netherlands),
InsuranceLine.gr (Greece),
Alc Travel (UK),
Staysure Limited (UK)
ETA services (UK).
Note: Product cover images may vary from those shown
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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
Note: Product cover images may vary from those shown
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According to a new report titled, Europe Travel Insurance Market by Distribution Channel, Insurance Cover, and End User: Global Opportunity Alysis and Industry Forecast, 2016-2022, the Europe travel insurance market was valued at $5,390 million in 2016, and is estimated to reach $ 7,583 million by 2023, registering a CAGR of 5.9% from 2016 to 2022. In 2016, the insurance intermediaries segment is estimated to domite the Europe travel insurance market.

The key driver for the growth of Europe travel insurance market is the trend of countries within the region adopting travel insurance as a prerequisite for obtaining VISA. Furthermore, government and insurance regulatory bodies are creating a high-level awareness to the population and generating the demand for the growth of Europe travel insurance market. Low penetration level of insurance market and less awareness about the benefit related to travel insurance restrain the market growth.

UK is the market leader and accounted for 29% share of the Europe market in 2016, followed by Germany. UK is expected to maintain its domince in the Europe travel insurance market, due to the process of Brexit, as the majority of the UK travelers are rely on European Health Insurance Card (EHIC) instead of purchasing a travel insurance policy to save money. However, Austria and Switzerland is estimated to grow at the highest CAGR of 7.5% and 7.1% during the forecast period, respectively. Exponential market growth in Austria is due to the gradual improvement in its economy and increase in tourism promotiol activities by the Austria tiol Tourist Office.

Based on distribution channel, traditiol sources such as tour operators and travel agents have maintained their domince in providing insurance policies with the help of advanced technology, combined with good training, and competitive pricing. However, with the changing consumer behavior and growth in digitalized channels, the online insurance aggregators have also gained market share. During the forecast period insurance aggregator is projected to grow at a CAGR of 10.6%.

Key findings of the Europe Travel Insurance Market:

UK leads the Europe travel insurance market, followed by the Germany.
Austria is still in its growth phase of adopting the travel insurance trend, and is expected to grow at highest CAGR of 7.5% from 2016 to 2022
The insurance intermediaries segment accounts for the highest market share accounting for nearly 33% in 2016; however, the insurance aggregators segment is anticipated to witness highest demand during the forecast period.
Overall, the family traveler segment possesses higher market share and is expected to witness a considerable growth during the forecast period.

The key players profiled in this report include 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), and Atlas Travel Insurance Services Ltd (England).
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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