[ad_1]
NEW YORK, USA, October 13, 2022 (GLOBE NEWSWIRE) — Global travel insurance market size It is expected to grow from US$13.3 billion in 2021 to US$99 billion by 2030, at a CAGR of 25% during the forecast period. According to the latest research report by Spherical Insights & Consulting. Asia Pacific is expected to grow the fastest during the forecast period.
Get a sample PDF brochure: https://www.sphericinsights.com/request-sample/1193
The travel industry is growing rapidly due to the surge in budget and luxury accommodation over the last few years. In addition, as more people travel for leisure purposes, the need for travel insurance is growing rapidly. According to the World Health Organization (WHO), approximately 1.5 billion people travel annually, and this number is expected to increase in the coming years. Travel insurance helps travelers prepare for unprecedented events that can adversely affect their travels. Additionally, the need for travel insurance has skyrocketed following the outbreak of the COVID-19 pandemic. Started covering Covid-19 testing and quarantine costs. Moreover, increasing tourism demand is expected to drive the growth of the market. In addition, stringent government policies on travel are expected to further accelerate the growth of the travel insurance market. However, very few insurances cover travel. This is expected to limit the growth of the market during the forecast period. There are new technological advancements that facilitate people’s travel experience and are expected to provide growth opportunities for the market during the forecast period. Deaths from the Covid-19 pandemic have also posed challenges for market growth during the forecast period as several insurers were not prepared to cover deaths under their insurance policies. People in developing countries are still reluctant to spend money on insurance facilities that hinder market growth.
Browse key industry insights across the board 190 pages When 137 market data tables When numbers & chart From the reportGlobal travel insurance market size, Share, and COVID-19 Impact Analysis, By Coverage Type (Annual Multi-Trip Travel Insurance and Single-Trip Travel Insurance), By Distribution Channel (Insurance Brokers, Insurers, Banks, Insurance Aggregators, and Insurance Intermediaries), and Users by End (Family Travelers, Education Travelers, Business Travelers, Seniors, Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, Africa), along with Analysis and Forecasts 2021 – 2030 with table of contents
Buy Now Full Report: https://www.sphericinsights.com/checkout/1193
This research report categorizes the Travel Insurance market based on various segments and geographies and projects revenue growth and analytical trends in each sub-market. This report analyzes key growth drivers, opportunities, and challenges impacting the travel insurance market. Recent market developments and competitive strategies such as expansions, product launches and developments, partnerships, mergers, and acquisitions have been included to portray the competitive landscape of the market. This report strategically identifies and profiles key market players and analyzes their core competencies in each sub-segment of the travel insurance market.
Based on the type of coverage, the global travel insurance market is segmented into annual multi-trip travel insurance and single-trip travel insurance. The annual multi-trip travel insurance segment will account for the largest revenue in the market as travel restrictions eased after the outbreak of the Covid-19 pandemic.In addition, there is rapid growth in the travel and tourism sector driving growth in the segment. In addition to this, the multi-trip travel insurance segment provides travelers with adequate insurance to ensure that their annual vacation goes smoothly without disability or health-related issues.
Based on region, the global travel insurance market is segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa. Europe is expected to be the largest market. This is mainly due to the growing demand for travel and tourism in the European region. In addition, the region’s rapid economic growth, coupled with the increasing benefits travel insurance companies offer to frequent travelers, is expected to drive the growth of the market in the region. Mandatory rules and regulations by European governments require a consumer to subscribe to a travel insurance service as a compulsory service before obtaining her VISA. In addition, the increase in tourism and travel industry has caused several incidents for consumers such as trip cancellations, medical emergencies, loss of luggage and important documents, increasing the need for travel insurance in the region. sexuality is increasing.
Please contact us before purchasing this research report: https://www.sphericalinsights.com/inquiry-before-buying/1193
The Asia-Pacific market is expected to grow at the fastest CAGR during 2021-2030. This is due to an increasing number of organizations facilitating business travel for their employees with travel insurance facilities. In addition, several countries in the Asia-Pacific region such as India, Pakistan, Bangladesh, and China are experiencing rapid growth in the travel and tourism sector, driving market growth in the region. Moreover, growing awareness of the benefits of travel insurance among consumers in the region is expected to drive the market growth during the forecast period.
Major companies and recent developments: The report also provides an in-depth analysis focused on the company’s current news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and more. This allows for an assessment of the overall competition within the market. Companies covered: 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. (USA), Sompo Holdings, Inc., American Express, Travelex Insurance Services Inc., Allianz Partners, etc.
For more information on our target market, please contact us below.
phone: +1 303 800 4326 (US)
phone: +91 90289 24100 (Asia Pacific)
Email: Inquiry@sphericalinsights.com, sales@sphericalinsights.com
inquiry: https://www.sphericalinsights.com/contact-us
follow us: LinkedIn | | Facebook | | twitter
[ad_2]
Source link
