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
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
Abstract
Saudi Arabia travel insurance market is expected to register a steady CAGR during the forecast period, 2023-2027. Travel insurance allows the passengers to prepare in advance for situations that can negatively affect their travel. A person's financial strain is lessened by travel insurance, which also assists in paying expenses and protects against any financial losses. Factors such as the favorable government policies promoting the travel & tourism industry and the rise in the per capita income of consumers are driving the demand for Saudi Arabia travel insurance market. Also, the use of online sales channels by the market players to reach a greater number of tourists is expected to influence the market demand positively in the next five years.
The Saudi Arabia travel insurance market is segmented into insurance cover, sales medium, age group, regional distribution, and competitive landscape. Based on age group, the market can be divided into senior citizens, adult, student, children, and others. The senior segment is expected to account for significant growth in the forecast period, 2023-2027. Growing older increases the danger of contracting diseases and increases the likelihood of suffering an injury while traveling. Additionally, businesses are implementing appealing marketing techniques to entice more clients to purchase travel insurance policies.
Based on insurance cover, the market is divided into single-trip travel insurance and multi-trip travel insurance. The multi-travel insurance segment is expected to capture the highest market share in the next five years. It is generally more economical and covers a number of trips under a single insurance cover. The ease and convenience of availing multi-trip travel insurance cover is driving the segment demand through the next five years.
The major players operating in the Saudi Arabia 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.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
•To analyze the market size of Saudi Arabia travel insurance market from 2017 to 2021.
•To estimate and forecast the market size of Saudi Arabia travel insurance market from 2022 to 2027 and growth rate until 2027.
•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.
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:
oSingle-Trip Travel Insurance
oMulti-Trip Travel Insurance
oOthers
•Saudi Arabia Travel Insurance Market, By Sales Medium:
oInsurance Aggregators/ Agents
oInsurance Companies
oOnline
oOthers
•Saudi Arabia Travel Insurance Market, By Age Group:
oSenior Citizens
oAdult
oStudent
oChildren
oOthers
•Saudi Arabia Travel Insurance Market, By Region:
oWestern Region
oNorthern & Central Region
oEastern Region
oSouthern 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).
Content
Table of Content
1.Product Overview
2.Research Methodology
3.Impact of COVID-19 on Saudi Arabia Travel Insurance Market
4.Executive Summary
5.Voice of Customer
6.Saudi Arabia Travel Insurance Market Outlook
6.1.Market Size & Forecast
6.1.1.By Value
6.2.Market Share & Forecast
6.2.1.By Insurance Cover (Single-Trip Travel Insurance, Multi-Trip Travel Insurance)
6.2.2.By Sales Medium (Insurance Aggregators/ Agents, Insurance Companies, Online, Others)
6.2.3.By Age Group (Senior Citizens, Adult, Student, Children, Others)
6.2.4.By Region
6.2.5.By Company (2021)
6.3.Product Market Map
7.Saudi Arabia Single-Trip Travel Insurance Market Outlook
7.1.Market Size & Forecast
7.1.1.By Value
7.2.Market Share & Forecast
7.2.1.By Sales Medium
7.2.2.By Age Group
7.2.3.By Region
8.Saudi Arabia Multi-Trip Travel Insurance Market Outlook
8.1.Market Size & Forecast
8.1.1.By Value
8.2.Market Share & Forecast
8.2.1.By Sales Medium
8.2.2.By Age Group
8.2.3.By Region
9.Market Dynamics
9.1.Drivers
9.2.Challenges
10.Market Trends & Developments
11.Policy & Regulatory Landscape
12.Saudi Arabia Economic Profile
13.Competitive Landscape
13.1.Company Profiles
13.1.1.Allianz Saudi Fransi Cooperative Insurance Co.
13.1.2.METLIFE AIG ANB
13.1.3.AXA Cooperative Insurance Co
13.1.4.Seven Corners Inc.
