Comprehensive historical analysis of global market for Travel Insurance has thoroughly analyzed in this report. It offers data and insights from 2019-2022, and provides extensive market forecasts from 2023-2032 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Travel Insurance market.
The Global Travel Insurance market is expected to reach USD 99.0 billion by 2030, at a CAGR of 25% during the forecast period 2021 to 2030.
The report includes growth prospects in the global Travel Insurance market by type, application, sub segement and region and QMI has compiled a comprehensive detailed research report to offer insights. The report details consumption in the Banking & Financial and other sectors. Regional coverage spans North America, Europe, and rest of the world including Asia Pacific.
The travel industry has been proliferating owing to the proliferation of budget and luxury accommodations in the past few years. And with the increasing number of people traveling for leisure, the need for travel insurance is increasing rapidly. According to the World Health Organization (WHO), around 1.5 billion people travel annually, which is expected to increase in the coming years. Travel insurance helps travelers prepare for an unprecedented event that might affect their travel negatively. Moreover, post the outbreak of the COVID-19 pandemic, the need for travel insurance increased rapidly. It started covering Covid-19 tests and quarantine costs. Furthermore, the increasing demand for tourism is expected to propel the market’s growth. In addition, the strict government policies related to travel are expected to further fuel the growth of the travel insurance market. However, there are very few insurance policies that cover travel. This is expected to limit the market’s growth during the forecast period. There are advancements in new technologies to help ease the travel experience of people, which is expected to provide growth opportunities for the market during the forecast period. The deaths due to the COVID-19 pandemic also posed challenges for the market’s growth over the forecast period as several insurance companies were not ready to cover death under their insurance policies. People in developing and underdeveloped countries are still reluctant to spend money on insurance facilities which hamper the market’s growth.
Leading players of Travel Insurance include:
Zurich Insurance Group Ltd, Arch Capital Group Ltd., Aviva PLC, Berkshire Hathaway Specialty Insurance, China Pacific Insurance Co., Ltd., Chubb Limited, Assicurazioni Generali Group, Groupama Sigorta AS, American International Group Inc., InsureandGo HanseMerkur Insurance Group, Ping An Insurance Company of China, Ltd., Seven Corners Inc. (US), SOMPO Holdings, Inc., American Express, Travelex Insurance Services Inc., Allianz Partners
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Market split by Segemet can be divided into:
By Coverage Type, By Distribution Channel
By End User, by Region
Market segment by Region/Country including:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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In December 2021, Allianz Global partnered with Porter Airlines, a regional airline. The main aim of this partnership was to introduce All-Inclusive Insurance, Emergency Travel Medical Insurance, and Trip Cancellation Insurance. Additionally, Porter consumers have entry to Allianz affirm inquiry, expert support, and urgent assistance with the help of pre-trip planning.
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What’s covered in the report?
- 1. Overview of the Travel Insurance market.
- 2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa) market size data for the Travel Insurance market, based on segement.
- 3. Travel Insurance MarkTrendsnds.
- 4. Travel Insurance Market drivers.
- 5. Analysis of major company profiles.
Reasons to buy this Market Report:
1. Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging Travel Insurance market.
2. Use the SWOT analysis to determine the competitive intensity and therefore attractiveness of the emerging Travel Insurance Industry.
3. Leading company profiles reveal details of key Travel Insurance market players’ emerging five operations and financial performance.
4. Add weight to presentations and pitches by understanding the future growth prospects of the emerging Travel Insurance market with five year historical forecasts.
5. Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region.
6. Extensive information on factors that will amplify the growth of the Travel Insurance market over the upcoming seven years
7. Accurate estimation of the global Travel Insurance market size
8. Exact estimations of the upcoming trends and changes observed in consumer behavior
9. Growth of the global Travel Insurance market across the North & South America, EMEA, Asia Pacific, and Latin America
10. Information about Travel Insurance market growth potential
11. In-depth analysis of the industry’s competitive landscape and detailed information vis-a-vis various vendors
12. Furnishing detailed information on the factors that will restrain the growth of the Travel Insurance market
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