Senior Citizens segment to dominate the Saudi Arabia Travel Insurance Market
Blooming tourism industry
and growing spending on travel protection plans is expected to drive the Saudi
Arabia travel insurance market throughout the forecast period.
According
to TechSci Research report, “Saudi
Arabia Travel Insurance Market By Insurance Cover (Single-Trip Travel
Insurance, Multi-Trip Travel Insurance, Others) By Sales Medium (Insurance
Aggregators/ Agents, Insurance Companies, Online, Others) By Age Group (Senior
Citizens, Adult, Student, Children, Others), By Region, Company Forecast &
Opportunities, 2027”, The Saudi Arabia travel
insurance market is expected to grow at a steady rate during the forecast
period. Travel insurance covers all the risks covered while traveling from one
place to another. It covers medical expenses, flight cancellations, lost luggage,
loss of passport, death of the insured person, among others. The number of
risks covered in a travel insurance policy depends on the requirements of
travelers and the policy traveler chooses from a wide variety of insurance
plans and policies. The growing number of business trips due to the changing
lifestyle and adoption of a sedentary lifestyle in addition with the change in
choice of people prioritizing career is leading to rising the number of
business trips taken by an individual is fueling the market growth.
Travel
insurance policies can be booked easily through the use of online platforms
which contributes to the growing demand for the travel insurance policy in the
region. Major players are offering lucrative discounts to attract more
consumers to buy their travel policy and the availability of online payments
modes is further boosting the demand for travel insurance in Saudi Arabia. The
launch of government initiatives to promote tourism in Saudi Arabia such as
Vision 2030, National Transformation Program 2020, The Long Live Saudi Arabia
Program, the Kafalah program initiative, is expected to attract a large number
of tourists into Saudi Arabia thereby fueling the demand for the travel
insurance market. Religious tourism including the Haj and Umrah is the major
revenue-generating sector in Saudi Arabia attracting tourists which in turn is
fostering the growth of the market.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities of Saudi Arabia imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities in
Saudi Arabia gave regulatory approval to all insurance companies to sell
insurance covering COVID-19 and other travel-related risks including quarantine
procedures, missing or the cancellation of flights, medical expenses, and
medical evacuation in terms of a medical emergency, among others to all of the
passengers traveling abroad which in turn is expected to boost the travel
insurance market growth.
However, lack of awareness reading the benefits of
travel insurance policy and minimal consumer insurance coverage experience may
create hindrance in the Saudi Arabia travel insurance market growth.
Browse XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on "Saudi Arabia Travel Insurance Market”.
Saudi
Arabia travel insurance market is segmented into insurance cover, sales medium,
age group, regional distribution, company. Based on insurance cover, the market
can be divided into single-trip travel insurance, multi-trip travel insurance,
and others. Single-trip travel insurance is expected to dominate the market in
the forecast period, 2022-2027. This type of insurance policy provides the
consumer the freedom to travel according to their choice by proving a wide list
of preferences.
Allianz Saudi Fransi Cooperative
Insurance Co., METLIFE AIG ANB, AXA Cooperative Insurance Co, Seven Corners
Inc., The Company for Cooperative Insurance, The Mediterranean & Gulf
Insurance & Reinsurance Company, Bupa Arabia for Cooperative Insurance,
United Cooperative Assurance Co, Arabia Insurance Cooperative Company, Al-Ahlia
Insurance Co., and others are some of the leading players operating in Saudi
Arabia travel insurance market. Companies operating in the market are using
strategies such as joint ventures, new launches, mergers, and research collaborations
to boost their share and increase their geographic reach.
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“The
rising adoption of technological advancements such as geo-location, artificial
intelligence, application program interface, blockchain, and big data analytics
is paving the way for the travel insurance market growth as they are able to
provide more interactive platforms to consumers. Travel insurance companies are
able to provide personalized travel insurance plans to consumers with the help
of data collection strategies, detection of fraud, and calculation of risk
while traveling is aiding to enhance the consumer experience which in turn is
anticipated to propel the travel insurance market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Travel Insurance Market By Insurance
Cover (Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Others) By
Sales Medium (Insurance Aggregators/ Agents, Insurance Companies, Online,
Others) By Age Group (Senior Citizens, Adult, Student, Children, Others), By
Region, Company Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi
Arabia travel insurance market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia travel
insurance market.
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