Italy Travel Insurance Market by Product Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-stay Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others) and End User (Senior Citizen, Education Traveler, Backpackers, Business Traveler, Family Traveler, and Fully Independent Traveler) - Opportunity Analysis and Industry Forecasts, 2016-2023
Travel insurance covers the cost incurred due to any problematic incidents while traveling. It includes trip cancellation losses, loss of baggage, medical treatment of patients, and loss of travel documents, evacuation, or deportation during an emergency, and some other unavoidable conditions.
In the coming years, the Italy travel insurance market is projected to grow at a significant rate owing to its low penetration rate and growth in tourism industry. According to World Travel & Tourism Council (WTTC), Italy tourism sector will rise by 2.6% in the year 2017, and is expected to contribute around 5.1% of country’s GDP by 2027.
The growth of the travel insurance market is largely attributed to the growth in trend of availing travel insurance as a prerequisite for obtaining Visa to ensure that travelers are adequately covered in case of medical emergencies due to hospitalization in foreign countries and high costs of medical services during travel time. However, lack of awareness regarding various insurance schemes and benefits of travel insurance are expected to hamper the growth of the Italy travel insurance market. Moreover, relaxed norms and low fluctuation in rates due to large number of competitors have resulted in decline of gross written premium.
The market is segmented based on type of distribution channel, product types, end user, and geography. Based on product type, it is classified into single trip, annual multi-trip, and long stay.
Based on distribution channel, the market is classified into insurance intermediaries, insurance company, bank, insurance broker, insurance aggregators, and others. Based on end user, it is classified into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent traveler.
Some of the significant players profiled in the report are Allianz global assistance SAS, AXA Group, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, Filo Diretto, Generali Group, Gruppo Cattolica Assicurazioni, MAPFRE S.A., Reale Mutua Assicurazioni, and UnipolSai Assicurazioni S.p.A. All these key players are involved in various strategic developments, such as partnerships, collaborations, mergers & acquisition and others to increase their market penetration in the industry.
KEY BENEFITS FOR STAKEHOLDERS In-depth analysis of the Italy travel insurance industry along with its dynamics is provided to understand the market scenario. Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities. Porter’s Five Forces analysis examines the competitive structure of the Italy travel insurance market and provides a clear understanding of the factors that influence the market entry and expansion. Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided in the report. Detailed analysis of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions. Profile analysis of leading players that operate in the Italy travel insurance market are provided in the report, which highlight the major developmental strategies such as mergers & acquisitions, expansions, and new product launches adopted by these companies.
KEY MARKET SEGMENTS
By Product Type Single trip travel insurance Annual multi-trip travel insurance Long stay travel insurance
By Distribution Channel Insurance intermediaries Insurance company Bank Insurance broker Insurance aggregator Other
By End-User Senior citizen Education traveler Backpackers Business traveler Family traveler Fully independent traveler
The key players profiled in the report are as follows: UnipolSai Assicurazioni S.p.A Reale Mutua Assicurazioni Gruppo Cattolica Assicurazioni DARAG Deutsche Versicherungs- und Rückversicherungs-AG Generali Group Allianz Group AXA Group Filo Diretto MAPFRE SA
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