๐๐ฎ๐ซ๐จ๐ฉ๐ ๐ญ๐ซ๐๐ฏ๐๐ฅ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ฆ๐๐ซ๐ค๐๐ญย generated revenue of ๐๐$ ๐,๐๐๐.๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐ and is projected to attain a valuation of ๐๐$ ๐๐,๐๐๐.๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, growing at a ๐๐๐๐ ๐จ๐ ๐๐.๐%during the forecast period from ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.
๐๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐๐ก๐ข๐ฌ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐๐๐ฉ๐จ๐ซ๐ญ@-ย 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.
๐๐ซ๐๐ฏ๐๐ฅ๐๐ซ๐ฌ ๐๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฃ๐จ๐ซ ๐๐ง๐-๐๐ฌ๐๐ซ๐ฌ ๐จ๐ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐
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.
๐๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐ฒ๐ฉ๐ ๐ข๐ฌ ๐๐จ๐ฌ๐ญ ๐๐จ๐ฆ๐ฆ๐จ๐ง ๐๐ฆ๐จ๐ง๐ ๐๐ง๐-๐๐ฌ๐๐ซ๐ฌ
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.
๐๐๐๐๐ฌ๐ฌ ๐ญ๐จ ๐๐จ๐ซ๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ@-ย https://www.astuteanalytica.com/industry-report/europe-travel-insurance-market
๐๐จ๐ฉ ๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐๐ญ๐ญ๐๐ข๐ง ๐๐๐จ๐ฎ๐ญ ๐๐.๐% ๐จ๐ ๐๐๐ฏ๐๐ง๐ฎ๐ ๐๐ก๐๐ซ๐
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.
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ
โข Allianz Travel
โข AXA SA
โข Tata AIG
โข SocGen
โข American Express Company
โข American International Group
โข Atlas International
โข Berkshire Hathway Travel
โข CSA Travel Protection (Generali Global Assistance)
โข FWD Group Limited
โข Generali
โข Hanse Merkur
โข Other Prominent Players
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ฎ๐ญ๐ฅ๐ข๐ง๐
๐๐ก๐ ๐๐ฎ๐ซ๐จ๐ฉ๐ ๐ญ๐ซ๐๐ฏ๐๐ฅ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐จ๐๐ฎ๐ฌ๐๐ฌ ๐จ๐ง ๐๐๐๐ข๐๐๐ฅ ๐๐จ๐ฏ๐๐ซ, ๐๐ข๐ฌ๐ค ๐๐จ๐ฏ๐๐ซ๐๐ ๐, ๐๐ซ๐ข๐ฉ ๐๐ฒ๐ฉ๐, ๐๐ฒ๐ฉ๐, ๐๐๐ฌ๐ญ๐ข๐ง๐๐ญ๐ข๐จ๐ง, ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ง๐๐ฅ, ๐๐ง๐-๐๐ฌ๐๐ซ, ๐๐ง๐ ๐๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ.
๐๐ฒ ๐๐๐๐ข๐๐๐ฅ ๐๐จ๐ฏ๐๐ซ
โข Emergency Accidental Treatment & Evacuation
โข Emergency Medical Treatment & Evacuation
โข Personal Accident
โข Daily Cash Allowance
โข Accidental Death & Disability
โข Emergency Dental Treatment
๐๐ฒ ๐๐ข๐ฌ๐ค ๐๐จ๐ฏ๐๐ซ๐๐ ๐
โข Smooth Transit Covers
o Trip Cancellations
o Common Carrier Delay
o Delay of Checked-In Baggage
โข Flexible Trip
o Loss of Passport
o Emergency Cash
o Emergency Trip Extension
o Trip Abandonment
o Personal Liability & Bail Bond
โข Others
๐๐ฒ ๐๐ซ๐ข๐ฉ ๐๐ฒ๐ฉ๐
โข Comprehensive Travel
โข Student Travel
โข Leisure Travel
๐๐ฒ ๐๐ฒ๐ฉ๐
โข Individual Insurance
โข Group Insurance
โข Single Trip Insurance
โข Multi Trip Insurance
๐๐ฒ ๐๐๐ฌ๐ญ๐ข๐ง๐๐ญ๐ข๐จ๐ง
โข International
โข Domestic
๐๐ฒ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ง๐๐ฅ
โข Insurance Intermediaries
โข Insurance Companies
โข Banks
โข Insurance Brokers
โข Insurance Aggregators
๐๐ฒ ๐๐ง๐ ๐๐ฌ๐๐ซ
โข Students
โข Travelers
o Travel Bloggers
o Tourist Guides
o Family Travelers
o Business Travelers
o Group Travelers
โข Senior Citizens
โข Others
๐๐ฒ ๐๐จ๐ฎ๐ง๐ญ๐ซ๐ฒ
โข Germany
โข UK
โข France
โข Italy
โข Spain
โข Netherlands
โข Hungary
โข Switzerland
โข Russia
โข Poland
โข Austria
โข Slovakia
โข Czech Republic
โข Croatia
โข Slovenia
โข Romania
โข Bulgaria
โข Rest of Europe
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐๐๐ฉ๐จ๐ซ๐ญ@-ย https://www.astuteanalytica.com/request-sample/europe-travel-insurance-market
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