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Report
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 (Insurtech 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
Market Report I 2023-08-01 I 77 Pages I TechSci Research
The UAE travel insurance market is poised for growth, driven by the expansion of the tourist industry and increased awareness of the benefits of travel insurance. The demand for travel insurance is expected to be primarily fueled by the rise in domestic and international travel. According to the World Tourism Organization, UAE citizens spent approximately USD 21.78 billion (or 80 billion dirhams) on travel and tourism in 2021, making the UAE the top spender in the region and sixth globally. Additionally, the average per capita tourism expenditure in the UAE was around USD 2,500. With increasing tourism spending, the travel insurance industry is projected to experience significant growth in the coming years.
Furthermore, travel insurance company Policybazaar reported a substantial 150% increase in sales of travel insurance policies in the UAE market during the April-June quarter of 2022 compared to the first quarter of the year.
The market growth is also driven by the escalating issue of flight cancellations and delays, which have become more prevalent in recent months. One of the common problems faced by travelers from the UAE is delayed or lost check-in baggage. In April 2022 alone, US airlines mishandled around 220,000 bags, including cases of loss, damage, delay, or theft. Staff shortages, particularly in major European airports such as Amsterdam and London, where many travelers have connecting flights, contribute to the problem. While airlines may provide limited reimbursement, it is often insufficient. Fortunately, travel insurance providers offer coverage for both baggage delay and loss, addressing the market need for comprehensive protection.
Overall, the projected period presents promising prospects for the travel insurance industry in the UAE, driven by the growth of the tourist industry, increasing travel demand, and the need for protection against flight disruptions and baggage-related issues.
Policy modifications during the Covid-19 pandemic have stimulated market growth. Several insurance companies in the UAE have introduced new travel insurance products that cover the risks associated with Covid-19. This has become a crucial requirement imposed by many countries for travelers and tourists. For instance, Dubai Islamic Insurance and Reinsurance Company, as reported by Emirates Today, offers customers the option to purchase additional coverage for Covid-19 based on the applicable terms and conditions. Similarly, AXA Gulf Company stated that it will cover all emergency medical costs and quarantine-related expenses for a maximum of 15 days, up to USD100 per day, in the event of a confirmed diagnosis of an infectious disease in a country other than the traveler's origin. Consequently, the long-term impact of the Covid-19 pandemic is expected to benefit the industry by raising awareness about the importance of travel insurance and the need for digitalization to streamline insurance procedures.
Furthermore, market developments such as partnership agreements are anticipated to drive market expansion and increase the demand for insurance. The recent merger between Islamic Arab Insurance Company "Salama" and Emirates Takaful Insurance Company, Takful Al Emara, is a significant example. This merger is expected to enhance the company's capabilities and make the UAE insurance industry more appealing and attractive for local, regional, and foreign investments. By gaining access to a larger customer base and expanding their market share, companies can further stimulate the demand for travel insurance in the UAE market.
Market Segmentation
The UAE travel insurance market is segmented on the basis of 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. Based on the mode of purchase, the market is further segmented into insurance companies, insurance agents/brokers, and others (insurtech companies, third party, etc.). Based on traveler type, the market is segmented into senior citizens, education travelers, business travelers, family travelers, and independent travelers. Based on travel type, the market is segmented into domestic travel and international travel.
Company Profiles
Orient Insurance PJSC Alliance Insurance P.S.C, American International Group, Inc, Royal & Sun Alliance Insurance (Middle East), 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, are among the major players that are driving the market growth of the UAE travel insurance market.
Report Scope:
In this report, the UAE travel insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- UAE Travel Insurance Market, By Trip Type:
o Single Trip Travel Insurance
o Annual Multi-Trip Travel Insurance
o Long Stay Travel Insurance
- UAE Travel Insurance Market, By Mode of Purchase:
o Insurance Companies
o Insurance Agents/Brokers
o Others
- UAE Travel Insurance Market, By Traveler Type:
o Senior Citizens
o Education Travelers
o Business Travelers
o Family Travelers
o Independent Travelers
- UAE Travel Insurance Market, By Travel Type:
o Domestic Travel
o International Travel
- UAE Travel Insurance Market, By Region:
o Dubai
o Abu Dhabi
o Sharjah
o Ajman
o Rest of UAE
- Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the UAE 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. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Voice of Customer Analysis (B2C Model Analysis)
4.1. Sample Size Determination
4.2. Respondent Demographics
4.2.1. By Gender
4.2.2. By Age
4.2.3. By Occupation
4.3. Brand Awareness
4.4. Factors Influencing Purchase Decision
4.5. Challenges Faced After Purchase
5. UAE Travel Insurance Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Trip Type Market Share Analysis (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long Stay Travel Insurance)
