Travelling to Schengen-area countries is becoming more attractive to young people worldwide
There is growing mobility towards Europe, especially from the Asian region, with a clear increase from those aged between 25-34. This trend emerges from the data available at Europ Assistance, the leading provider of Schengen insurance: a compulsory travel policy for foreigners seeking to enter the Schengen area. With over 50 years of experience in travel insurance and assistance, Europ Assistance has a unique perspective on these trends.
Growing international mobility towards Europe
As part of the Visa application process, many foreign nationals wishing to enter into the Schengen area must take on insurance to cover any potential repatriation and at least up to €30 000 of medical expenses.
Europ Assistance is a leading player in this market. In 2017, the company registered an increase in sales of 47% for the Schengen Travel Insurance, demonstrating an increased attractiveness to visit the area in context of international trade, travel and work mobility.
The 25-34 years old age group represents more than 40% of the total demand for the Schengen Travel Insurance in 2017. The latest generation of students and young workers with an international profile are more and more interested by the Schengen-area countries, which they consider offer strong opportunities for them to grow skills, competences and knowledge.
This strong increase in sales also shows a new trend in the insurance market as the customers’ purchase habits are shifting. While most of them used to buy insurance from companies based on their country of origin, more and more travelers now choose to take on their Schengen insurance from companies based in their destination countries, such as Europ Assistance. This shift is motivated by the local knowledge as subscribing to this travel insurance from a national assistance player allows foreign travelers to be advised by a local team of experts, able to help them understand the national health system, giving them access to a list of the closest physician’s offices or hospitals or even know who to address in case of need.
Reinforced by a global political and economic agenda
Brexit is expected to generate a shift in international mobility trends within the EU, and may grow Schengen states’ attractiveness. While the United Kingdom was the third country in the world in number of international students in 2016 (OECD), the share of foreign travelers signing up for the Europ Assistance visa insurance to leave the UK for a Schengen country has grown by nearly 9% in 2017 vs. 2016.
The area also seems to have become a new target destination for high-growth countries and their young populations. For example, Europ Assistance highlights a steep increase of sales for the Schengen Travel Insurance in Brazil (+ 145% from 2016 to 2017) or Singapore (+ 930% from 2016 to 2017).
“Europ Assistance has designed a solution that not only allows travelers and workers to move across the globe with complete serenity about medical assistance and repatriation, but also gives a unique vision on how the populations are moving around the world, and how major political, social or economic shifts impact international mobility,” states Pascal Baumgarten, General Manager and Chief Operating Officer of Europ Assistance Group.
To discover more, or purchase Schengen coverage, please visit: https://schengen.europ-assistance.com/en