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Europe Travel Insurance Market

  • PDF Icon

    Report

  • 505 Pages
  • November 2023
  • Region: Europe
  • Astute Analytica
  • ID: 5969524
Description Jump to:

Europe Travel Insurance Market: Surge to US$ 10.65 Bn by 2030 with a CAGR of 22.8%

The European travel insurance market is experiencing a substantial growth phase, with its value expected to skyrocket from US$ 2.15 Bn in 2022 to US$ 10.65 Bn by 2030, marking a CAGR of 22.8%. This growth reflects the increasing reliance on travel insurance amid the burgeoning tourism sector in Europe.

Growth Influencers:

The market's expansion is primarily fueled by the rapid growth of the tourism sector and government-mandated travel policies. These factors are crucial in increasing the adoption of travel insurance. However, the market faces challenges due to the politically sensitive nature of the travel and tourism industry, which can impact travel trends and insurance uptake.

Segment Overview:

The market is segmented based on risk coverage, trip type, insurance type, destination, distribution channel, and end-user.

By Risk Coverage

  • Medical Cover
  • Emergency Accidental Treatment & Evacuation
  • Emergency Medical Treatment & Evacuation
  • Personal Accident
  • Daily Cash Allowance
  • Accidental Death & Disability
  • Emergency Dental Treatment
  • Smooth Transit Covers
  • Trip Cancellations
  • Common Carrier Delay
  • Delay of Checked-In Baggage
  • Flexible Trip
  • Loss of Passport
  • Emergency Cash
  • Emergency Trip Extension
  • Trip Abandonment
  • Personal Liability & Bail Bond
  • Others

By Trip Type

  • Comprehensive Travel
  • Student Travel
  • Leisure Travel

By Type

  • Individual Insurance
  • Single Trip Insurance
  • Multi Trip Insurance
  • Group Insurance
  • Single Trip Insurance
  • Multi Trip Insurance

By Destination

  • International
  • Domestic

By Distribution Channel

  • Insurance Intermediaries
  • Insurance Companies
  • Banks
  • Insurance Brokers
  • Insurance Aggregators

By End User

  • Students
  • Travelers
  • Travel Bloggers
  • Tourist Guides
  • Family Travelers
  • Business Travelers
  • Group Travelers
  • Senior Citizens
  • Others
Notably, the Medical Cover segment, which encompasses a range of emergency services, dominates with over 50% market share in 2022. Comprehensive Travel in trip types and Individual Insurance in insurance types are showing significant growth potential. The Domestic destination segment is anticipated to reach US$ 6.8 Bn by 2030. In terms of distribution channels, Insurance Aggregators lead the market with over 50% share in 2022. Among end-users, Travelers, including bloggers and business travelers, dominated the market in terms of revenue in 2022.

Regional Overview:

In the European market, Spain leads with the largest market share in 2022, while France presents a notable growth opportunity estimated at around US$ 1,100 Mn for 2023-2030. Other key countries include Germany, the UK, Italy, the Netherlands, and Eastern European nations, each contributing to the market dynamics.

By Country

  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Hungary
  • Switzerland
  • Russia
  • Poland
  • Austria
  • Slovakia
  • Czech Republic
  • Croatia
  • Slovenia
  • Romania
  • Bulgaria
  • Rest of Europe

Company Profile:

The market is characterized by the presence of major players, with a cumulative market share of 67.4%. Key players include AXA SA, Allianz Travel, Tata AIG, SocGen, American Express Company, and others. These companies are integral in shaping the market through their offerings and strategic initiatives.

Value Addition:

The report also provides insights into the number of travelers (both domestic and international), which is a significant factor in understanding market dynamics and potential.

Report Insights:

  • The Europe travel insurance market is projected to reach US$ 10.65 Bn by 2030.
  • Growth is driven by the booming tourism sector and government policies.
  • Medical coverage and individual insurance types show significant growth.
  • Spain and France are key markets within Europe.

Questions to be Answered:

  • What are the primary drivers and challenges in the European travel insurance market?
  • Which segments are witnessing the highest growth and why?
  • How are different European countries contributing to the market?
  • What role do major companies play in the market dynamics?