5.2.2. By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, Others (Insurtech Companies, Third Party, etc.)
5.2.3. By Traveler Type Market Share Analysis (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Independent Travelers)
5.2.4. By Travel Type Market Share Analysis (Domestic Travel, International Travel)
5.2.5. By Regional Market Share Analysis
5.2.5.1. Dubai Market Share Analysis
5.2.5.2. Abu Dhabi Market Share Analysis
5.2.5.3. Sharjah Market Share Analysis
5.2.5.4. Ajman Market Share Analysis
5.2.5.5. Rest of UAE Market Share Analysis
5.2.6. By Top 5 Companies Market Share Analysis, Others (2022)
5.3. UAE Travel Insurance Market Mapping & Opportunity Assessment
5.3.1. By Trip Type Market Mapping & Opportunity Assessment
5.3.2. By Mode of Purchase Market Mapping & Opportunity Assessment
5.3.3. By Traveler Type Market Mapping & Opportunity Assessment
5.3.4. By Travel Type Market Mapping & Opportunity Assessment
5.3.5. By Region Market Mapping & Opportunity Assessment
6. UAE Single Trip Travel Insurance Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Mode of Purchase Market Share Analysis
6.2.2. By Traveler Type Market Share Analysis
6.2.3. By Travel Type Market Share Analysis
7. UAE Annual Multi-Trip Travel Insurance Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Mode of Purchase Market Share Analysis
7.2.2. By Traveler Type Market Share Analysis
7.2.3. By Travel Type Market Share Analysis
8. UAE Long Stay Travel Insurance Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Mode of Purchase Market Share Analysis
8.2.2. By Traveler Type Market Share Analysis
8.2.3. By Travel Type Market Share Analysis
9. Market Dynamics
9.1. Drivers
9.1.1. Rising number of affordable insurance plans
9.1.2. medical expenses coverage
9.1.3. Cashless treatment during medical emergency
9.2. Challenge
9.2.1. High competition among players
9.2.2. Increasing Operational Costs
10. Impact of COVID-19 on UAE Travel Insurance Market
10.1. Impact Assessment Model
10.1.1. Key Segments Impacted
10.1.2. Key Regions Impacted
11. Market Trends & Developments
11.1. Development of tourism sector
11.2. Support for loss of baggage and loss of passport
11.3. Prevention of financial risks for travelers
11.4. Increasing promotional and marketing activities
12. SWOT Analysis
12.1. Strengths
12.2. Weaknesses
12.3. Opportunities
12.4. Threats
13. UAE Economic Profile
14. Policy and Regulatory Landscape
15. Competitive Landscape
15.1. Company Profiles
15.1.1. Orient Insurance PJSC
15.1.1.1. Company Details
15.1.1.2. Products
15.1.1.3. Financials (As Per Availability)
15.1.1.4. Key Market Focus & Geographical Presence
15.1.1.5. Recent Developments
15.1.1.6. Key Management Personnel
15.1.2. Alliance Insurance P.S.C
15.1.2.1. Company Details
15.1.2.2. Products
15.1.2.3. Financials (As Per Availability)
15.1.2.4. Key Market Focus & Geographical Presence
15.1.2.5. Recent Developments
15.1.2.6. Key Management Personnel
15.1.3. American International Group, Inc
15.1.3.1. Company Details
15.1.3.2. Products
15.1.3.3. Financials (As Per Availability)
15.1.3.4. Key Market Focus & Geographical Presence
15.1.3.5. Recent Developments
15.1.3.6. Key Management Personnel
15.1.4. Royal & Sun Alliance Insurance (Middle East)
15.1.4.1. Company Details
15.1.4.2. Products
15.1.4.3. Financials (As Per Availability)
15.1.4.4. Key Market Focus & Geographical Presence
15.1.4.5. Recent Developments
15.1.4.6. Key Management Personnel
15.1.5. AXA Insurance (Gulf)
15.1.5.1. Company Details
15.1.5.2. Products
15.1.5.3. Financials (As Per Availability)
15.1.5.4. Key Market Focus & Geographical Presence
15.1.5.5. Recent Developments
15.1.5.6. Key Management Personnel
15.1.6. Oman Insurance Company P.S.C. ("Sukoon")'s
15.1.6.1. Company Details
15.1.6.2. Products
15.1.6.3. Financials (As Per Availability)
15.1.6.4. Key Market Focus & Geographical Presence
15.1.6.5. Recent Developments
15.1.6.6. Key Management Personnel
15.1.7. Islamic Arab Insurance Company
15.1.7.1. Company Details
15.1.7.2. Products
15.1.7.3. Financials (As Per Availability)
15.1.7.4. Key Market Focus & Geographical Presence
15.1.7.5. Recent Developments
15.1.7.6. Key Management Personnel
15.1.8. HSBC UAE Middle East Limited
15.1.8.1. Company Details
15.1.8.2. Products
15.1.8.3. Financials (As Per Availability)
15.1.8.4. Key Market Focus & Geographical Presence
15.1.8.5. Recent Developments
15.1.8.6. Key Management Personnel
15.1.9. Al Sagr National Insurance Company (PSC)'s
15.1.9.1. Company Details
15.1.9.2. Products
15.1.9.3. Financials (As Per Availability)
15.1.9.4. Key Market Focus & Geographical Presence
15.1.9.5. Recent Developments
15.1.9.6. Key Management Personnel
15.1.10. Dubai National Insurance & Reinsurance P.S.C
15.1.10.1. Company Details
15.1.10.2. Products
15.1.10.3. Financials (As Per Availability)
15.1.10.4. Key Market Focus & Geographical Presence
15.1.10.5. Recent Developments
15.1.10.6. Key Management Personnel
16. Strategic Recommendations/Action Plan
16.1. Key Focus Areas
16.2. Target Trip Type
16.3. Target Travel Type
17. About Us & Disclaimer
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