Italy Travel Insurance Market Outlook – 2027
The Italy travel insurance market size was valued at $440 million in 2019 and is projected to reach $909 million by 2027, growing at a CAGR of 17.5% from 2020 to 2027. Travel insurance is a type of insurance that provides protection for those traveling domestically or abroad. Primarily, it covers the costs & losses such as loss of baggage, evacuation due to medical condition or hijack, trip cancellation due to medical emergency, loss of travel documents, and other such losses associated with traveling. Key players in the country offer different plans by covering costs and losses depending on coverages in the policy.
Increase in tourism result in several incidences such as health issues, cancelled flights, accidents, theft or loss of baggage, natural calamities, and other such occurrences of uncertainties during travel. Therefore, to mitigate the risks associated with such incidences, consumers are opting for travel insurance, which is acting as a prime driver for the Italy travel insurance market. However, relaxed norms & low fluctuation in rates due to large number of competitors and lack of awareness regarding various insurance schemes and benefits of travel insurance have resulted in decline of gross written premium in the Italy travel insurance market.
On the contrary, expansion of existing products by including specific coverages such as pre-existing medical condition, COVID-19 related coverages and others, is providing an immense potential to the travel insurance providers in the country. Moreover, technological developments such as global positioning system (GPS), artificial intelligence (AI), geo-location, application program interface (API), data analytics, among others are providing innovative opportunities for insurers in the market. Thus, these factors are expected to provide lucrative opportunities during the forecast period.
The single-trip travel insurance dominated the Italy travel insurance market industry in 2019 and is projected to maintain its dominance during the forecast period. Due to increased demand for customized coverage offerings under this policy and are available at an extra premium cost depending on customers need and demands. In addition, rise in number of multi-generation travelers such as grandparents, parents, and grandchildren availing single-trip travel personalized coverages with an extra premium are becoming major factors driving the Italy travel insurance market growth.
The report focuses on the growth prospects, restraints, and trends of the Italy travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Italy travel insurance market.
Single-Trip Travel Insurance segment will dominate the market throughout the forecast period
By Insurance Cover
Segment Review
The Italy travel insurance market is segmented on the basis of insurance cover, distribution channel, distribution mode, and end user. In terms of insurance cover, it is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance.
Insurance Intermediaries segment holds a dominant position in 2019 and would maintain the lead during 2020-2027
By Distribution Channel
Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of distribution mode, it is segmented into business-to-business (B2B), business-to-consumer (B2C), and business-to-business-to-consumer (B2B2C). Based on end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others.
Business-to-Consumer (B2C) segment would grow at a highest CAGR of 18.6% during the forecast period
By Distribution Mode
The report analyses the profiles of key players operating in the Italy travel insurance industry including Allianz, American International Group Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Business Travelers segment would exhibit the highest CAGR of 20.2% during 2020-2027
By End User
COVID-19 Impact Analysis
The coronavirus pandemic has a significant impact on the Italy travel insurance market, as several countries have imposed travel ban. Also, policyholders are filing claims for cancelled holidays & business trips and changing the terms of their policies. This has led to insurers freezing sales of new coverages for travel insurance in the country.
Furthermore, dealing with an unprecedented increase in the volume of claims, administer existing policies, rise in influx of new claims, address customer inquiries, and process claims are some of the critical challenges faced by the Italy travel insurance providers in the market. Therefore, to overcome these several challenges, insurers have established new developments existing policies & adopted technologies to enhance the claim processes and provide better user experience, despite the global health crisis.
Top Impacting Factors
Rapid Growth in Tourism
Rise in tourist population owing to increase in disposable income, extensive coverage for holidays, easy online travel booking options, among others has attributed to the growth of the tourism industry in the country. With an increase in tourism, several incidences such as cancelled flights, accidents, health issues, theft or loss of baggage, natural calamities, and other such occurrences of uncertainties during travel. To mitigate the risks associated with such incidences, consumers are opting for travel insurance. Therefore, the growth of the tourism industry is acting as a prime driver for the Italy travel insurance market.
