Travel Insurance Market By Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip 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): Global Opportunity Analysis and Industry Forecast, 2021–2030
Travel insurance is a type of insurance that accounts for any unanticipated or undesired losses that can occur when travelling (either internationally or domestically). Typical travel insurance policies normally are designed to cover any medical emergencies during the period of travel, whereas more comprehensive travel insurance policies may also include trip cancellation, lost luggage, flight delays, public liability, and among other unanticipated charges during the period of travel.
Moreover, travel insurance can provide the traveler with a sense of security and safety while visiting a foreign land. However, with the slowdowns in the travel and hospitality segment caused by the outbreak of the COVID-19 pandemic, the global travel insurance industry also experienced significant shrinkage during the period. Although, with the average travel scene returning back on the levels of pre-pandemic levels, the travel insurance market is also expected to grow in the coming years.
The growth of the global travel insurance market is driven by factors such as rising tourism demands post the pandemic are boosting the growth of the travel insurance market. In addition, government-mandated travel policies are further fueling the growth of the travel insurance market. However, the low penetration of insurance policies limits the growth of this market. Conversely, new technological developments for the travel insurance industry are expected to provide numerous opportunities for the expansion of the travel insurance market during the forecast period.
The global travel insurance market is segmented into coverage type, distribution channel, end user, and region. Depending on coverage type, the market is bifurcated into single-trip travel insurance and annual multi-trip travel insurance. On the basis of distribution channel, it is segregated into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. As per end user, it is differentiated into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global travel insurance market is dominated by key players such As ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali S.P.A., AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., Trip Mate Inc., Travel Insured International, Travel Safe Insurance, and USI INSURANCE SERVICES LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global travel insurance market forecast along with the current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global travel insurance market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
By Coverage Type
Single-Trip Travel Insurance
Annual Multi-Trip 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
Europe
U.K.
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ALLIANZ
AMERICAN INTERNATIONAL GROUP INC.
Assicurazioni Generali S.P.A.
AXA
Insure and Go Insurance Services Limited
Seven Corners Inc.
Trip Mate Inc.
Travel Insured International
Travel Safe Insurance
USI INSURANCE SERVICES LLC
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