The Europe Travel Insurance Market is expected to witness market growth of 27.5% CAGR during the forecast period (2021 2027).
Trip cancellation charges might be covered by travel insurance. In the event of a cancellation, most resorts and cruise lines will not give a complete refund. Most resorts will levy a cancellation fee if a person cancel a couple of weeks before or more before their vacation; numerous cruise lines will just pay a 25% refund or partial credit on another cruise if a person cancel a couple of weeks before or more before the trip. Most firms will not give a refund if a person cancel within two weeks of their vacation.
It's vital to understand that, while there are numerous reasons to purchase travel insurance, some items may not be included. Look for a plan that offers a pre-existing condition waiver if people have a pre-existing condition. If a person is traveling to a region where there's political turmoil, find out what coverage insurance offers if they need to cancel due to the unrest. Some instances of tour operator default due to financial concerns are covered by travel insurance coverage.
The robust automotive sector in Germany is expected to drive decent growth in the multiple trip travel insurance market in the coming years. The number of business visits is increasing as market participants increase in this country. Many trip insurances save the trouble of purchasing a new plan for each trip by providing a comprehensive solution in one package. These insurance policies provide quick renewal, financial assistance, and document clearing. To achieve a larger market share, industry companies such as Allianz Partners and American Express Company are selling multi-trip insurance coverage for frequent travellers. Europe's countries are crammed into a comparatively small continent. The Schengen Agreement brings together 26 European countries to make it easier for inhabitants and visitors to move freely across borders.
The Germany market dominated the Europe Travel Insurance Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $5,074.2 million by 2027. The UK market is poised to grow at a CAGR of 26.5% during (2021 - 2027). Additionally, The France market is expected to experience a CAGR of 28.5% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
Trip cancellation charges might be covered by travel insurance. In the event of a cancellation, most resorts and cruise lines will not give a complete refund. Most resorts will levy a cancellation fee if a person cancel a couple of weeks before or more before their vacation; numerous cruise lines will just pay a 25% refund or partial credit on another cruise if a person cancel a couple of weeks before or more before the trip. Most firms will not give a refund if a person cancel within two weeks of their vacation.
It's vital to understand that, while there are numerous reasons to purchase travel insurance, some items may not be included. Look for a plan that offers a pre-existing condition waiver if people have a pre-existing condition. If a person is traveling to a region where there's political turmoil, find out what coverage insurance offers if they need to cancel due to the unrest. Some instances of tour operator default due to financial concerns are covered by travel insurance coverage.
The robust automotive sector in Germany is expected to drive decent growth in the multiple trip travel insurance market in the coming years. The number of business visits is increasing as market participants increase in this country. Many trip insurances save the trouble of purchasing a new plan for each trip by providing a comprehensive solution in one package. These insurance policies provide quick renewal, financial assistance, and document clearing. To achieve a larger market share, industry companies such as Allianz Partners and American Express Company are selling multi-trip insurance coverage for frequent travellers. Europe's countries are crammed into a comparatively small continent. The Schengen Agreement brings together 26 European countries to make it easier for inhabitants and visitors to move freely across borders.
The Germany market dominated the Europe Travel Insurance Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $5,074.2 million by 2027. The UK market is poised to grow at a CAGR of 26.5% during (2021 - 2027). Additionally, The France market is expected to experience a CAGR of 28.5% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Coverage Type
- Annual Multi-Trip
- Single-Trip
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Family Travelers
- Business Travelers
- Senior Citizens
- Education Travelers
- Others
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Assicurazioni Generali SpA
- American International Group, Inc.
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
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- Exhaustive coverage
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Europe Travel Insurance Market by Coverage Type
Chapter 5. Europe Travel Insurance Market by Distribution Channel
Chapter 6. Europe Travel Insurance Market by End User
Chapter 7. Europe Travel Insurance Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Assicurazioni Generali SpA
- American International Group, Inc.
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
Methodology
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