Italy’s travel insurance market is expected to grow at a huge rate owing to its low penetration rate and growth in the tourism industry. In addition, the World Travel and Tourism Council (WTTC) recently uncovered that Italy’s tourism sector is probably going to increase by 2.6 per cent, contributing to around 5.1 % of the country’s GDP by 2027.
The development of travel insurance is related to the requirement of visa application center’s, consulates and embassies for traveler’s to be adequately covered in the event of crises, SchengenVisaInfo.com reports.
In any case, the absence of awareness of various insurance schemes and the advantages associated with this alternative make a difference on Italy’s travel insurance market negatively. Also, relaxed restrictions and low fluctuation in rates due to a sizable number of opponents have caused a decline in gross written premium.