BANGALORE, India, Nov. 4, 2020 /PRNewswire/ -- A New Travel Insurance Market Research Report published on Valuates Reports in Insurance category. The report contains segmentation By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others). It also covers Global Opportunity Analysis and Industry Forecast to 2027.
The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.
The major factor driving the growth of the travel insurance market size is increased tourism due to the rise in disposable income, easy online travel bookings, package holidays, comprehensive holiday coverage, and others.
The report focuses on the growth prospects, restraints, and trends of the travel insurance market analysis. The study provides Porter's five forces analysis to understand the impact of various factors such as suppliers' bargaining power, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and buyers' bargaining power on the travel insurance market.
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TRENDS INFLUENCING THE TRAVEL INSURANCE MARKET SIZE
Increased tourism has resulted in many incidents, such as cancellations of flights, loss of baggage & essential documents, and medical emergencies. To mitigate these risks, consumers are opting for travel insurance, which in turn is driving the travel insurance market size.
The growing globalization has reinforced the travel industry. This, in turn, is expected to be the key driver for the growth of the travel insurance market size. The aging population buys the most travel insurance, especially foreign vacations, which boosts the travel insurance industry's revenue.
The growth of the travel insurance market size is driven by convenient options for travel insurance purchases through online comparison-shopping websites such as direct airline sites and online travel agencies (OTAs), and others.
With the support of technologies such as geo-location, application program interface (API), artificial intelligence ( AI), data analytics, and global positioning system ( GPS), among others, insurers are expected to improve existing travel insurance distribution networks. As a result, these trends are expected to generate prospects for the travel insurance industry in the coming years.
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TRAVEL INSURANCE MARKET SHARE ANALYSIS
Europe is expected to hold the largest travel insurance market share during the forecast period. In order to reduce the risk associated with the rise in tourist traffic, higher incidences of baggage loss, essential documents, medical emergencies and natural disasters, more travelers are purchasing travel insurance in the European region.
On the other hand, Asia Pacific is expected to grow rapidly during the forecast period. Due to the rise in the number of senior citizens traveling and an increase in business travel spending, As travel has become an accepted feature of academic, business and personal life in the modern world, the travel industry is growing.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global travel insurance market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the global travel insurance market trends.
- The quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.
TRAVEL INSURANCE MARKET KEY SEGMENTS
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Allianz Group
- American International Group Inc.
- Assicurazioni Generali S.P.A
- AXA
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insured International
- TravelSafe Insurance
- USI Insurance Services
- Zurich Insurance Co. Limited
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SIMILAR REPORTS :
?Europe Travel Insurance Market
The European travel insurance market size was valued at USD 6.25 Billion in 2019 and is projected to reach USD 10.39 Billion by 2027, growing at a CAGR of 14.4% from 2020 to 2027.
The report focuses on the growth prospects, restraints, and trends of the European travel insurance market analysis. The study provides Porter's five forces analysis to understand the impact of various factors such as suppliers' bargaining power, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the European travel insurance market.
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?Italy Travel Insurance Market
The Italy travel insurance market size was valued at USD 440 Million in 2019 and is projected to reach USD 909 Million by 2027, growing at a CAGR of 17.5% from 2020 to 2027.
The extension of existing policies by adding new coverages, such as pre-existing medical conditions, COVID-19 and other similar coverages, provides the country with tremendous potential for travel insurance companies.
In addition, technical innovations such as the Global Positioning System ( GPS), Artificial Intelligence ( AI), Geo-location, Application Program Interface (API) and Data Analytics (DA), among others, provide business insurers with creative opportunities. Thus, during the forecast period, these variables are projected to provide lucrative opportunities for Italy Travel Insurance Market size growth.
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?Asia-Pacific Travel Insurance Market
Asia-pacific Travel Insurance Market size is estimated to reach USD 9,875 Million by 2022, growing at a CAGR of 10.1% from 2016 to 2022.
During the forecast period, insurance aggregators are expected to grow at a CAGR of 14.4%.
The Asia-Pacific travel insurance market is dominated by insurance intermediaries, as they are one of the most conventional and trusted distribution networks. Due to the long-term association and trust associated with them, senior citizens and baby boomers prefer intermediaries. Insurance intermediaries offer better resources and policy comprehension.
India possesses high market potential, but the travel insurance market is still in its nascent stage. Growing awareness of the significant benefit of travel insurance among the Indian population provides India with a significant opportunity to become one of the world's main travel insurance markets. The number of domestic travelers across India, in addition to foreign travelers, has also increased. It has been noted that each year 30 million Indians are subject to domestic travel, thus creating a significant opportunity for expansion.
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?North America Travel Insurance Market
North America Travel Insurance Market is estimated to reach USD 8,165 Million by 2022, growing at a CAGR of 8.8% from 2016 to 2022.
According to industry estimates in 2014, Americans spent over $2.2 billion on all types of travel protection in the same year, which represented an increase of 17.5% from 2012.
The U.S. accounts for more than 42 percent of the North American travel insurance industry, where the main sale of travel insurance policies is the responsibility of tour agents and travel companies, such as tour operators and cruise lines. According to industry figures, due to the spread of epidemic diseases, the increase of terrorist attacks, and adverse weather conditions, more than 45 percent of the American population is actually more concerned while traveling than they were in the past.
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?Business Travel Insurance Market
In 2019, the global Business Travel Insurance market size was USD 4115.4 Million
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? Personal Travel Insurance Market
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? Group Travel Insurance Market
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?Single Trip Travel Insurance Market
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?Student Travel Insurance Market
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?Adventure Travel Insurance Market
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