13.1.5.The Company for Cooperative Insurance
13.1.6.The Mediterranean & Gulf Insurance & Reinsurance Company
13.1.7.Bupa Arabia for Cooperative Insurance
13.1.8.United Cooperative Assurance Co
13.1.9.Arabia Insurance Cooperative Company
13.1.10.Al-Ahlia Insurance Co.
14.Strategic Recommendations
15.About Us & Disclaimer
The Saudi Arabia travel insurance market is segmented into insurance cover, sales medium, age group, regional distribution, and competitive landscape. Based on age group, the market can be divided into senior citizens, adult, student, children, and others. The senior segment is expected to account for significant growth in the forecast period, 2023-2027. Growing older increases the danger of contracting diseases and increases the likelihood of suffering an injury while traveling. Additionally, businesses are implementing appealing marketing techniques to entice more clients to purchase travel insurance policies.
Based on insurance cover, the market is divided into single-trip travel insurance and multi-trip travel insurance. The multi-travel insurance segment is expected to capture the highest market share in the next five years. It is generally more economical and covers a number of trips under a single insurance cover. The ease and convenience of availing multi-trip travel insurance cover is driving the segment demand through the next five years.
The major players operating in the Saudi Arabia 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.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
•To analyze the market size of Saudi Arabia travel insurance market from 2017 to 2021.
•To estimate and forecast the market size of Saudi Arabia travel insurance market from 2022 to 2027 and growth rate until 2027.
•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.
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:
oSingle-Trip Travel Insurance
oMulti-Trip Travel Insurance
oOthers
•Saudi Arabia Travel Insurance Market, By Sales Medium:
oInsurance Aggregators/ Agents
oInsurance Companies
oOnline
oOthers
•Saudi Arabia Travel Insurance Market, By Age Group:
oSenior Citizens
oAdult
oStudent
oChildren
oOthers
•Saudi Arabia Travel Insurance Market, By Region:
oWestern Region
oNorthern & Central Region
oEastern Region
oSouthern 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).
1.Product Overview
2.Research Methodology
3.Impact of COVID-19 on Saudi Arabia Travel Insurance Market
4.Executive Summary
5.Voice of Customer
6.Saudi Arabia Travel Insurance Market Outlook
6.1.Market Size & Forecast
6.1.1.By Value
6.2.Market Share & Forecast
6.2.1.By Insurance Cover (Single-Trip Travel Insurance, Multi-Trip Travel Insurance)
6.2.2.By Sales Medium (Insurance Aggregators/ Agents, Insurance Companies, Online, Others)
6.2.3.By Age Group (Senior Citizens, Adult, Student, Children, Others)
6.2.4.By Region
6.2.5.By Company (2021)
6.3.Product Market Map
7.Saudi Arabia Single-Trip Travel Insurance Market Outlook
7.1.Market Size & Forecast
7.1.1.By Value
7.2.Market Share & Forecast
7.2.1.By Sales Medium
7.2.2.By Age Group
7.2.3.By Region
8.Saudi Arabia Multi-Trip Travel Insurance Market Outlook
8.1.Market Size & Forecast
8.1.1.By Value
8.2.Market Share & Forecast
8.2.1.By Sales Medium
8.2.2.By Age Group
8.2.3.By Region
9.Market Dynamics
9.1.Drivers
9.2.Challenges
10.Market Trends & Developments
11.Policy & Regulatory Landscape
12.Saudi Arabia Economic Profile
13.Competitive Landscape
13.1.Company Profiles
13.1.1.Allianz Saudi Fransi Cooperative Insurance Co.
13.1.2.METLIFE AIG ANB
13.1.3.AXA Cooperative Insurance Co
13.1.4.Seven Corners Inc.
13.1.5.The Company for Cooperative Insurance
13.1.6.The Mediterranean & Gulf Insurance & Reinsurance Company
13.1.7.Bupa Arabia for Cooperative Insurance
13.1.8.United Cooperative Assurance Co
13.1.9.Arabia Insurance Cooperative Company
13.1.10.Al-Ahlia Insurance Co.
14.Strategic Recommendations
15.About Us & Disclaimer
