The blooming tourism industry and growing spending on travel protection plans is expected to drive the Saudi Arabia travel insurance market throughout the forecast period. According to TechSci Research report, “Saudi Arabia Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Others) By Sales Medium (Insurance Aggregators/ Agents, Insurance Companies, Online, Others) By Age Group (Senior Citizens, Adult, Student, Children, Others), By Region, Company Forecast & Opportunities, 2027”, The Saudi Arabia travel insurance market is expected to grow at a steady rate during the forecast period. Travel insurance covers all the risks covered while traveling from one place to another. It covers medical expenses, flight cancellations, lost luggage, loss of passport, and death of the insured person, among others.
The Important Factors of the Saudi Arabia Travel Insurance Market
The number of risks covered in a travel insurance policy depends on the requirements of travelers and the policy traveler chooses from a wide variety of insurance plans and policies. The growing number of business trips due to the changing lifestyle and adoption of a sedentary lifestyle in addition to the change in choice of people prioritizing career is leading to rising the number of business trips taken by an individual and is fueling the market growth.
Travel insurance policies can be booked easily through the use of online platforms which contributes to the growing demand for travel insurance policies in the region. Major players are offering lucrative discounts to attract more consumers to buy their travel policies and the availability of online payment modes is further boosting the demand for travel insurance in Saudi Arabia. The launch of government initiatives to promote tourism in Saudi Arabia such as Vision 2030, National Transformation Program 2020, The Long Live Saudi Arabia Program, and the Kafalah program initiative, is expected to attract a large number of tourists to Saudi Arabia thereby fueling the demand for the travel insurance market. Religious tourism including the Haj and Umrah is the major revenue-generating sector in Saudi Arabia attracting tourists which in turn is fostering the growth of the market.
The COVID-19 outbreak across the world which has been declared a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of the novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities in Saudi Arabia gave regulatory approval to all insurance companies to sell insurance covering COVID-19 and other travel-related risks including quarantine procedures, missing or the cancellation of flights, medical expenses, and medical evacuation in terms of a medical emergency, among others to all of the passengers traveling abroad which in turn is expected to boost the travel insurance market growth.
However, a lack of awareness reading the benefits of travel insurance policies and minimal consumer insurance coverage experience may create hindrances in Saudi Arabia travel insurance market growth.
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Saudi Arabia travel insurance market is segmented into insurance cover, sales medium, age group, regional distribution, and company. Based on insurance coverage, the market can be divided into single-trip travel insurance, multi-trip travel insurance, and others. Single-trip travel insurance is expected to dominate the market in the forecast period, 2022-2027. This type of insurance policy provides the consumer the freedom to travel according to their choice by proving a wide list of preferences.
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 are some of the leading players operating in Saudi Arabia travel insurance market. Companies operating in the market are using strategies such as joint ventures, new launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“The rising adoption of technological advancements such as geo-location, artificial intelligence, application program interface, blockchain, and big data analytics is paving the way for the travel insurance market growth as they are able to provide more interactive platforms to consumers. Travel insurance companies are able to provide personalized travel insurance plans to consumers with the help of data collection strategies, detection of fraud, and calculation of risk while traveling is aiding to enhance the consumer experience which in turn is anticipated to propel the travel insurance market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Others) By Sales Medium (Insurance Aggregators/ Agents, Insurance Companies, Online, Others) By Age Group (Senior Citizens, Adult, Student, Children, Others), By Region, Company Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi Arabia travel insurance market and provides statistics & information on market size, structure and future market growth. The report intends 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 in Saudi Arabia travel insurance market.
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