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German travel insurance market
German travel insurance market
DUBLIN, May 20, 2024 (Globe Newswire) — The “Germany Travel Insurance Market” report has been added to ResearchAndMarkets.com's offering.
The German travel insurance market is on a remarkable growth trajectory, with its value soaring from 61.34 million euros in 2023 to a staggering 384.58 million euros by 2030, an impressive compound annual growth rate of 30.49%. growth is expected. This significant growth highlights the growing reliance on travel insurance in Germany's thriving tourism sector.
The remarkable expansion of the market is mainly driven by the rapid growth of the tourism sector and the German government's initiatives and national tourism strategy. These factors are crucial in driving the uptake of travel insurance in various sectors. However, due to the politically sensitive nature of the travel and tourism industry, the market faces challenges that may impact travel trends and insurance adoption.
The market is segmented on the basis of risk coverage, travel type, insurance type, distribution channel, and end user.
By risk coverage
smooth transport cover
flexible travel
Others (emergency exit)
By trip type
comprehensive travel
student travel
leisure travel
By type
personal insurance
single travel insurance
multiple trip insurance
group insurance
single travel insurance
multiple trip insurance
By distribution channel
insurance intermediary
Insurance company
Bank
insurance broker
insurance aggregator
By end user
student
senior citizen
others
The flexible travel segment, which includes various coverages such as lost passport and emergency cash, is dominating with over 55% market share in 2023. General travel by travel type is showing growth, with an expected opportunity of more than €210 million between 2024 and 2030. Personal insurance is growing rapidly with a CAGR of over 31%. By sales channel, insurance intermediaries lead the market with a share of over 30% in 2023. Among end users, travelers dominate the market in terms of revenue in 2023, garnering more than 45 million euros.
competitive environment
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The leading companies collectively hold almost 67% of the market share. Some of the companies mentioned in this report include, but are not limited to:
key attributes
report attributes
detail
number of pages
136
Forecast period
2023-2030
Estimated market value in 2023 (Euro)
61.34 million euros
Projected market value to 2030 (Euro)
384.58 million euros
compound annual growth rate
30.4%
For more information on this report, please visit https://www.researchandmarkets.com/r/9zuni9.
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