Germany Travel Insurance Market Size
![germany travel insurance market size](https://s3.mordorintelligence.com/germany-travel-insurance-market/1653455120699_germany-travel-insurance-market_Market_Summary.webp)
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | > 5.50 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Germany Travel Insurance Market Analysis
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.
Germany Travel Insurance Market Trends
This section covers the major market trends shaping the Germany Travel Insurance Market according to our research experts:
Robust Automotive Market will Augment the Multiple Trip Travel Insurance Demand
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 travel insurance industry](https://s3.mordorintelligence.com/germany-travel-insurance-market/1653423670354_germany-travel-insurance-market_By_Trip_Type_In__2020.png)
Increase in Travel & Tourism Industry is Increasing the demand
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 report](https://s3.mordorintelligence.com/germany-travel-insurance-market/1653424257985_germany-travel-insurance-market_Annual_Revenue_of_Germany_Travel_Industry_in_Billion_Euros_2016-2020.png)
Germany Travel Insurance Industry Overview
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.
Germany Travel Insurance Market Leaders
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Allianz Group
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Talanx Konzern
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Generali Deutchland AG
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R+V Versicherung
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Debeka
*Disclaimer: Major Players sorted in no particular order
![Allianz Group, Munchener-Ruck-Gruppe, Talanx Konzern, R+V Konzern, Generali Deutschland AG, AXA Konzern AG, Bayern](https://s3.mordorintelligence.com/germany-travel-insurance-market/germany-travel-insurance-market_1653455047669_Screenshot_(1235).webp)
Germany Travel Insurance Market News
- On 17th May 2022, Allianz Global Investors ('AllianzGI') had entered into a memorandum of understanding ('MOU') with Voya Financial relating to a strategic partnership whereby AllianzGI would transfer selected investment teams and assets comprising most of its US business ('AGI US') to Voya Investment Management ('Voya IM') in return for an up to 24% equity stake in the enlarged asset manager.
- On 30th March 2022, Allianz Real Estate has entered into an agreement to acquire a portfolio of prime multi-family residential assets in Tokyo for approximately USD 90 million, on behalf of the Allianz Real Estate Asia-Pacific Japan Multi-Family Fund I ('AREAP JMF I').
Germany Travel Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights into Latest Technologies used in the Industry
4.5 Industry Attractiveness- Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargainning Power of Buyers
4.5.3 Bargainning Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competative Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Coverage Type
5.1.1 Single Trip Travel Insurance
5.1.2 Annual Multi Trip Travel Insurance
5.2 By Distribution Channel
5.2.1 Insurance Intermediaries
5.2.2 Insurance Companies
5.2.3 Banks
5.2.4 Insurance Brokers
5.2.5 Insurance Aggregators
5.3 By End User
5.3.1 Senior Citizens
5.3.2 Education Travelers
5.3.3 Family Travelers
5.3.4 Others
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz Group
6.2.2 Munchener-Ruck-Gruppe
6.2.3 Talanx Konzern
6.2.4 R+V Konzern
6.2.5 Generali Deutschland AG
6.2.6 AXA Konzern AG
6.2.7 Bayern
6.2.8 Huk-Coburg
6.2.9 Signal Iduna*
- *List Not Exhaustive
7. FUTURE TRENDS AND MARKET OPPORTUNITIES
8. APPENDIX
9. DISCLAIMER
Germany Travel Insurance Industry Segmentation
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad. Germany Travel Insurance Market is Segmented by Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and by End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others).
By Coverage Type | |
Single Trip Travel Insurance | |
Annual Multi Trip Travel Insurance |
By Distribution Channel | |
Insurance Intermediaries | |
Insurance Companies | |
Banks | |
Insurance Brokers | |
Insurance Aggregators |
By End User | |
Senior Citizens | |
Education Travelers | |
Family Travelers | |
Others |
Germany Travel Insurance Market Research FAQs
What is the current Germany Travel Insurance Market size?
The Germany Travel Insurance Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Germany Travel Insurance Market?
Allianz Group, Talanx Konzern, Generali Deutchland AG, R+V Versicherung and Debeka are the major companies operating in the Germany Travel Insurance Market.
What years does this Germany Travel Insurance Market cover?
The report covers the Germany Travel Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Germany Travel Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Germany Travel Insurance Industry Report
Statistics for the 2024 Germany Travel Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Germany Travel Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.