Europe Travel Insurance Market

Europe Travel Insurance Market Size, Share & Industry Trends Analysis Report By Coverage Type (Annual Multi-Trip, and Single-Trip), By Distribution Channel, By End User, By Country and Growth Forecast, 2021 - 2027

Report Id: KBV-8539 Publication Date: April-2022 Number of Pages: 96
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Market Report Description

The Europe Travel Insurance Market would witness market growth of 27.5% CAGR during the forecast period (2021-2027).

Trip cancellation charges might be covered by travel insurance. In the event of a cancellation, most resorts and cruise lines will not give a complete refund. Most resorts will levy a cancellation fee if a person cancel a couple of weeks before or more before their vacation; numerous cruise lines will just pay a 25% refund or partial credit on another cruise if a person cancel a couple of weeks before or more before the trip. Most firms will not give a refund if a person cancel within two weeks of their vacation.

It's vital to understand that, while there are numerous reasons to purchase travel insurance, some items may not be included. Look for a plan that offers a pre-existing condition waiver if people have a pre-existing condition. If a person is traveling to a region where there's political turmoil, find out what coverage insurance offers if they need to cancel due to the unrest. Some instances of tour operator default due to financial concerns are covered by travel insurance coverage.

The robust automotive sector in Germany is expected to drive decent growth in the multiple trip travel insurance market in the coming years. The number of business visits is increasing as market participants increase in this country. Many trip insurances save the trouble of purchasing a new plan for each trip by providing a comprehensive solution in one package. These insurance policies provide quick renewal, financial assistance, and document clearing. To achieve a larger market share, industry companies such as Allianz Partners and American Express Company are selling multi-trip insurance coverage for frequent travellers. Europe's countries are crammed into a comparatively small continent. The Schengen Agreement brings together 26 European countries to make it easier for inhabitants and visitors to move freely across borders.

The Germany market dominated the Europe Travel Insurance Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,074.2 million by 2027. The UK market is poised to grow at a CAGR of 26.5% during (2021 - 2027). Additionally, The France market would experience a CAGR of 28.5% during (2021 - 2027).

Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.

Free Valuable Insights: The Global Travel Insurance Market Size will Hit $60.7 Billion by 2027, at a CAGR of 28.2%

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.

Scope of the Study

Market Segments Covered in the Report:

By Coverage Type

  • Annual Multi-Trip
  • Single-Trip

By Distribution Channel

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

By End User

  • Family Travelers
  • Business Travelers
  • Senior Citizens
  • Education Travelers
  • Others

By Country

  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe

Key Market Players

List of Companies Profiled in the Report:

  • Seven Corners, Inc.
  • USI Insurance Services, LLC
  • Assicurazioni Generali SpA
  • American International Group, Inc.
  • Allianz Group
  • AXA SA
  • Zurich Insurance Group Ltd.
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