Table of Contents

Chapter 1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
Chapter 2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Breakdown of Primary Research Respondents, By Region
2.4. Assumption for the Study
2.5. Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Europe Travel Insurance Market
Chapter 4. Europe Travel Insurance Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Service Provider
4.1.2. Distributor
4.1.3. End user
4.2. Industry Outlook
4.2.1. Overview of Travel Insurance
4.2.2. Number of Travellers (Domestic+ International)
4.2.3. Country Level Analysis
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. COVID-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Pricing Analysis
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2020
4.8.3. Competitor Mapping
4.9. Voice of Customer (VoC)
4.9.1. Buying Experience
4.8.2. Planning and Selection
4.8.3. Customer Service and Support
Chapter 5. Europe Travel Insurance Market Analysis, By Risk Coverage
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
5.2.1. Medical Cover
5.2.1.1. Emergency Accidental Treatment & Evacuation
5.2.1.2. Emergency Medical Treatment & Evacuation
5.2.1.3. Personal Accident
5.2.1.4. Daily Cash Allowance
5.2.1.5. Accidental Death & Disability
5.2.1.6. Emergency Dental Treatment
5.2.2. Smooth Transit Covers
5.2.2.1. Trip Cancellations
5.2.2.2. Common Carrier Delay
5.2.2.3. Delay of Checked-In Baggage
5.2.3. Flexible Trip
5.2.3.1. Loss of Passport
5.2.3.2. Emergency Cash
5.2.3.3. Emergency Trip Extension
5.2.3.4. Trip Abandonment
5.2.3.5. Personal Liability & Bail Bond
5.2.4. Others
Chapter 6. Europe Travel Insurance Market Analysis, By Trip Type
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (US$ Mn) 6.2.1. Comprehensive Travel
6.2.2. Student Travel
6.2.3. Leisure Travel
Chapter 7. Europe Travel Insurance Market Analysis, By Type
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
7.2.1. Individual Insurance
7.2.2. Group Insurance
7.2.3. Single Trip Insurance
7.2.4. Multi Trip Insurance
Chapter 8. Europe Travel Insurance Market Analysis, By Destination
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2030 (US$ Mn) 8.2.1. International
8.2.2. Domestic
Chapter 9. Europe Travel Insurance Market Analysis, By Distribution Channel
9.1. Key Insights
9.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
9.2.1. Insurance Intermediaries
9.2.2. Insurance Companies
9.2.3. Banks
9.2.4. Insurance Brokers
9.2.5. Insurance Aggregators
Chapter 10. Europe Travel Insurance Market Analysis, By End User
10.1. Key Insights
10.2. Market Size and Forecast, 2017 - 2030 (US$ Mn) 10.2.1. Students
10.2.2. Travelers
10.2.2.1. Travel Bloggers
10.2.2.2. Tourist Guides
10.2.2.3. Family Travelers
10.2.2.4. Business Travelers
10.2.2.5. Group Travelers
10.2.3. Senior Citizens
10.2.4. Others
Chapter 11. Europe Travel Insurance Market, By Region/ Country
11.1. Key Insights
11.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and Units)
11.2.1. Western Europe
11.2.1.1. The UK
11.2.1.2. Germany
11.2.1.3. France
11.2.1.4. Italy
11.2.1.5. Spain
11.2.1.6. Netherlands
11.2.1.7. Rest of Western Europe
11.2.2. Eastern Europe
11.2.2.1. Poland11.2.2.2. Russia
11.2.2.3. Switzerland
11.2.2.4. Hungary
11.2.2.5. Rest of East Europe
Chapter 12. Germany Travel Insurance Market Analysis
12.1. Key Insights
12.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
12.2.1. By Risk Coverage
12.2.2. By Trip Type
12.2.3. By Type
12.2.4. By Destination
12.2.5. By Distribution Channel
12.2.6. By End User
Chapter 13. UK Travel Insurance Market Analysis
13.1. Key Insights
13.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
13.2.1. By Risk Coverage
13.2.2. By Trip Type
13.2.3. By Type
13.2.4. By Destination
13.2.5. By Distribution Channel
13.2.6. By End User
Chapter 14. France Travel Insurance Market Analysis
14.1. Key Insights
14.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
14.2.1. By Risk Coverage 14.2.2. By Trip Type
14.2.3. By Type
14.2.4. By Destination
14.2.5. By Distribution Channel
14.2.6. By End User
Chapter 15. Italy Travel Insurance Market Analysis
15.1. Key Insights
15.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
15.2.1. By Risk Coverage
15.2.2. By Trip Type
15.2.3. By Type
15.2.4. By Destination
15.2.5. By Distribution Channel 15.2.6. By End User
Chapter 16. Spain Travel Insurance Market Analysis
16.1. Key Insights
16.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
16.2.1. By Risk Coverage
16.2.2. By Trip Type
16.2.3. By Type
16.2.4. By Destination
16.2.5. By Distribution Channel
16.2.6. By End User
Chapter 17. Netherlands Travel Insurance Market Analysis
17.1. Key Insights
17.2. Market Size and Forecast, 2017 - 2030 (US$ Mn) 17.2.1. By Risk Coverage
17.2.2. By Trip Type
17.2.3. By Type
17.2.4. By Destination
17.2.5. By Distribution Channel
17.2.6. By End User
Chapter 18. Hungary Travel Insurance Market Analysis
