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 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 key companies operating in the Europe travel insurance market include Zurich Insurance Co. Limited, Insure & Go Insurance Services Limited, Travels 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, geolocation, 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.
For More Information, refer to below link:-
Covid-19 Impact Europe Travel Insurances Market
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