It is estimated for the global travel insurance market to witness growth at a CAGR of 13.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 9.3% during the previous CAGR of 2018 to 2021
The research report includes a study of a number of factors that promote market growth. It is made up of trends, obstacles, and forces that change the market favourably or unfavourably. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. In order to help readers better understand their competitors and the competitive environment in general, the study also introduces participants in the market from the standpoint of market share, concentration ratio, etc. and describes the top firms in detail for the competitive landscape.
More disposable income, convenient online travel booking, package holidays, and all-inclusive vacation insurance are some of the causes driving the expansion of the travel insurance sector. As more people purchase travel insurance to guard against risks like flight cancellations, lost luggage and important documents, and medical crises, its market share is growing. The travel insurance market is expanding due to how convenient it is to buy travel insurance online, including through corporate websites and apps, direct airline websites, and online travel agents (OTAs). A thorough examination of the market for travel insurance is provided by the report.
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Market Overview:
One of the key factors propelling the growth of the global travel insurance market is the tourism and travel industry’s pronounced growth in recent years, which can be attributed to rising disposable incomes, an increase in business trips, and the availability of online travel bookings and discounted package holidays. Top firms are implementing digital technologies like application programming interfaces (API), artificial intelligence (AI), data mining, and global positioning systems (GPS) to enhance logistical processes and offer differentiated user experiences.
Global Travel Insurance Market- Segmentation
The global travel insurance market is segmented based on insurance coverage type, distribution channel type and end users type.
Based on coverage type, the market is segmented into,
• Single-trip Travel Insurance
• Annual Multi-trip Travel Insurance
• Long-stay Travel Insurance
Based on distribution channel, the market is segmented into,
• Insurance Intermediaries
• Insurance Companies
• Banks
• Insurance Brokers
• Insurance Aggregators
Based on end users type, the market is segmented into,
• Education Travelers
• Business Travelers
• Senior Citizens
• Family Travelers
• Others
Global Travel Insurance Market – Key Market players
Allianz; American International Group, Inc.; AXA; ASSICURAZIONI GENERALI S.P.A.; USI Insurance Services, LLC; battleface; Insure & Go Insurance Services Limited; Seven Corners Inc.; Travel Insured International; Zurich; Delphi Financial Group, Inc.; Ping An Insurance (Group) Company of China, Ltd. are the major players that are driving the growth of the market during the forecast period.
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As a result of the continuing coronavirus (COVID-19) outbreak, the travel insurance suffered. Due to the tight travel restrictions implemented by several governmental bodies, the tourism industry suddenly plummeted. Visitors from both within the country and outside have drastically decreased. The epidemic significantly reduced international travel in 2020, which constrained demand growth. However, as the enforced lockdowns are gradually relaxed, more people will travel, which would promote economic growth. For insurers, new technical advancements like the global positioning system (GPS), geolocation, application programme interfaces (API), artificial intelligence (AI), data mining, and others are creating enticing business opportunities. Insurers are anticipated to modernise established platforms for offering travel insurance in order to increase efficiency and create seamless user experiences.
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
