According to TechSci Research, 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.
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Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026
Objective of the Study:
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.
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Key Target Audience:
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:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia travel insurance market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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