Travel Insurance Market in Italy to Grow $909.00 Million by 2027: at 17.5% CAGR

NEW CASTLE, WILMINGTON, UNITED STATES, March 5, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the Italy travel insurance market generated $440.00 million in 2019, and is estimated to reach $909.00 million by 2027, registering a CAGR of 17.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/4527

However, lack of awareness regarding benefits of travel and other insurance schemes restrain the market growth. Furthermore, technological developments such as geo-location and global positioning systems are expected to provide new growth opportunities in the near future.

Covid-19 scenario:

The demand of travel insurance is expected to decline as several countries have imposed travel ban due to Covid-19 pandemic.
Due to the Covid-19 impact on the travel industry, coverage for viral outbreaks will also be included in the insurance. Insurers are developing policies that will include the cover for pandemics and offer travel warnings and CDC (Centers for Disease Control and Prevention) alerts.
The report offers a detailed segmentation of the Italy travel insurance market based on insurance cover, distribution channel, distribution mode, and end-user.

Based on insurance cover, the single-trip travel insurance segment contributed to the largest share in 2019, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the annual multi-trip travel insurance segment is estimated to portray the highest CAGR of 20.5% during the forecast period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.alliedmarketresearch.com/request-for-customization/4527

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.

Based on distribution channel, the insurance intermediaries segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the insurance brokers segment is expected to register the highest CAGR of 20.3% from 2020 to 2027.

Based on end-user, the family travelers segment contributed the highest share, accounting for more than one-fourth of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, the business travelers is expected to grow at the highest CAGR of 15.6% from 2020 to 2027.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4527

Leading market players analyzed in the research include American International Group Inc., Allianz, ASSICURAZIONI GENERALI S.P.A., AXA, Columbus Direct, Cattolica Assicurazioni, IMA Italia Assistance S.p.A., ERGO Group AG, Italy Travel Company, and Insure & Go Insurance Services Limited.

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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