DUBLIN-(BUSINESS WIRE)–The “Saudi Arabia Travel Insurance Market by Insurance Coverage by Sales, Average by Age Group, by Region, Forecast and Company Opportunities, 2027” report has been added to ResearchAndMarkets.com supply.
The travel insurance market in Saudi Arabia is expected to register a steady CAGR during the forecast period 2023-2027.
Companies Mentioned:
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Allianz Saudi Fransi Cooperative Insurance Co.
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METLIFE AIG ANB
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AXA Cooperative Insurance Co
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Seven Corners Inc.
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The Cooperative Insurance Company
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Mediterranean & Gulf Insurance and Reinsurance Company
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Bupa Arabia for Co-operative Insurance
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United Cooperative Assurance Co
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Arab Insurance Cooperative Company
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Al-Ahlia Insurance Co.
Factors such as favorable government policies promoting the travel and tourism industry and increasing per capita income of consumers are driving the demand for travel insurance market in Saudi Arabia. Also, the use of online sales channels by market players to reach a larger number of tourists is expected to positively impact market demand over the next five years.
The travel insurance market in Saudi Arabia is segmented into insurance coverage, sales environment, age group, regional distribution, and competitive environment. On the basis of age group, the market can be segmented into seniors, adults, students, children, and others. The adult segment is expected to witness significant growth during the forecast period 2023-2027.
Aging increases the risk of contracting diseases and increases the likelihood of injury while traveling. In addition, companies apply attractive marketing techniques to attract more customers to purchase travel insurance policies.
On the basis of insurance coverage, the market is segmented into single trip insurance and multi-trip insurance. The multi-trip insurance segment is expected to capture the highest market share over the next five years. It is generally more economical and covers several trips with one insurance cover. The ease and convenience of availing multi-trip insurance coverage will drive demand for the segment over the next five years.
The major players operating in the travel insurance market in Saudi Arabia 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.
Years considered for this report:
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Historical years: 2017-2020
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Base year: 2021
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Expected year: 2022
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Forecast period: 2023-2027
Purpose of the study:
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To analyze the market size of the travel insurance market in Saudi Arabia from 2017 to 2021.
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To estimate and forecast the market size of the Saudi Arabia travel insurance market from 2022 to 2027 and its growth rate to 2027.
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To classify and forecast the travel insurance market in Saudi Arabia on the basis of insurance coverage, sales environment, age group, regional distribution and company.
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To identify the dominant region or segment of the travel insurance market in Saudi Arabia.
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To identify the drivers and challenges for the travel insurance market in Saudi Arabia.
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To study competitive developments such as expansion, new product launches, mergers and acquisitions, etc. in the travel insurance market in Saudi Arabia.
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To identify and analyze the profile of leading players operating in the travel insurance market in Saudi Arabia.
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To identify key sustainable strategies adopted by market players in the Saudi Arabia travel insurance market.
Report Scope:
In this report, the Saudi Arabia travel insurance market is segmented into the following categories in addition to industry trends, which are also detailed below:
Travel insurance market in Saudi Arabia, by insurance coverage:
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Single trip insurance
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Multi-trip insurance
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others
Travel insurance market in Saudi Arabia, by sales environment:
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Insurance Aggregators/Agents
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Insurance companies
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Online
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others
Travel Insurance Market in Saudi Arabia, by Age Group:
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Senior citizens
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Adult
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A student
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children
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others
Travel Insurance Market in Saudi Arabia, by Region:
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Western region
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Northern and Central region
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Eastern region
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Southern region
For more information on this report, visit https://www.researchandmarkets.com/r/16s8ua-arabia?w=4.