Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Germany Travel Insurance Market" report has been added to ResearchAndMarkets.com's offering.
Germany's travel insurance market is on a stellar growth trajectory, with its value projected to soar from €61.34 million in 2023 to a staggering €384.58 million by 2030, at an impressive CAGR of 30.49%. This significant growth underscores the increasing reliance on travel insurance in the context of Germany's flourishing tourism sector.
The market's remarkable expansion is largely driven by the rapid growth of the tourism sector and the German government's initiatives and national tourism strategy. These factors are pivotal in boosting travel insurance adoption among various segments. However, the market faces challenges due to the politically sensitive nature of the travel and tourism industry, which can impact travel trends and insurance uptake.
The market is segmented based on risk coverage, trip type, insurance type, distribution channel, and end-user.
By Risk Coverage
- Smooth Transit Covers
- Trip Cancellations
- Common Carrier Delay
- Delay of Checked-In Baggage
- Flexible Trip
- Loss of Passport
- Emergency Cash
- Emergency Trip Extension
- Trip Abandonment
- Personal Liability & Bail Bond
- Others (Emergency Exit)
By Trip Type
- Comprehensive Travel
- Student Travel
- Leisure Travel
By Type
- Individual Insurance
- Single Trip Insurance
- Multi Trip Insurance
- Group Insurance
- Single Trip Insurance
- Multi Trip Insurance
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Students
- Senior Citizens
- Others
The flexible trip segment, encompassing various covers like loss of passport and emergency cash, dominates with over 55% market share in 2023. Comprehensive travel by trip type is showcasing growth, with an opportunity of more than €210 million during 2024-2030. Individual insurance is growing fastest, at over 31% CAGR. By distribution channel, insurance intermediaries lead the market with over 30% share in 2023. Among end-users, travelers dominate the market in terms of revenue in 2023, with more than €45 million.
Competitive Landscape
Major players collectively hold nearly 67% of the market share.A selection of companies mentioned in this report includes, but is not limited to:
- Allianz Travel
- AXA SA
- Tata AIG
- SocGen
- American Express Company
- American International Group
- Berkshire Hathway Travel
- Generali Global Assistance (CSA Travel Protection)
- FWD Group Limited
- Hanse Merkur
- Signal Iduna
Key Attributes
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (€) in 2023 | €61.34 Million |
| Forecasted Market Value (€) by 2030 | €384.58 Million |
| Compound Annual Growth Rate | 30.4% |
For more information about this report visit https://www.researchandmarkets.com/r/9zuni9
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