According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global travel insurance market reached a value of US$ 21.5 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 12.2% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Travel insurance is a type of insurance that protects tourists from financial risks by covering various expenses and losses during international or domestic travels. It provides cover in case of trip cancellation, medical emergencies, baggage loss, personal property damage, and loss of tickets and passport. It also offers 24/7 emergency services in case of loss of documents and any monetary assistance. Nowadays, travel insurance also supports customization as per the geographical location and requirement of the insured customer.
Market Trends and Drivers:
The global travel insurance market is primarily driven by a significant rise in corporate trips. Travel insurance is distributed via insurance aggregators, banks, and insurance brokers, who provide different plans that cover costs and losses depending on the coverage policy of the insured. The rapid growth of the travel and tourism industry, on account of the increasing disposable incomes of consumers and the ease of booking holiday packages online, is also positively impacting the market growth. They are easily accessible via online sites, including direct airline websites and online travel agencies. Moreover, several technological developments, such as the integration application program interface (API), artificial intelligence (AI), and data analytics, have enabled travel insurance companies to create personalized user experiences. Furthermore, governments across various countries have necessitated insurance documents in visa applications to mitigate travel risks.
Travel Insurance Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Zurich Insurance Group AG
- Travel Insured International Inc. (Crum & Forster)
- Generali Group
- American Express Company
- AXA SA
- USI Affinity (USI Insurance Services)
- Allianz SE
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- American International Group
- Berkshire Hathaway Specialty Insurance Company
Key Market Segmentation:
The report has segmented the global travel insurance market on the basis of insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
- Single-Trip Travel Insurance
- Annual Multi-Trip Insurance
- Long-Stay Travel Insurance
Breakup by Coverage:
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damage
Breakup by Distribution Channel:
- Insurance Intermediaries
- Insurance Companies
- Insurance Aggregators
- Insurance Brokers
Breakup by End User:
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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