Travel insurance covers the cost incurred due to any problematic incidents while traveling. It includes trip cancellation losses, loss of baggage, medical treatment of patients, and loss of travel documents, evacuation, or deportation during an emergency, and other unavoidable conditions. In the coming years, the Italy travel insurance market is projected to grow at a significant rate owing to its low penetration rate and increase in the tourism industry. In addition, Italy is a unitary parliamentary republic in Europe, therefore demand for travel & tourism largely takes place in the country.
The growth of the Italy travel insurance market is largely attributed to the growth in trends for availing travel insurance as a prerequisite for obtaining Visa in the country. In addition, depending on coverages, travel insurance providers in the country offer different plans by covering costs and losses associated with traveling. Further, several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers provide consumers with various options to compare products and prices, suggest suitable policies, and others.
However, the lack of awareness regarding various insurance schemes and benefits of travel insurance are expected to hamper the growth of the Italy travel insurance market. Moreover, relaxed norms and low fluctuation in rates due to large number of competitors have resulted in decline of gross written premium in the Italy travel insurance market.
Conversely, technological developments such as artificial intelligence (AI), data analytics, geo-location, application program interface (API), and global positioning system (GPS), among others are providing innovative opportunities for insurers in the market. The insurers in the country are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.
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. Based on the 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.
The key players profiled in the Italy travel insurance market analysis are 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.
KEY BENEFITS FOR STAKEHOLDERS
Italy Travel Insurance Market Segments
By Insurance Cover
By Distribution Channel
By Distribution Mode
By End User
KEY MARKET PLAYERS
The growth of the Italy travel insurance market is largely attributed to the growth in trends for availing travel insurance as a prerequisite for obtaining Visa in the country. In addition, depending on coverages, travel insurance providers in the country offer different plans by covering costs and losses associated with traveling. Further, several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers provide consumers with various options to compare products and prices, suggest suitable policies, and others.
However, the lack of awareness regarding various insurance schemes and benefits of travel insurance are expected to hamper the growth of the Italy travel insurance market. Moreover, relaxed norms and low fluctuation in rates due to large number of competitors have resulted in decline of gross written premium in the Italy travel insurance market.
Conversely, technological developments such as artificial intelligence (AI), data analytics, geo-location, application program interface (API), and global positioning system (GPS), among others are providing innovative opportunities for insurers in the market. The insurers in the country are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.
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. Based on the 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.
The key players profiled in the Italy travel insurance market analysis are 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.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the Italy travel insurance market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the Italy travel insurance market from 2020 to 2027 are provided to determine the market potential.
Italy Travel Insurance 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
- 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
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Italy Travel Insurance Market, by Insurance Cover
Chapter 5: Italy Travel Insurance Market, by Distribution Channel
Chapter 6: Italy Travel Insurance Market, by Distribution Mode
Chapter 7: Italy Travel Insurance Market, by End-user
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Methodology
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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