Travel insurance industry thriving in Russia, Turkey

A new report has shown that travel cover industry has seen continued growth in East Europe and surrounding countries.

Travel Insurance News - 02/08/2012

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New figures have shown that travel insurance providers have seen continued prosperity in Eastern European and surrounding nations in recent years.

The news comes via a new report conducted by market research firm Finaccord, which revealed that the travel cover industry saw a major boost in Russia, Turkey and Romania between 2008 and 2012. Finaccord said that some 2,750 different travel organisations were surveyed for the report.

Figures in the report showed that the market in Turkey doubled during the four-year period, whilst travel cover sales among Romanians and Russians saw growth in the double digits each year. However, The Turkish and Romanian markets still remain substantially smaller than those in European countries of similar size.

And the European market as whole has proven to be successful despite recent and ongoing economic woes and sharp downturns in traditional markets, namely the UK, Norway, the Netherlands and Germany. According to the figures from Finaccord, stand-alone policy sales in Europe’s 20 markets was worth some €3.35 billion (£2.65 billon) in 2012.

Meanwhile, Finaccord consultant Simon Tottman said that Italy and Spain remain two of the two fastest growing markets on the continent, which he said comes as a result of the growing impact created by the launch of low-cost airlines in both countries.

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