Travel insurance is an insurance type that covers various loses that might be incurred during travel, such as medical expenses, lost luggage, trip cancellation, and accident, among others. Growth in tourism and rising globalization are the major factors that are expected to drive the growth of the travel insurance market. Countries such as Australia, Japan, and the US are witnessing increasing demand for travel insurance due to a high number of travelers in the region.
Growing volumes of travelers, growing awareness about travel insurance are the major factors that are expected to drive the growth of the travel insurance market. The market for travel insurance in the Asia-Pacific region is expected to grow at a significant rate owing to the growing tourism in the regions such as Thailand, India, and Singapore. The travel insurance market is highly fragmented with the presence of some of the major international players as well as regional player operating in the market.
Leading Companies Operating in this report are
Allianz Global Assistance(AGA Service Company) - AXA SA - CSA travel Protection - Insure & Go Insurance Services Limited. - Seven Corners Inc. - Tata AIG General Insurance Company Limited - travel Insured International - travelSafe Insurance - Trip Mate, Inc. - USI Affinity
The global travel insurance market is segmented on the basis of distribution channel, cover type, and end-user. Based on distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. On the basis of cover type the market is segmented as single trip, annual multi-trip, and long stay. On the basis of end-user the market is segmented as senior citizens, educational travelers, backpackers, business travelers, fully independent travelers, and others.
The "Global Travel Insurance Market Analysis to 2027" is a specialized and in-depth study of the travel insurance industry with a special focus on the global market trend analysis. The report aims to provide an overview of travel insurance market with detailed market segmentation by distribution channel, cover type, end-user, and geography. The global travel insurance market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading travel insurance market players and offers key trends and opportunities in the travel insurance market.
It provides overview and forecast of the global travel insurance market based on various segments. It also provides market size and forecast estimates from year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The travel insurance market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting travel insurance market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the travel insurance market in these regions.
Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from travel insurance market are anticipated to lucrative growth opportunities in the future with the rising demand for travel insurance in the global market.
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