Saudi Arabia travel insurance
market is expected to grow at a steady rate during the forecast period. Travel
insurance provides the passenger with the reassurance of any monetary loss
recovery during the trip which elevates the mind of the passenger. The rising
per capita income of the residents in Saudi Arabia is enabling them to opt for
travel insurance policies during traveling. The oil industry is the major
revenue-generating industry in Saudi Arabia and the government is trying to
diversify and develop other sectors which are influencing the economic growth
of the region. The surge in industrialization and the presence of a plethora of
job opportunities are attracting a large number of tourists into Saudi Arabia
in search of quality living standards. Travel insurance eases the financial
burden over an individual and helps in paying the bills and covers financial
losses that may occur during the trip. The rise in awareness among the
consumers regarding the benefits offered by travel insurance policy coupled
with the supportive government initiatives to promote the adoption of insurance
policies in the region is expected to influence the travel insurance demand in
Saudi Arabia.
The Saudi Arabia travel insurance
market is segmented into insurance cover, sales medium, age group, regional
distribution, and company. Based on age group, the market can be divided into
senior citizens, adult, student, children, and others. The senior segment is
expected to witness growth in the forecast period, 2022-20226. With growing
age, there is an increased risk of getting infected by diseases or the chances
of getting hurt which may happen while traveling on a trip. Also, companies are
adopting attractive marketing strategies to attract more customers to buy the
travel insurance policy.
The major players operating on the
travel insurance market are 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. Major companies are developing advanced
technologies and launching new services to stay competitive in the market.
Other competitive strategies include mergers & acquisitions and new service
developments.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026
Objective of the
Study:
- To analyze and estimate the market size of Saudi
Arabia travel insurance market from 2016 to 2019.
- To estimate and forecast the market size of Saudi
Arabia travel insurance market from 2020 to 2026 and growth rate until 2026.
- To classify and forecast Saudi Arabia travel
insurance market based on insurance cover, sales medium, age group, regional
distribution, and company.
- To identify dominant region or segment in the Saudi
Arabia travel insurance market.
- To identify drivers and challenges for Saudi
Arabia travel insurance market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in Saudi
Arabia travel insurance market.
- To identify and analyze the profile of leading
players operating in Saudi Arabia travel insurance market.
- To identify key sustainable strategies adopted
by market players in Saudi Arabia travel insurance market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of service providers across the globe. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the service providers, distribution channels and presence of all
major players across the globe.
TechSci Research calculated the market size of Saudi Arabia travel insurance market using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Travel Insurance service provider
companies
- Market research and
consulting firms
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums, and
alliances related to travel insurance market
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as service providers, suppliers and partners, end users, etc., besides
allowing them in strategizing investments and capitalizing on market
opportunities.
Report Scope:
In this report, Saudi Arabia travel
insurance market has been segmented into following categories, in addition
to the industry trends which have also been detailed below:
- Saudi Arabia Travel Insurance Market, By Insurance
Cover:
- Single-Trip Travel Insurance
- Multi-Trip Travel Insurance
- Others
- Saudi Arabia Travel Insurance Market, By Sales
Medium:
- Insurance Aggregators/ Agents
- Insurance Companies
- Online
- Others
- Saudi Arabia Travel Insurance Market, By Age Group:
- Senior Citizens
- Adult
- Student
- Children
- Others
- Saudi Arabia Travel Insurance Market, By Region:
- Western Region
- Northern & Central Region
- Eastern Region
- Southern Region
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in Saudi Arabia travel insurance market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Saudi Arabia travel
insurance market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]
In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]