Europe Travel Insurance Market to Surpass at a Revenue of US$ 13,006.1 Million By 2031 | Astute Analytica

CHICAGO, UNITED STATES, August 9, 2023/EINPresswire.com/ -- 𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐫𝐚𝐯𝐞𝐥 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 generated revenue of 𝐔𝐒$ 𝟐,𝟏𝟓𝟔.𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 and is projected to attain a valuation of 𝐔𝐒$ 𝟏𝟑,𝟎𝟎𝟔.𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, growing at a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟐.𝟏%during the forecast period from 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/europe-travel-insurance-market

The Europe Travel Insurance Market has grown significantly in recent years as a result of increased travel activity, improved awareness of the benefits of travel insurance, and the growing appeal of European locations among tourists. The surge in baby boomer travel, the acceptance of travel insurance as a requirement for obtaining a visa, and the global expansion of the tourism industry drive the growth of the Europe travel insurance market.

The increase in disposable incomes, along with a growing demand for authentic travel, has increased the number of Europeans traveling both domestically and internationally. This tendency has increased traveler demand for travel insurance. For example, Europeans' desire to travel is expanding, with 70% planning a vacation within the next six months. In just one year, this is a 4% growth. More than half (52%) want to travel at least twice, indicating a pent-up desire for vacation. According to the Monitoring Sentiment for Domestic and Intra-European Travel survey, sentiment for intra-European travel is also on the rise, with 62% of respondents planning cross-border trips within Europe this autumn and winter, the highest level of sentiment for intra-European travel since autumn 2020.

Government policies shape the market as well. For instance, the European Union's Package Travel and Linked Travel Arrangements Directive, provides substantial protection for travelers, raising demand for travel insurance. This order requires travel operators to provide full refunds in the event of package trip cancellations and, in some situations, repatriation in the event of bankruptcy. This has had a positive market impact since passengers value the greater financial and safety net that travel insurance provides.

Insurers in the region are expected to improve existing travel insurance distribution platforms to increase productivity using technologies such as geolocation, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), among others. According to Internet World, roughly 89.4% of the European population uses mobile phones, desktop computers, and laptops to access the Internet. As a result of this trend, insurance companies have concentrated on developing various techniques to provide mobile-friendly services. As a result of these factors, the market is projected to have attractive opportunities in the next years.

𝐓𝐫𝐚𝐯𝐞𝐥𝐞𝐫𝐬 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐌𝐚𝐣𝐨𝐫 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬 𝐨𝐟 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞

In 2022, travelers generated a major market share of 81.5%. This dominance demonstrates that leisure or personal travelers are the predominant buyers of travel insurance in Europe. Furthermore, the huge increase in business travel plans and the increase in the number of business travelers in recent years has fueled the expansion of this market.

Despite mixed economic conditions, global business travel demand remained high in the first quarter of 2023, with more passengers opting to book online and earlier to "secure options and book lower prices." Furthermore, Frankfurt Airport expects an increase in business travelers to improve passenger counts throughout the rest of the year.

𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐓𝐲𝐩𝐞 𝐢𝐬 𝐌𝐨𝐬𝐭 𝐂𝐨𝐦𝐦𝐨𝐧 𝐀𝐦𝐨𝐧𝐠 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬

In 2022, the individual insurance segment accounted for the highest revenue share of the Europe travel insurance market. Individual insurance policies offer more flexibility, such as higher benefit levels and upgrade options, making them a popular choice among many travelers.

Individual travel insurance policies are tailored to individual passengers' specific coverage requirements and constraints. They provide customization choices, allowing tourists to choose coverage levels that meet their needs. Individuals, for example, can purchase higher levels of medical evacuation or travel delay coverage based on their travel preferences and destinations.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/europe-travel-insurance-market

𝐓𝐨𝐩 𝟓 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐀𝐭𝐭𝐚𝐢𝐧 𝐀𝐛𝐨𝐮𝐭 𝟔𝟕.𝟒% 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞

The Europe Travel Insurance Market is highly consolidated. The top five competitors, including Generali, AXA SA, Allianz Travel, American Express Company, and American International Group dominate the market. Mid-size to smaller businesses are extending their market presence by gaining new contracts and entering new markets as a result of technical improvement and product innovation. Generali and AXA SA are the market leaders, with roughly 20.5% and 15.2% of the market revenue share, respectively.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

• 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
• Other Prominent Players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐫𝐚𝐯𝐞𝐥 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐂𝐨𝐯𝐞𝐫, 𝐑𝐢𝐬𝐤 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞, 𝐓𝐫𝐢𝐩 𝐓𝐲𝐩𝐞, 𝐓𝐲𝐩𝐞, 𝐃𝐞𝐬𝐭𝐢𝐧𝐚𝐭𝐢𝐨𝐧, 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥, 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫, 𝐚𝐧𝐝 𝐂𝐨𝐮𝐧𝐭𝐫𝐲.

𝐁𝐲 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐂𝐨𝐯𝐞𝐫

• Emergency Accidental Treatment & Evacuation
• Emergency Medical Treatment & Evacuation
• Personal Accident
• Daily Cash Allowance
• Accidental Death & Disability
• Emergency Dental Treatment
𝐁𝐲 𝐑𝐢𝐬𝐤 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞
• Smooth Transit Covers
o Trip Cancellations
o Common Carrier Delay
o Delay of Checked-In Baggage
• Flexible Trip
o Loss of Passport
o Emergency Cash
o Emergency Trip Extension
o Trip Abandonment
o Personal Liability & Bail Bond
• Others
𝐁𝐲 𝐓𝐫𝐢𝐩 𝐓𝐲𝐩𝐞
• Comprehensive Travel
• Student Travel
• Leisure Travel
𝐁𝐲 𝐓𝐲𝐩𝐞
• Individual 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
o Travel Bloggers
o Tourist Guides
o Family Travelers
o Business Travelers
o Group Travelers
• Senior Citizens
• Others
𝐁𝐲 𝐂𝐨𝐮𝐧𝐭𝐫𝐲
• Germany
• UK
• France
• Italy
• Spain
• Netherlands
• Hungary
• Switzerland
• Russia
• Poland
• Austria
• Slovakia
• Czech Republic
• Croatia
• Slovenia
• Romania
• Bulgaria
• Rest of Europe

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/europe-travel-insurance-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

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Aamir Beg
Astute Analytica
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