Travel insurance is a specific type of insurance product, which is specifically designed to provide the financial against the unexpected events while travelling. It is an affordable mode of protection protection for those who are travelling domestically or abroad. Travel insurance cover generally include trip expenses, baggage & personal-effects coverage, trip cancellation or interruption coverage, medical-expense coverage, and accidental death or flight accident coverage. It also provides emergency services for instance cash wire assistance, replacing lost passports, and re-booking cancelled flights. It is commonly sold as a package that may include numerous types of coverage.
Single-trip travel
insurance covers travelers for the one trip while annual-travel
insurance primarily covers travelers who take several short trips during a
year, and long-stay travel insurance covers travelers who are away from home
for long-periods of time. Single-trip travel insurance policy holds major share
in regional market. Insurance intermediaries, banks, insurance brokers,
insurance companies and insurance aggregators are mainly sold travel insurance
policies. Insurance aggregator is anticipated to exhibit considerable growth
rate because of increase in usage of internet worldwide during the forecast
period.
On the basis of end-user analysis, the travel-insurance
market is separated as elderly persons, business travelers, backpackers, education-travelers,
and family travelers. Family travelers segment is estimated to exhibit
substantial growth rate due to overseas business expansion, increased
international trade, and increase in business travel expenditure over the
forecast period.
Referring to the study, Europe Travel Insurance Market
2020-2030 by Travel Type, Application, Coverage, End User, Distribution
Channel, and Country: Trend Forecast and Growth Opportunity. Some of the key companies operating in the Europe travel
insurance market include Zurich Insurance Co. Limited, Insure & Go
Insurance Services Limited, TravelSafe Insurance, American Express Company, AXA
SA, Seven Corners Inc., USI Insurance Services, American International Group
Inc, Allianz Group, Travel Insured International, Berkshire Hathaway Specialty
Insurance Company, Assicurazioni Generali S.P.A. and among others. These
leading companies have adopted numerous strategies including product-portfolio
expansion, agreements, geographical expansion, mergers & acquisitions, and
collaborations, to enhance their market penetration and reinforce their
position in the industry.
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Growth in adoption of travel insurance
as a prerequisite for obtaining VISA, followed by rise in baby boomer travel
and rapid growth in tourism are some major factors, which are responsible for
growth of the Europe travel insurance market. Apart from this, low penetration
level & fewer written policies of travel insurance and lack of awareness
regarding benefit related to travel insurance may impact the market. Moreover,
new technological development and expansion of existing travel insurance
products & services are leading opportunities for regional market.
Furthermore, technical advancements for instance application program interface
(API), data mining, geo-location, artificial intelligence (AI), and global
positioning system (GPS), among others, are creating beneficial business
prospects for the insurers. With the help of new technology, insurers are
expected to improve traditional platforms for delivering travel insurance to
increase productivity and provide a seamless user experience. As a result of
the projected era, it is likely that these conditions offer lucrative
possibilities.
It is predicted that future of the
Europe travel insurance market will be optimistic on account of increase in
business travel expenditure coupled with rise in number of senior citizen
travelers during the forecast period.
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Covid-19
Impact Europe Travel Insurances Market
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