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NEW YORK, USA, Oct. 7, 2022 (GLOBE NEWSWIRE) — Facts and Factors announces thatMarket size of travel insuranceshare, growth analysis report by coverage type (single-trip travel insurance and annual multi-trip travel insurance), by distribution channel (insurance intermediaries, insurers, banks, insurance brokers, and insurance aggregators), by end-user (elderly , educational travelers, business travelers, family travelers, and others), and by region – global and regional industry insights, overviews, comprehensive analysis, trends, statistical surveys, market intelligence, historical data, and Forecast 2022-2028” in its research database.
This report analyzes the drivers and restraints of the travel insurance market and their impact on demand over the forecast period. Additionally, the report examines global opportunities in the global Travel Insurance market.
An overview of the travel insurance market:
A type of insurance known as travel insurance covers unexpected or unwanted losses that may occur while traveling (either internationally or domestically). While more comprehensive travel insurance may cover trip cancellations, lost luggage, public liability, flight delays, and other unexpected expenses during the trip, typical travel insurance covers: Typically designed to cover medical emergencies while traveling. It is valid from the date of departure until the insured person returns home.
Many companies now offer travel insurance with 24-hour emergency services. This includes cash transfers, lost passport replacements, delayed flight assistance and rebooking, and more. It also offers customization possibilities according to the needs of the insured person and their region.
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Key insights from primary research
- According to analysis, the travel insurance market is likely to grow at over a CAGR of around 24.50% between 2022 and 2028.
- The market size of travel insurance is estimated to be worth around US$13,193.4 million in 2021 and reach around US$49,132.95 million by 2028. The market is projected to rise at a significant rate due to various driving factors.
- Rising demand for tourism after the pandemic is one of the factors boosting the growth of the travel insurance market. Another is the overall expansion of insurance coverage.
- By coverage type, the one-time travel insurance category dominated the market in 2021.
- By end-user, the business traveler category will dominate the market in 2021.
- North America dominated the global travel insurance market in 2021.
competitive player
This report includes qualitative and quantitative research on the global travel insurance market along with detailed insights and development strategies adopted by leading competitors. The report also provides a detailed analysis of the major competitors in the market and information on their competitive position. The study also identifies and analyzes the key business strategies used by these key market players such as mergers and acquisitions (M&A), alliances, collaborations and agreements. The study examines, among other things, each company’s global presence, competitors, service offerings, and standards.
Major players in the global travel insurance market include:
- Allianz
- AXA
- Insure and Go Insurance Service Limited
- Seven Corners Co., Ltd.
- American International Group, Inc.
- Assicurazioni Generali SPA
- Trip Mate Co., Ltd.
- Overseas travel insurance
- travel safety insurance
- USI INSURANCE SERVICES LLC.
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Market growth driver
- Growing tourism demand driving global market growth
The ease with which travelers can book flights online using smartphones and websites offering a variety of vacation packages is driving the growth of tourism and driving the expansion of the global travel insurance market. Flight delays, lost luggage and medical problems are just a few of the possible consequences of increased tourism. One of the major factors driving the growth of the market is how customers purchase travel insurance to mitigate these risks.
Additionally, solution providers should reap significant benefits from integrating cutting-edge technologies such as artificial intelligence (AI), data analytics and machine learning with GPS during the forecast period to enhance current travel insurance platforms. . Many travel insurance companies are working to deepen their relationships with insurers in order to improve their services and meet customer expectations. These improvements are aimed at improving the consumer experience. This will support market expansion.
The easing of government regulations and mandates encourages people to buy travel insurance, and the market is expected to continue expanding. Venture capital firms have recently been concentrating on start-ups, helping them obtain funding to expand their product portfolio and solidify their market position, thereby spurring market growth.
Travel Insurance Market: Segmentation Analysis
The global travel insurance market is segmented into coverage type, distribution channel, end user, and region.
Based on the type of coverage, the travel insurance market is divided into one-time travel insurance and multiple annual travel insurance. Among these, the single-trip travel insurance segment is expected to lead the market in 2021 and maintain its dominance throughout the forecast period.
Based on distribution channel, the travel insurance market is segmented into insurance intermediaries, insurers, banks, insurance brokers, and insurance aggregators. Among these, the insurance companies segment is expected to lead the market in 2021 and maintain its dominance throughout the forecast period.
Based on end-users, the travel insurance market is segmented into seniors, educational travelers, business travelers, family travelers, and others. Among these, the business travelers segment is expected to lead the market in 2021 and maintain its dominance throughout the forecast period.
Read full text “Travel Insurance Market Size, Share and Growth Analysis Report – Global and Regional Industry Insights, Overviews, Comprehensive Analysis, Trends, Statistical Surveys, Market Intelligence, Historical Data and Forecasts 2022-2028” report to https://www.fnfresearch.com/travel-insurance-market
Regional analysis:
The global travel insurance market is divided into geographical regions of North America, Latin America, Europe, Asia Pacific, Middle East and Africa. North America will top the global travel insurance market in 2021, driven by an increasing trend of passengers purchasing annual travel insurance packages to avoid hassles on each trip. ,market. Domestic travel insurance plans offer extensive coverage for international travelers. Domestic travel insurance plans make it easier for you to travel to various cities and locations in the United States.
Spending on travel insurance is increasing, driving the growth of the domestic market with policies that provide full coverage in unforeseen scenarios. The number of business visits is increasing as the country’s market participants expand. Multiple travel insurance acts as a complete one-time solution, removing the hassle of purchasing a new plan for each trip. These policies offer easy renewal, financial assistance, and paperwork clearance.
Reporting scope:
| report attribute | detail |
| Market size in 2021 | US$13,193.4 million |
| Market size forecast in 2028 | US$49,132.95 million |
| CAGR growth rate | 24.50% CAGR |
| base year | 2021 |
| Forecast year | 2022-2028 |
| major market players | ALLIANZ, AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., AMERICAN INTERNATIONAL GROUP INC., AssicurazioniGenerali SPA, Trip Mate Inc., Travel Insured International, Travel Safe Insurance, USI INSURANCE SERVICES LLC. |
| key segment | By coverage type, distribution channel, end user, and region |
| Main target area | North America, Europe, Asia Pacific, Latin America, Middle East, Africa |
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The global travel insurance market is segmented as follows:
By coverage type
- One way travel insurance
- Annual multi-trip travel insurance
By distribution channel
- insurance broker
- Insurance company
- Bank
- insurance broker
- insurance aggregator
By end user
- senior citizen
- educational traveler
- business traveler
- family traveler
- others
By region
- North America
- Europe
- France
- England
- Spain
- Germany
- Italy
- rest of europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Other Southeast Asia
- Middle East and Africa
- GCC
- South Africa
- Rest of the Middle East and Africa
- latin america
- Brazil
- Argentina
- Rest of Latin America
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