Increasing incidences of lost and missing luggage are 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 travel, and the ease of access to travel insurance.
The Important Factors of the UAE Travel Insurance Market
Travel insurance is a kind of general insurance that provides financial protection against a variety of damages incurred while traveling. This covers everything from unexpected medical costs to lost personal belongings, any personal liability, aircraft delays, lodging problems, and unexpected financial support including hospitalization or medical emergencies while traveling.
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 of 2022 compared to the first.
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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 instance, 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 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. The increasing incident such as flight cancellations and delays, which has contributed to increasing the market demand.
Based on the mode of purchase, the market is segmented into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.). Based on the region the market is further segmented into Dubai, Abu Dhabi, Sharjah, Ajman, and the Rest of the 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, are 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 includes direct airline sites and online travel agents (OTAs), business websites & apps, and others, these 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 (Insurance 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 the travel insurance market UAE.
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