UAE Travel Insurance Market to be Fueled by Annual Multi-Travel Insurance during the Forecast Period
Increasing incidences of lost and
missing luggage is one of the leading factors expected to drive the UAE travel
insurance market during the forecast period.
According to
TechSci Research report, “UAE Travel Insurance Market – By Region, By
Company, Forecast & Opportunities, 2018-2028F”. The UAE travel insurance market is expected to grow
during the forecast period as a result of changing travel preferences among consumers,
increasing business travels, and the ease of access to travel insurance. Travel insurance is a kind of general insurance
that provides financial protection against a variety of damages incurred while
travelling. This covers everything from unexpected medical costs to lost
personal belongings, any personal liability, aircraft delays, lodging problems,
and unexpected financial support include hospitalization or medical emergencies
while travelling.
It concerns making sure that the
possessions are safe if they travel to a different city, nation, or even
continent. The majority of travel insurance companies in the UAE give various
travel insurance packages that are tailored for travel to a certain group of
nations or locations. Basic coverage includes baggage loss, medical
emergencies, and other unforeseen events in addition to flight delays and
cancellations.
According to major insurance and
financial goods marketplace Policybazaar.ae, demand for travel insurance among
UAE residents increased by 150% in the second quarter in 2022 compared to the
first.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the " UAE Travel Insurance Market"
Mandatory insurance laws in numerous
nations, the lingering pandemic worry, and staffing issues at different
airports that result in baggage loss are a few factors contributing to the
sharp rise in demand for travel insurance.
Other factors driving market expansion include the
deployment of innovative apps by businesses, new insurance policies, or any
partnerships that will raise demand for travel insurance. For instances Gulf Insurance
Group (GIG) completed the acquisition of AXA Group's operations in the region
in 2021. The transaction includes AXA's stake in AXA Gulf, which operates in
Bahrain, the UAE, Oman, and Qatar, as well as AXA Cooperative Insurance
Company. Similarly, some insurance providers announced the launch of their
COVID-19 assistance and insurance coverage, which includes coverage for
emergency COVID-19 treatment along with other benefits.
The UAE travel insurance is segmented based on trip type, mode of
purchase, traveler type, travel type, region, and company.
Based on trip type, the market is further divided into single trip
travel insurance, annual multi-trip travel insurance, and long stay travel
insurance. It is
expected that the annual multi-trip travel insurance segment will grow at an
impressive growth rate in the market due to the expanding tourism industry in
the market, which fuels the growth of the market segments.
Based on traveler type, the
market is segmented into senior citizens, education travelers, business
travelers, family travelers, and independent travelers. Among these, business
travelers is expected to be the market's fastest growing segment over the
forecast period. The primary drivers of this category's growth are increased
business travel and industry participants' expansion of business travel
insurance product offerings.
Based on travel type, the market is segmented into domestic travel and
international travel. It is expected that the international travel segment is anticipated to grow at a
tremendous rate during the forecast period
because of the reduction
of travel restrictions following the COVID-19 pandemic outbreak. With the
increasing incident such as flight cancellation and delays, which has contributed
to increase the market demand.
Based on the mode of purchase, the market is segmented into insurance
companies, insurance agents/brokers, and others (insurtech companies, third
parties, etc.). Based on the region the market is further segmented into Dubai,
Abu Dhabi, Sharjah, Ajman, and Rest of UAE.
Key market players in the UAE travel insurance market include:
- Orient
Insurance PJSC
- Alliance
Insurance P.S.C
- American
International Group, Inc.
- Royal & Sun
Alliance Insurance
- AXA Insurance
(Gulf)
- Oman Insurance
Company P.S.C. ("Sukoon")'s
- Islamic Arab
Insurance Company
- HSBC UAE Middle
East Limited
- Al Sagr
National Insurance Company (PSC)’s
- Dubai National
Insurance & Reinsurance P.S.C.
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“Due to factors such as convenient
online trip bookings, packaged holidays, and comprehensive holiday coverage, is
fueling the expansion of the travel insurance market. The market share of
travel insurance is growing as more consumers choose it to reduce risks
including flight delays, lost luggage and important documents, and medical
crises. The expansion of the travel insurance market is fueled by convenient
options for clients to buy travel insurance, which including direct airline
sites and online travel agents (OTAs), business websites & apps, and others,
are the factors that are expected to drive the market growth
during the forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
UAE management consulting firm.
UAE
Travel Insurance Market, By Trip Type (Single Trip Travel Insurance, Annual
Multi-Trip Travel Insurance, Long Stay Travel Insurance), By Mode of Purchase
(Insurance Companies, Insurance Agents/Brokers, Others (Insurtech Companies,
Third Party, etc.), By Traveler Type (Senior Citizens, Education Travelers,
Business Travelers, Family Travelers, Independent Travelers), By Travel Type
(Domestic Travel, International Travel), By Region, By Company, Forecast &
Opportunities, 2018-2028F, has evaluated the future growth potential travel
insurance and provides statistics and information on market structure, size,
share, and future growth. The report is intended 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 present in travel insurance market
UAE.
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