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Germany Travel Insurance Market

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    Report

  • 136 Pages
  • January 2024
  • Region: Germany
  • Astute Analytica
  • ID: 5969518

Germany Travel Insurance Market: Skyrocketing to Euro 384.58 Mn by 2030 with a CAGR of 30.49%

Germany's travel insurance market is on a stellar growth trajectory, with its value projected to soar from Euro 61.34 Mn in 2023 to a staggering Euro 384.58 Mn by 2030, at an impressive CAGR of 30.49%. This significant growth underscores the increasing reliance on travel insurance in the context of Germany's flourishing tourism sector.

Growth Influencers:

The market's remarkable expansion is largely driven by the rapid growth of the tourism sector and the German government's initiatives and national tourism strategy. These factors are pivotal in boosting travel insurance adoption among various segments. 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, distribution channel, and end-user.

By Risk Coverage

  • 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 (Emergency exit)

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 Distribution Channel

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

By End User

  • Students
  • Senior Citizens
  • Others
The 'Flexible Trip' segment, encompassing various covers like loss of passport and emergency cash, dominates with over 55% market share in 2023. Comprehensive Travel in trip types is showing potential growth, with an opportunity of more than Euro 210 Mn for 2024-2030. The Individual Insurance type is growing fastest, at over 31% CAGR.

In distribution channels, Insurance Intermediaries lead the market with over 30% share in 2023. Among end-users, Travelers dominate the market in terms of revenue in 2023, with more than Euro 45 Mn.

Company Profile:

The market is marked by the dominance of major players like AXA SA, Allianz Travel, Tata AIG, SocGen, American Express Company, American International Group, Atlas International, Berkshire Hathway Travel, Generali Global Assistance (CSA Travel Protection), FWD Group Limited, Hanse Merkur, Signal Iduna, and other. Major players collectively holding nearly 67% of the market share. Companies, along with companies such as Generali Global Assistance and Hanse Merkur, are crucial in driving the market forward through their offerings and strategic initiatives.

Report Insights:

  • The Germany travel insurance market is projected to reach Euro 384.58 Mn by 2030.
  • Key growth drivers include the burgeoning tourism sector and government initiatives.
  • 'Flexible Trip' and Individual Insurance types are significant growth segments.
  • Insurance Intermediaries and Travelers are key contributors to market dynamics.

Questions to be Answered:

  • What are the primary drivers and challenges in Germany's travel insurance market?
  • Which segments are witnessing the highest growth and why?
  • How is the distribution channel landscape shaping 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: Germany Travel Insurance Market
Chapter 4. Germany 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 Germany Travel Insurance
4.2.1.1. Geopolitical Instability
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 (Mn Euro), 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. Methods used for collecting VoC Data
4.9.2. Channels used for data collection
4.9.3. Parameters to measure
4.9.4. Category of Questions
Chapter 5. Germany Travel Insurance Market Analysis, By Risk Coverage
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (Mn Euro)
5.2.1. Smooth Transit Covers
5.2.1.1. Trip Cancellations
5.2.1.2. Common Carrier Delay
5.2.1.3. Delay of Checked-In Baggage
5.2.2. Flexible Trip
5.2.2.1. Loss of Passport
5.2.2.2. Emergency Cash
5.2.2.3. Emergency Trip Extension
5.2.2.4. Trip Abandonment
5.2.2.5. Personal Liability & Bail Bond
5.2.3. Others
Chapter 6. Germany Travel Insurance Market Analysis, By Trip Type
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (Mn Euro) 6.2.1. Comprehensive Travel
6.2.2. Student Travel
6.2.3. Leisure Travel
Chapter 7. Germany Travel Insurance Market Analysis, By Type
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (Mn Euro)
7.2.1. Individual Insurance
7.2.1.1. Single Trip Insurance
7.2.1.2. Multi Trip Insurance
7.2.2. Group Insurance
7.2.2.1. Single Trip Insurance
7.2.2.2. Multi Trip Insurance
8.1. Key Insights
Chapter 8. Germany Travel Insurance Market Analysis, By Distribution Channel
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2030 (Mn Euro)
8.2.1. Insurance Intermediaries
8.2.2. Insurance Companies
8.2.3. Banks
8.2.4. Insurance Brokers
8.2.5. Insurance Aggregators
Chapter 9. Germany Travel Insurance Market Analysis, By End User
9.1. Key Insights
9.2. Market Size and Forecast, 2017 - 2030 (Mn Euro)
9.2.1. Students
9.2.2. Travelers
9.2.2.1. Travel Bloggers
9.2.2.2. Tourist Guides
9.2.2.3. Family Travelers
9.2.2.4. Business Travelers
9.2.2.5. Group Travelers
9.2.3. Senior Citizens
9.2.4. Others
Chapter 10. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
10.1. Allianz Travel
10.2. AXA SA
10.3. Tata AIG
10.4. SocGen 10.5. American Express Company
10.6. American International Group
10.7. Berkshire Hathway Travel
10.8. Generali Global Assistance (CSA Travel Protection)
10.9. FWD Group Limited
10.10. Hanse Merkur
10.10. Signal Iduna
10.11. Other Prominent Players
ANNEXURE

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
  • Berkshire Hathway Travel
  • Generali Global Assistance (CSA Travel Protection)
  • FWD Group Limited
  • Hanse Merkur
  • Signal Iduna

Table Information