Europe Travel Insurance Opportunity Analysis and Industry Forecast, 2016-2023 Market Global Opportunity Analysis and Industry Forecast, 2016-2023
Pages: 130 Tables: 47
EUROPE TRAVEL INSURANCE MARKET
Europe Travel Insurance Market by Distribution Channel, Insurance Cover, and End User: Global Opportunity Analysis 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 dominate the Europe travel insurance market. Access Full Summary https://www.alliedmarketresearch.com/europe-travel-insurance-market
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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.
EUROPE TRAVEL INSURANCE MARKET
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 dominance 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 promotional activities by the Austria National Tourist Office.
Based on distribution channel, traditional sources such as tour operators and travel agents have maintained their dominance 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%. Download Request Sample Copy https://www.alliedmarketresearch.com/request-sample/2291 Â
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EUROPE TRAVEL INSURANCE MARKET
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.
EUROPE TRAVEL INSURANCE MARKET
Europe Travel Insurance Market Key Segments By Distribution Channel • Insurance Intermediaries • Insurance Company • Bank • Insurance Broker • Insurance Aggregators • Others By Insurance Cover • Single Trip • Annual Multi-trip • Long Stay
EUROPE TRAVEL INSURANCE MARKET
By End User • • • • • •
Senior Citizens Education Travelers Backpackers Business Travelers Family Travelers Fully Independent Traveler
By Geography
EUROPE TRAVEL INSURANCE MARKET 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) InsuranceLine.gr (Greece), Alc Travel (UK), Staysure Limited (UK) ETA services (UK)
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EUROPE TRAVEL INSURANCE MARKET
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EUROPE TRAVEL INSURANCE MARKET
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