Germany Travel Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Germany Travel Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The growth of the segment is attributed owing to, travel restrictions being normalized post the COVID-19 pandemic and the travel industry gaining back its traction. COVID-19 created a surge in demand for travel insurance. Now more than ever, travelers see the benefits of carrying the coverage, which is creating new trends in the market.

The government has mandated rules & regulations which has urged consumers to avail of travel insurance as a prerequisite for obtaining a VISA, which is expected to drive the growth of the German travel insurance market. Several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place due to the increase in traveling in Germany. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the Europe travel insurance market. On the contrary, insurers in the region are expected to enhance existing distribution platforms of travel insurance to accelerate productivity with the help of technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), among others. As a result, these factors are expected to create lucrative opportunity for the Europe travel insurance market in the upcoming years.

The Germany Travel insurance market is anticipated to see maximum gains through 2027 fuelled by the strong automotive sector. Market players are expanding in this country, leading to a rise in the number of business trips. Multiple trip insurance eliminates the hassle of buying a new plan for every trip, acting as a one-time comprehensive solution. These insurance plans offer easy renewability, financial support, and clearance of documents. Industry participants including American Express Company and Allianz Partners are offering multi-trip insurance policies for frequent travellers to gain a higher market share.

Germany is one of the most visited countries in Europe. Both for domestic and international arrivals, Germany is well-connected in terms of travel routes and options. In general, Germans go on a variety of holidays both in and outside of the country. The most popular types of travel include summer holidays and going away with family. Making travel plans has changed enormously because of the internet. In Germany, 74 percent of the population go online to research their vacations. An increasing number of people also book their holidays on the internet. The German travel accommodation industry has been recording encouraging growth levels year after year, or, at least, before the pandemic. As of 2020, total revenue from tourist accommodation in the country amounted to 18.5 billion euros. In 2021, 50,912 establishments for tourists to stay in were open in Germany.

Germany Travel Insurance Market is moderatly consolidated in nature. Some of the major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies is increasing their market presence by securing new contracts and by tapping new markets.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support