NEW YORK, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Travel Insurance Market By Insurance Cover (Single Trip Travel Insurance, Annual Trip Travel Insurance, Long Trip Travel Insurance), By End Users (Business Travelers, Senior Citizens, Education Travelers And Others), By Distribution Channel (Insurance Companies, Banks And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” in its research database.
“According to the latest research study, the global travel insurance market size was valued at about USD 17.16 billion in 2020. The market is expected to grow at a CAGR of 16.5% and is anticipated to reach USD 55.21 billion by 2028.”
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Travel Insurance Market Overview:
The Travel Insurance Market is the financial sector and industry that provides travelers with insurance coverage. This form of insurance is intended to protect individuals or groups against unforeseen events and emergencies that may occur during travel. Typically, travel insurance covers a variety of risks, such as trip cancellations, medical emergencies, missing luggage, and travel delays.
The coverage and cost of travel insurance policies can vary based on variables such as the destination, duration of travel, age of travelers, and specific plan. These policies are purchased by travelers to mitigate financial risks and guarantee assistance and support in the event of unforeseen circumstances during their travels.
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|Report Attribute||Report Details|
|Market Size in 2020||USD 17.16 Billion|
|Market Forecast in 2028||USD 55.21 Billion|
|Growth Rate||CAGR of 16.5%|
|Forecast Years||2020- 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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Travel Insurance Market: Growth Factors
The increased tourism globally has increased the overall demand for the travel insurance market. The increase in the disposable income, extensive coverage for holidays and easy booking facilities have increased the demand for the market. To mitigate the uncertain occurrences such as canceled flights, accidents, health issues, loss of baggage, theft and natural calamities, travelers opt for the travel insurances.
Also, due to the technological advancements such as geo-location, artificial intelligence, blockchain and big data, there has been considerable opportunities for the insurers in the market. Due to these technological developments, travel insurance platforms are expected to enhance the productivity for providing the coverages seamlessly at the point of purchase. The digital transformation has also enabled the companies to create highly personalized experiences to the customers.
Travel Insurance Market: Segmentation
- Insurance Cover Analysis
The Single trip generally covers a single oversees trip. These trips are suitable for those who are not making more than one trip per year. The demand for single trip insurance is high because it covers the features such as medical cover including repatriation, emergency dental treatment costs, loss of baggage, personal liability cover, trip interruption or cancellation, fire cover, missed flight connection and many more such services. Customers readily opt for single trip travel insurance due to their numerous features.
- End User Analysis
This is due to the fact that these travelers have to frequently oversee or even nationally due to their business requirements and demands. This business demand occurs for not only the customers who have their own businesses but also for those who work in the companies, and who have their scheduled visits over the specific period in the year. Therefore, the overall demand for the travel insurance market is high from the business travelers.
- Distribution Channel Analysis
This is due to the fact that for a particular insurance demand, the customers always tend to approach the insurance companies instead of any third-party vendor. The insurance companies rightly guide the travelers with the insurance packages as per their travel and help them to choose the right travel package for use. Also, insurance companies act as the trusted source of distributing these packages as they are ones with the authorized set of packages and they can rightly consult the customers about the travel insurance packages.
Browse the full “Travel Insurance Market By Insurance Cover (Single Trip Travel Insurance, Annual Trip Travel Insurance, Long Trip Travel Insurance), By End Users (Business Travelers, Senior Citizens, Education Travelers And Others), By Distribution Channel (Insurance Companies, Banks And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” Report at https://www.zionmarketresearch.com/report/travel-insurance-market
North America held a share of 37% in 2020. It is supposed to be one of the highest revenue-generating regions for this market during the forecasted period. This high growth is due to the fact that there has been low dependency ratio, rise in disposable income and increase in travel among the baby boomers. The digitalization of distribution channels has also paved the way for higher demand of travel insurance packages. The rise in the number of outbound travelers in the region have made the high demand for this market in this region.
Asia-Pacific is expected to have the CAGR of 19.1% from 2021 to 2028. This is due to the fact that there has been significant demand for corporate travel insurance from countries such as China, Japan and Korea. The increasing travelers in countries such as India has been providing huge number of opportunities to insurance companies and also the travel agencies to tap into. Increasing awareness among the travelers about the advantages of the travel insurances has been beneficial for the travel insurance companies in the region.
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The report contains qualitative and quantitative research on the global Travel Insurance market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Travel Insurance market include;
- American Express Company
- Allianz Partners
- American International Group Inc. (AIS)
- AXA Travel Insurance
- Arch Capital Group Limited
- Aviva PLC
- Sompo Holdings Inc.
- Berkshire Hathaway Specialty Insurance
- Groupama Sigorta AS
- China Pacific Insurance (Group) Co. Ltd.
- Chubb Limited
- Travelex Insurance Services Inc.
- Generali Group
- Reiseversicherung AG
- Ping An Insurance Company of China Ltd.
- Seven Corners Inc.
- Zurich Insurance Group AG
The global Travel Insurance market is segmented as follows:
By Insurance Cover
- Single Trip Insurance
- Annual Trip Insurance
- Long Trip Travel Insurance
By End User
- Business Travelers
- Senior Citizens
- Education Travelers
By Distribution Channel
- Insurance Companies
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Travel Insurance industry?
- What are the main driving factors propelling the Travel Insurance Market forward?
- What are the leading companies in the Travel Insurance Industry?
- What segments does the Travel Insurance Market cover?
- How can I receive a free copy of the Travel Insurance Market sample report and company profiles?
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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