DUBLIN, Feb. 23, 2024 (Globe Newswire) — The “European Travel Insurance – Market Share Analysis, Industry Trends and Statistics, Growth Forecasts 2024-2029” report has been added to ResearchAndMarkets.com’s offering .
The European travel insurance market size, in terms of gross written premiums, will grow by 6.20% during the forecast period (2024-2029) from EUR 4.39 billion in 2024 to EUR 6.05 billion by 2029. It is expected to grow at a CAGR.
In 2021, the travel insurance industry faced numerous challenges, including the impact of the pandemic, disruptive technologies, and climate-related risks. COVID-19 has accelerated the shift to digital solutions by necessity, allowing insurers to manage the impact of the pandemic by enabling employees to work effectively and efficiently remotely. Now it looks like this. However, with this change comes an increase in cyber threats.
But while the past year has required a faster pace of change than perhaps ideal, insurers will want to continue adapting to protect their businesses, market themselves, and drive customer retention. There will be. Customer demand for more interactive and efficient digital platforms and products will continue, requiring travel insurers to continually adapt to new technologies. With that comes cyber risks, such as ransomware and supply chain attacks that continue to increase. However, digital transformation remains critical for insurers who want to remain relevant, competitive, and reputationally healthy in today’s marketplace.
European travel insurance market trends
Artificial intelligence in insurance
As the use of artificial intelligence (AI) becomes more widespread across the travel insurance industry, regulators are investigating how its use could potentially impact customers. Specifically, the European Commission is proposing cross-cutting regulations that would regulate and, in some cases, prohibit certain practices. For example, the use of AI systems by or on behalf of public authorities for social scoring purposes. Given growing societal concerns about the potential impact of AI on customer privacy, data security, and human agency, it is no wonder that the EC and other bodies are exploring new guidelines. Indeed, we take the view that a regulatory stance is essential, and we applaud the early stance taken by the EC. However, proposals from certain policymakers may limit the ability of insurers to implement certain practices. For example, accurately assess risk and pricing policies, personalize customer experiences, and mine data assets for actionable insights. The industry is already required to comply with extensive regulatory requirements, so a prudent step would be for insurers to work with regulators to protect consumer data and ensure fair and equitable use of all forms of AI. This is to explain how to ensure this. They also need to reassure regulators that insurers are taking the necessary precautions to prevent possible problematic cases.
Travel and tourism industry drives insurance market
Some of the world’s most famous cities and countries are in Europe. With its interesting history, numerous different cultures, and stunning natural landscapes, there is something for every kind of tourist. According to the United Nations, Europe has 44 countries, 27 of which are designated as belonging to the European Union. Travel and tourism generated USD 1.45 trillion in GDP across Europe in 2021. France was the most visited country in Europe in her 2019, welcoming 89.4 million foreign tourists. Europe accounts for 50% of all international travelers (EU and non-EU) and continues to be the world’s most popular travel destination.
The significant growth in the travel and tourism sector in recent years can be attributed to rising disposable incomes, increased business travel, easier access to online travel bookings and discounted package holidays, and more are among the key factors driving growth. There is one. Top of the European travel insurance market. Travel insurance market share is growing as more consumers choose travel insurance to manage risks such as airline cancellations, loss of baggage or important documents, and medical crises. Convenient options for customers to purchase travel insurance through airline direct sales sites, online comparison shopping sites such as online travel agencies (OTAs), company websites and apps are driving the development of the European travel insurance market. I support you.
European travel insurance industry overview
The European travel insurance market is consolidated in nature. Some of the major players currently active are dominating the market. However, with technological advances and product innovations, small and medium-sized enterprises are expanding their market presence by winning new contracts and opening new markets.
Some of the companies mentioned in this report include:
Allianz Assicrazioni Generali SPAAmerican International Group Inc.AXAAvivaInsure & Go Insurance Services LimitedTATA AIGThe April GroupMutuaide Zurich
For more information about this report, please visit https://www.researchandmarkets.com/r/xy03aq.
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European Travel Insurance Market Revenue from European Artificial Intelligence Software Market (USD Million) 2018 2022
