Global Travel Insurance Market- Overview
It is estimated for the global travel insurance market to witness growth at a CAGR of 13.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 9.3% during the previous CAGR of 2018 to 2021. Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling.
Global Travel Insurance Market- Growth Factors
The market for travel insurance is witnessing growth at a decent rate owing to the increasing disposable income of the people around the globe. The market is also witnessing a boom owing to the decreasing rate of the aircrafts for travel and also owing to the easier visa facilities around the globe. Various countries offer on arrival visa and this factor is attracting a lot of tourism to those countries and this factor is estimated to boost the growth of the market during the forecast period. Apart from this, various countries are attracting tourists from all over the globe by indentifying various attractive schemes for the international tourists and this factor is also estimated to boost the growth of the market during the forecast period. However, some disturbing factors such as the war scenarios are estimated to hamper the growth of the market during the forecast period.
Global Travel Insurance Market- Market Trends
The market is witnessing a boom owing to the decreasing rate of the aircrafts for travel and also owing to the easier visa facilities around the globe.
Various countries offer on arrival visa and this factor is attracting a lot of tourism to those countries and this factor is estimated to boost the growth of the market during the forecast period.
Apart from this, various countries are attracting tourists from all over the globe by indentifying various attractive schemes for the international tourists and this factor is also estimated to boost the growth of the market during the forecast period.
Global Travel Insurance Market- Segmentation
The global travel insurance market is segmented based on insurance coverage type, distribution channel type and end users type.
Based on coverage type, the market is segmented into,
Single-trip Travel Insurance
Annual Multi-trip Travel Insurance
Long-stay Travel Insurance
Based on distribution channel, the market is segmented into,
Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators
Based on end users type, the market is segmented into,
Education Travelers
Business Travelers
Senior Citizens
Family Travelers
Others
Global Travel Insurance Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Travel Insurance Market Key Market players
Allianz; American International Group, Inc.; AXA; 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. are the major players that are driving the growth of the market during the forecast period.
