Germany Travel Insurance Market to Register 30.5% CAGR During 2023-2030 – €348M.58 Opportunity Analysis by Risk Coverage, Trip Type, Insurance Type, Distribution Channel and End-user

German Travel Insurance Market

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

• Flexible Trip

• 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:

Key Attributes

For more information about this report visit https://www.researchandmarkets.com/r/9zuni9

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