New Technological Developments in the Italy Travel Insurance Industry
Increase in technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, blockchain, and big data are providing innovative opportunities for insurers in the country. With these technological developments, travel insurance distribution platforms are expected to enhance productivity for providing coverages seamlessly at the point-of-purchase. Moreover, digital transformation enables travel insurance companies to create highly personalized user experiences to their customers.
Further, in order to maintain the market position, insurers are considering use of big data analytics that offer possibilities of generating large premiums. In addition, technologies help in data collection, cater to customer specific needs, calculate risk, and detect fraud. Therefore, easy accessibility and convenient travel insurance offerings by technological advancements are expected to provide lucrative opportunities for insures in the country.
Key Benefits for Stakeholders:
- The study provides an in-depth analysis of the Italy travel insurance market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the Italy travel insurance market trends.
- The quantitative analysis of the Italy travel insurance market from 2020 to 2027 is provided to determine the market potential.
Italy Travel Insurance Market Report Highlights
| Aspects | Details |
 By INSURANCE COVER |
|
 By DISTRIBUTION CHANNEL |
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 By DISTRIBUTION MODE |
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 By END USER |
|
 Key Market Players | ERGO GROUP AG, AMERICAN INTERNATIONAL GROUP, INC, AXA, MAPFRE, COLUMBUS DIRECT, NOBIS INSURANCE COMPANY SpA, IMA ITALIA ASSISTANCE S.p.A, CATTOLICA ASSICURAZIONI, ASSICURAZIONI GENERALI S.P.A, ALLIANZ GROUP, INSURE & GO INSURANCE SERVICES LIMITED, ITALY TRAVEL COMPANY, REALE MUTUA ASSICURAZIONI |
Analyst Review
Travel insurance providers in the country are looking forward to expanding their offerings to provide customized coverages for their customers. In addition, millennials, Gen Y, and Gen Z are the major users of travel insurance, they tend to travel and explore the world as digital nomads. Therefore, insurers are having lucrative opportunities to innovate their offerings via several online sources. Nevertheless, a considerable number of companies remain under the perception that they have minimum travel insurance exposure.
However, this scenario is changing and the year 2019 has witnessed an increase in sale of travel insurance policies due to rise in tourism and higher awareness of travel risk among C-level executives. Consequently, there is an increase in customers buying travel insurance policy, especially due to online comparison-shopping sites such as direct airlines portals, online travel agency (OTA), among others, which are more convenient and easier to compare premium & coverages for the policy in the country.
The Italy travel insurance market is consolidated with the presence of key vendors such as Allianz, American International Group, Inc., AXA, ASSICURAZIONI GENERALI S.P.A. Some of the key players profiled in the report include Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. For instance, in the wake of COVID-19 pandemic, Nobis Insurance Company SpA has updated collective travel policies for free with new anti-covid-19 guarantees.
The Italy Travel Insurance Market is expected to grow at a CAGR of 17.5% from 2020 to 2027.
The Italy Travel Insurance Market is projected to reach $909 million by 2027.
The Italy Travel Insurance Market is projected to reach $909 million by 2027.
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Rapid Growth in Tourism and New Technological Developments in the Insurance Industry drive the Italy Travel Insurance market growth.
The key players profiled in the report include Allianz, American International Group Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Cattolica Assicurazioni, Columbus Direct, ERGO Group AG, IMA Italia Assistance S.p.A., Insure & Go Insurance Services Limited, Italy Travel Company, MAPFRE, Nobis Insurance Company SpA, and Reale Mutua Assicurazioni.
On the basis of top growing big corporations, we select top 10 players.
The Italy Travel Insurance Market is segmented on the basis of insurance cover, distribution channel, distribution mode, and end user.
The key growth strategies of Italy Travel Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Annual Multi-Trip Travel Insurance segment would grow at a highest CAGR of 20.5% during the forecast period.
Insurance Broker segment would exhibit the highest CAGR of 20.3% during 2020-2027.
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