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Report Description

Report Description

The UAE travel insurance market is anticipated to be driven by an expansion of the tourist industry and increased awareness about the benefits of travel insurance is fueling the growth of the travel Insurance market during the projected period.

The travel insurance demand is mainly expected to be driven by increasing domestic and international travel throughout the forecast period. According to information from the World Tourism Organization, UAE citizens spent around USD 21.78 billion (or 80 billion dirhams) on travel and tourism in 2021. In a similar vein, the organization's data indicated that the UAE ranked first at the regional level and sixth globally in terms of spending rates on travel and tourism, as reported by the "Emirates Today" newspaper. Furthermore, the average per capita tourism and travel expenditure in the UAE was approximately USD 2,500. As a result, rising tourism spending is anticipated to provide the travel insurance industry with significant growth potential in the coming years.

Moreover, Policybazaar, a travel insurance company, reported a 150% increase in sales of travel insurance policies in the April-June quarter of 2022 compared to the first quarter of this year in the UAE market.

Increasing Issue of Flight Cancellations and Delays Drives the Market Growth

Despite an increase in travel, there have been a lot of flight delays and cancellations in recent months at airports all over the world. In fact, one of the most frequent problems encountered by travelers from the UAE is delayed or lost check-in baggage. According to the most recent data released by the US Department of Transportation, about 220,000 baggage were "mishandled" by US airlines in April 2022, which means they were lost, harmed, delayed, or stolen. Many bags are either left behind or go missing due to staff shortages, especially in large European airports like Amsterdam and London where many travelers use connecting flights for international travel. The airline may only offer a small reimbursement, which is surely insufficient. Fortunately, travel insurance providers offer coverage for both baggage delay and baggage loss, thus the market need for travel insurance businesses is expected to rise during the anticipated period.


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Modification in Policy during the Covid-19 Pandemic Boost the Market Growth

Various Insurance companies have developed a new travel insurance product in the UAE market which covers the risks of "Covid-19," following the fact that it has become one of the main requirements required by many countries, whether they are receiving travelers or tourists. For instance, according to "Emirates Today, Dubai Islamic Insurance and Reinsurance Company, "allows customers to purchase additional coverage for (Covid-19) if they wish to do so or request it in accordance with the applicable terms and conditions." In a similar vein, "AXA Gulf Company" stated that in the event of a confirmed diagnosis of any infectious disease "epidemic" in any country other than the one from which the traveler set out on his journey, the company will cover all emergency medical costs as well as any costs associated with the quarantine's requirements for a maximum of 15 days, at a maximum rate of $100 per day. Hence, the Covid-19 pandemic will benefit the industry in the long run since it has raised awareness of the importance of travel insurance and the necessity for digitalization in this area to streamline the insurance procedure.

Benefit of Merger and Acquisition Boost the Market Demand

Market developments, such as partnership agreements, which will increase the market need for insurance, are one of the main elements that are expected to contribute to market expansion during the forecast period. For example, the Islamic Arab Insurance Company "Salama," the largest Takaful insurance company in the United Arab Emirates, merged with the "Emirates Takaful Insurance Company," Takful Al Emara. The merger is expected to expand the company's capabilities and increase the attractiveness and smoothness of the UAE insurance industry to local, regional, and even foreign investment. Companies can gain access to a larger customer base and increase their market share as a result of the union. This will increase market demand for travel insurance in the UAE market.

Market Segmentation

The UAE travel insurance 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 parties, 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.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Trip Type

Mode of Purchase

Traveler Type

Travel Type

Region

Regional Scope

Dubai, Abu Dhabi, Sharjah, Ajman, Rest of UAE

Key Companies Profiled

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

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

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:
    • Single Trip Travel Insurance
    • Annual Multi-Trip Travel Insurance
    • Long Stay Travel Insurance
  • UAE Travel Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • UAE Travel Insurance Market, By Traveler Type:
    • Senior Citizens
    • Education Travelers
    • Business Travelers
    • Family Travelers
    • Independent Travelers  
  • UAE Travel Insurance Market, By Travel Type:
    • Domestic Travel
    • International Travel
  • UAE Travel Insurance Market, By Region:
    • Dubai
    • Abu Dhabi
    • Sharjah
    • Ajman
    • 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).

UAE travel insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

Table of content

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.  Sources of Information

4.6.  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 Analysis

5.2.5.2.         Abu Dhabi Market Analysis

5.2.5.3.         Sharjah Market Analysis

5.2.5.4.         Ajman Market Analysis

5.2.5.5.         Rest of UAE Market Analysis

5.2.6.     By Company Market Share Analysis

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.     Development of products and services

9.1.2.     Provide coverage for medical expenses

9.1.3.     Cashless treatment during medical emergency

9.2.  Challenge

9.2.1.     High competition among others

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.              Accidental dismemberment

11.3.              Support of loss of baggage and loss of passport

11.4.              Preventing financial risks for travelers

11.5.              Increasing promotional and marketing activities.

12.  Porter’s Five Forces Model

12.1.              Competitive Landscape

12.2.              Buyer Power

12.3.              Supplier Power

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

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.      Product & Services

15.1.1.3.      Financials (As Reported)

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.      Product & Services

15.1.2.3.      Financials (As Reported)

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.      Product & Services

15.1.3.3.      Financials (As Reported)

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

15.1.4.1.      Company Details

15.1.4.2.      Product & Services

15.1.4.3.      Financials (As Reported)

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.      Product & Services

15.1.5.3.      Financials (As Reported)

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.      Product & Services

15.1.6.3.      Financials (As Reported)

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.      Product & Services

15.1.7.3.      Financials (As Reported)

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.      Product & Services

15.1.8.3.      Financials (As Reported)

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.      Product & Services

15.1.9.3.      Financials (As Reported)

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.    Product & Services

15.1.10.3.    Financials (As Reported)

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 Regions

16.3.              Target Trip Type

16.4.              Target Mode of Purchase

16.5.              Target Traveler Type

16.6.              Target Travel Type

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

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 some of the major players operating in the UAE Travel Insurance Market.

Several factors, such as increased instances of delayed or lost check-in baggage and rise in accidents during the travelling, are driving the UAE Travel Insurance Market.

It is now a mandatory requirement for all international visitors to have Covid-19 coverage on their travel insurance. It protects against travel risks. .

In general, individuals can expect to pay between 4% and 10% of the trip cost for travel insurance.

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