UAE Travel Insurance Market: Travel Type Assessment

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According to a report by TechSci Research titled "UAE Travel Insurance Market – By Region, By Company, Forecast & Opportunities, 2018-2028F," the UAE travel insurance market is projected to experience significant growth in the forecast period. This growth can be attributed to changing consumer travel preferences, increased business travel, and the accessibility of travel insurance. Travel insurance provides financial protection against various risks encountered while traveling, including medical emergencies, lost belongings, and flight delays.

The demand for travel insurance among UAE residents surged by 150% in the second quarter of 2022 compared to the first quarter, as reported by major insurance and financial goods marketplace Policybazaar. ae. Several factors, including mandatory insurance laws in various countries, ongoing pandemic concerns, and staffing issues at airports leading to baggage loss, have contributed to this increased demand.

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The UAE travel insurance market is segmented based on trip type, mode of purchase, traveler type, travel type, region, and company. Trip types include single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Among these, the annual multi-trip travel insurance segment is expected to witness substantial growth due to the expanding tourism industry. Traveler types comprise senior citizens, education travelers, business travelers, family travelers, and independent travelers, with business travelers anticipated to be the fastest-growing segment.

The market is further segmented based on travel type into domestic travel and international travel, with the international travel segment expected to grow significantly following the reduction of travel restrictions post-COVID-19 pandemic. Additionally, the mode of purchase includes insurance companies, insurance agents/brokers, and others (insurtech companies, third parties, etc.). Regionally, the market is segmented into Dubai, Abu Dhabi, Sharjah, Ajman, and Rest of 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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The report emphasizes the growth drivers of the travel insurance market, such as convenient online booking options, comprehensive holiday coverage, and increasing consumer preference for risk reduction. It also highlights the availability of various purchasing options for travel insurance, including direct airline sites, online travel agents (OTAs), business websites & apps, and others, contributing to market growth.

In summary, the report provides valuable insights into the UAE travel insurance market's structure, size, share, and future growth prospects, assisting decision-makers in making informed investment decisions. It also identifies emerging trends, challenges, and opportunities in the travel insurance market.

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