Travel Insurance Market Overview:
Booming Post-Pandemic Tourism: Following the lifting of COVID-19-related lockdowns, there has been a surge in tourism demand, driving the growth of the travel insurance market.
Increased Disposable Income: Rising disposable income, coupled with easy online travel bookings and robust holiday coverage, is fueling the demand for travel insurance.
Technological Advancements: Technological innovations in the travel insurance sector, such as digital distribution channels and advanced coverage options, are contributing to market growth.
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Travel Insurance Market Scope:
The growth of the Travel Insurance Market is fueled by an aging population, increased health consciousness, and a growing interest in fitness and preventive healthcare. Additionally, the trend towards natural and organic supplements is driving market expansion.
Travel Insurance Market size was valued at USD 21.46 Bn. in 2022 and the total Travel Insurance revenue is expected to grow by 16 % from 2022 to 2029, reaching nearly USD 21 Bn.
Travel Insurance Market Regional Insights
The extensive regional analysis conducted by Travel Insurance market research accurately pinpoints market drivers and sheds light on shifts in regional regulations, influencing present and future market trends. By meticulously scrutinizing both established and emerging trends, the research endeavors to assess the yet-to-be-realized potential within the market and pinpoint lucrative trends to enhance market positioning. This evaluation, encompassing the present scenario and foreseeable advancements, lays the groundwork for comprehending the dynamics of geographical markets.
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Travel Insurance Market Segmentation :
Considering Insurance Coverage Based on insurance coverage, the market is split into three segments: long-stay travel insurance, yearly multi-trip travel insurance, and single-trip travel insurance. With a market share of 60.1%, the single-trip travel insurance segment led the market and is predicted to expand at the quickest rate of 16.0% CAGR over the projection period. Single-trip travel insurance is becoming more and more popular due to a variety of reasons, including lost luggage, expensive emergency dental care, fire insurance, personal liability coverage, trip interruption or cancellation, missing connections, and many more services. Furthermore, throughout the course of the forecast period, the annual multi-trip travel insurance segment is anticipated to rise at a CAGR of 15.3%. The rising demand from frequent travellers, business travellers, and other groups
The market is separated into insurance aggregators, banks, insurance brokers, insurance firms, and insurance intermediaries based on the distribution channels. With 34.8% of total revenue in 2021, the insurance firms segment led the market and is predicted to continue in that position for the duration of the projection. The expansion of this market sector may be ascribed to various variables, including raising the level of risk consolidation among multiple policyholders and basing premiums on the probability that a particular event will transpire and lead to a typical financial loss. Furthermore, throughout the course of the forecast period, the banks' segment is anticipated to have the highest CAGR of 18.0%. The market expansion in this segment is being driven by rising insurance sales and underwriting by banks in areas like Europe, Asia, and Australia.
Travel Insurance Market Key Players :
• American International Group, Inc.
• ASSICURAZIONI GENERALI S.P.A.
• USI Insurance Services, LLC
• battleface
• Insure & Go Insurance Services Limited
• Seven Corners Inc.
• Travel Insured International
• Zurich
• Delphi Financial Group, Inc.
• Ping An Insurance (Group) Company of China, Ltd.
• Allianz Group
• Munchener-Ruck-Gruppe
• Talanx Konzern
• R+V Konzern
• Generali Deutschland AG
• AXA Konzern AG
• Bayern
• Huk-Coburg
• Signal Iduna
• Travelex Insurance Services Inc.
• Berkshire Hathaway Travel Protection
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Key questions answered in the Travel Insurance Market are:
- What is Travel Insurance ?
- What was the Travel Insurance market size in 2023?
- What is the growth rate of the Travel Insurance Market?
- Which are the factors expected to drive the Travel Insurance market growth?
- What are the different segments of the Travel Insurance Market?
- What growth strategies are the players considering to increase their presence in Travel Insurance ?
- What are the upcoming industry applications and trends for the Travel Insurance Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Travel Insurance Market?
- Who are the leading companies and what are their portfolios in Travel Insurance Market?
- What segments are covered in the Travel Insurance Market?
- Who are the key players in the Travel Insurance market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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