18.1. Key Insights
18.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
18.2.1. By Risk Coverage
18.2.2. By Trip Type
18.2.3. By Type 18.2.4. By Destination
18.2.5. By Distribution Channel
18.2.6. By End User
Chapter 19. Slovenia Travel Insurance Market Analysis
19.1. Key Insights
19.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
19.2.1. By Risk Coverage
19.2.2. By Trip Type
19.2.3. By Type
19.2.4. By Destination
19.2.5. By Distribution Channel
19.2.6. By End User
Chapter 20. Switzerland Travel Insurance Market Analysis 20.1. Key Insights
20.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
20.2.1. By Risk Coverage
20.2.2. By Trip Type
20.2.3. By Type
20.2.4. By Destination
20.2.5. By Distribution Channel
20.2.6. By End User
Chapter 21. Russia Travel Insurance Market Analysis
21.1. Key Insights
21.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
21.2.1. By Risk Coverage
21.2.2. By Trip Type 21.2.3. By Type
21.2.4. By Destination
21.2.5. By Distribution Channel
21.2.6. By End User
Chapter 22. Poland Travel Insurance Market Analysis
22.1. Key Insights
22.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
22.2.1. By Risk Coverage
22.2.2. By Trip Type
22.2.3. By Type
22.2.4. By Destination
22.2.5. By Distribution Channel
22.2.6. By End User
Chapter 23. Austria Travel Insurance Market Analysis
23.1. Key Insights
23.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
23.2.1. By Risk Coverage
23.2.2. By Trip Type
23.2.3. By Type
23.2.4. By Destination
23.2.5. By Distribution Channel
23.2.6. By End User
Chapter 24. Slovakia Travel Insurance Market Analysis
24.1. Key Insights
24.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
24.2.1. By Risk Coverage 24.2.2. By Trip Type
24.2.3. By Type
24.2.4. By Destination
24.2.5. By Distribution Channel
24.2.6. By End User
Chapter 25. Czech Republic Travel Insurance Market Analysis
25.1. Key Insights
25.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
25.2.1. By Risk Coverage
25.2.2. By Trip Type
25.2.3. By Type
25.2.4. By Destination
25.2.5. By Distribution Channel
25.2.6. By End User
Chapter 26. Croatia Travel Insurance Market Analysis
26.1. Key Insights
26.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
26.2.1. By Risk Coverage
26.2.2. By Trip Type
26.2.3. By Type
26.2.4. By Destination
26.2.5. By Distribution Channel
26.2.6. By End User
Chapter 27. Romania Travel Insurance Market Analysis
27.1. Key Insights
27.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
27.2.1. By Risk Coverage
27.2.2. By Trip Type 27.2.3. By Type
27.2.4. By Destination
27.2.5. By Distribution Channel
27.2.6. By End User
Chapter 28. Bulgaria Travel Insurance Market Analysis
28.1. Key Insights
28.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
28.2.1. By Risk Coverage
28.2.2. By Trip Type
28.2.3. By Type
28.2.4. By Destination
28.2.5. By Distribution Channel
28.2.6. By End User
Chapter 29. Rest of Europe Travel Insurance Market Analysis
29.1. Key Insights
29.2. Market Size and Forecast, 2017 - 2030 (US$ Mn)
29.2.1. By Risk Coverage
29.2.2. By Trip Type
29.2.3. By Type
29.2.4. By Destination
29.2.5. By Distribution Channel
29.2.6. By End User
Chapter 30. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
30.1. Allianz Travel
30.2. AXA SA
30.3. Tata AIG 30.4. SocGen
30.5. American Express Company
30.6. American International Group
30.7. Atlas International
30.8. Berkshire Hathway Travel
30.9. CSA Travel Protection (Generali Global Assistance)
30.10. FWD Group Limited
30.11. Generali
30.12. Hanse Merkur
30.13. Other Prominent Players

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Allianz Travel
  • AXA SA
  • Tata AIG
  • SocGen
  • American Express Company
  • American International Group
  • Atlas International
  • Berkshire Hathway Travel
  • CSA Travel Protection (Generali Global Assistance)
  • FWD Group Limited
  • Generali
  • Hanse Merkur

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About the Travel Insurance Market

The Travel Insurance market is a sector of the insurance industry that provides coverage for travelers in the event of unexpected losses or damages incurred while traveling. This type of insurance typically covers medical expenses, trip cancellations, lost luggage, flight delays, and other related losses. It is important to note that travel insurance does not cover losses due to acts of terrorism or war. Travel insurance policies are typically tailored to the individual traveler's needs and can be purchased for a single trip or for multiple trips. Policies can also be purchased for a specific period of time, such as a year or more. Some of the major companies in the Travel Insurance market include Allianz, AXA, AIG, Chubb, and Zurich. These companies offer a variety of policies and coverage options to meet the needs of travelers. Show Less Read more

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