Europe Travel Insurance Market Foreseen to Grow Exponentially by 2033

According to the Market Statsville Group (MSG), the European travel insurance Market was valued at USD 6510 million in 2023 and is expected to grow from USD 7232 million in 2024 to USD 14560 million by 2033, by exhibiting a CAGR of 11.1% during the forecast period (2024-2033)

The Europe travel insurance market is a growing and significant segment that offers protection on different aspects that are related to traveling. This market refers to measures that seek to cover any incidence that might affect a traveler, such as a disease outbreak, trip cancellation, loss of baggage, or any other adversity. Rising Europe and domestic travel, including leisure, business, and adventure travel, is a major driver. According to the European Travel Commission, international travel in Europe has been rebounding, further fueling demand for travel insurance. The COVID-19 pandemic has increased awareness of health-related risks while traveling. Travelers are more conscious of the need for comprehensive travel insurance that includes coverage for pandemics, medical emergencies, and trip cancellations. European regulations and directives, such as the Insurance Distribution Directive (IDD), which governs the sale and distribution of insurance products, have standardized practices and improved transparency in the travel insurance sector.

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Scope of the Europe Travel Insurance Market

The study categorizes the European travel insurance market based on coverage type, traveler type, distribution channel, and consumer type area at the regional and European levels.

By Coverage Type Outlook (Sales, USD Million, 2019-2033)

• Medical Insurance
• Trip Cancellation/Interruption Insurance
• Baggage and Personal Belongings Insurance
• Travel Delay Insurance
• Accidental Death and Dismemberment Insurance

By Traveler Type Outlook (Sales, USD Million, 2019-2033)

• Leisure Travelers
• Business Travelers
• Adventure Travelers

By Distribution Channel Outlook (Sales, USD Million, 2019-2033)

• Direct Sales
• Online Aggregators
• Travel Agents
• Banks and Financial Institutions

By Consumer Type Outlook (Sales, USD Million, 2019-2033)

• Individual Travelers
• Corporate Travelers
• Groups

By Region Outlook (Sales, USD Million, 2019-2033)

• Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe

Medical insurance segment accounts for the largest market share by Coverage Type

Based on the Coverage Type, Travel insurance falls under Coverage Type and is very important, particularly within the European market, and the real sense of it has always catered to the needs of covering travelers against medical expenses that are deemed uncontrolled and unexpected. The rationale behind such insurance is to ensure that on medical cover, which includes treatments, hospitalization, evacuations in case of emergencies, and repatriation of the remains if the need is, all expenses about travel insurance will be covered. This is very important, especially for tourists who have health problems or accident cases abroad, because healthcare costs are very unaffordable. Some travel insurance policies include pre-existing medical coverages, but these greatly differ from one another. Insurers can consider covering up these conditions if declared and assessed while purchasing the policy. The NIH states that medical coverage accounts for 50% to 60% of all travel insurance sold in Europe, thus highlighting how essential it is to travelers as well.

Furthermore, Medical cover prevents many out-of-pocket expenses incurred relating to the health care provision at destination countries. If there is no cover, then the emergency medical services would unleash several financial levies on the travelers. Insurance will ensure that travelers gain access to medical facilities and services based on set standards. This is important in countries where healthcare systems may differ a lot from those in the traveler's home country. According to ABI, it can cost any amount between €2,000 to €5,000 minimum just to settle a medical claim in Europe, with the case itself and the severity of the situation at its core. The more complicated the case is, the more will be charged, such as for elaborate operations and longer than usual hospital stays.

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Europe accounted for the largest market share by Region.

Based on the region, The European travel insurance market is diverse and varies significantly across different regions. Each area has its own travel patterns, consumer preferences, regulatory environment, and market dynamics. As a major player in the European travel insurance market, the UK has a well-developed insurance industry with high penetration rates. Thereby, with relatively high consumer and demand awareness for holistic travel insurance products, it can be stated that the overall market for German travel insurance is strong. The overall level of direct and indirect travel within and outside of Germany drives the strength of this market. Being one of the countries with an exceptionally high level of insurance coverage amongst its citizens, including travel insurance, Germany's market enjoys a robust regulatory framework and significant levels of consumer trust.

Also, France, having a major outbound and inbound tourism has a well-developed travel insurance market. French consumers demand wide cover for risks associated with travel. Thus, it is a very strong market. Travel insurance penetration in Western Europe is very high as many pay for the cover over 30% of people traveling. The market reaps a rich harvest of huge travel activity and sound insurance infrastructure. It is heavily governed by IDD and GDPR rules and regulations, which place high expectations on the protection of consumers and their data. The most popular policies that are widely sought in the region include those that have broad medical coverage, trip cancellation, and baggage protection, among others. Add-on travel assistance services and high-risk activity policies are also in great demand.

Competitive Landscape: Europe Travel Insurance Market

Europe Travel Insurance Market is highly competitive and highly aggressive in the industry. It is using such strategies like mergers, product launches, acquisitions, agreements, and growth to enhance its position in the market. Most divisions of businesses center on increasing their operations all around the world and creating long-lasting partnerships.

Major players in the European travel insurance market are:

• Allianz
• Travel Guard (AIG)
• Assicurazioni Generali S.P.A.
• Bupa Europe
• American International Group Inc.
• Zurich Insurance Group
• AXA Assistance
• Europ Assistance
• Aviva 
• Tata AIG
• SocGen
• Atlas International
• Berkshire Hathway Travel
• CSA Travel Protection (Generali Europe Assistance)
• FWD Group Limited

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Recent Development 

• In January 2024, Allianz Partners announced the launch of the Allyz mobile app, a digital platform providing travelers with trusted advice and expertise as well as access to the full suite of insurance benefits available to customers. The launch of the mobile app in France, Germany, and the Netherlands is an important milestone in the expansion of Allianz Partners' digital platform, with the rollout of new digitally accessible services to continue across all lines of business until 2024.
• In August 2022, French insurance giant Axa said an uptick in earnings, driven by higher incomes from its investment portfolio, offset the €300m (£251m) hit to its business arising from the war in Ukraine. Axa's decision to launch its €1bn share buyback scheme saw shares in the insurance giant surge by almost five percent in the early morning trading session, as the firm set out plans to complete its buyback by February 2023, subject matter to market conditions.