Travel Insurance Market to be Dominated by North America through 2028
The
increasing availability of travel insurance packages on online platforms and
the growing number of business travelers are the leading factors driving the global
travel insurance market during the projected period.
According to TechSci
Research report, “Travel Insurance Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The travel insurance market has been
driven by key elements such as increasing tourism worldwide, rising number of business trips, growing online
purchases of travel plans, etc. Another factor, i.e., affordable travel insurance plans, is encouraging consumers to
avail such programs. Moreover, the demand for travel insurance is anticipated
to surge as the tourism industry develops due to other factors, including
extensive media coverage of various vacation types and improved holiday
packages.
Due to travel insurance's ability to
provide total compensation in unforeseen circumstances, spending on travel
insurance is rising, which promotes market expansion on the global level. As
the number of market participants is growing, more business travelers are
approaching. A single comprehensive solution, multiple trip insurance
eliminates the hassle of getting a new plan for each trip. These insurance
contracts offer easy renewal, financial assistance, and document clearance.
Additionally, many governments have made
it mandatory to submit travel insurance documentation when applying for a visa,
fueling market expansion. For instance, Argentina requires evidence of medical
travel insurance from tourists, etc. Hence, the governmental efforts that are
favorable will encourage company expansion. For example, the International
Air Transport Association (IATA) and United Nations World Tourism Organization
(UNWTO) created a dashboard on travel limitations and health-related travel
requirements. The goal of giving visitors up-to-date information and
insights is aiding in the tourism sector's rehabilitation.
Also, various companies are offering
affordable travel insurance plans, prompting individuals to avail of these
services. Moreover, online travel agency websites, company websites, and
applications are increasingly common places to purchase travel insurance. The
market for online travel insurance is growing as a result. For instance,
Allianz stated that despite the challenging situation in APAC, which is
primarily caused by international travel restrictions, the travel Insurance
business increased by 55.2%, with USD1.66 billion in revenues in 2021, compared
to 2020, driven by sales in North America and particularly in the United
States. This growth was achieved by the strong performance of e-commerce
channels such as airlines, OTA, and event ticketing.
Furthermore, various travel insurance
providers are partnering with other companies to expand their services. For
instance, in 2022, Allianz partnered with Vistara, an Indian airline company,
to offer optional travel insurance to its passengers. The optional travel
insurance coverage will offer coverage in several situations, including trip
disruptions and cancellations, lengthy delays, missing connections,
international medical crises, and baggage problems.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Travel Insurance Market"
The travel insurance market is segmented
on coverage type, provider, end user, and region. The provider segment is
divided into banks, insurance companies, insurance intermediaries, and others
(insurance aggregators, etc.)). The expansion of the market is expected to be
accelerated by many insurance companies present in the market. Various
insurance companies are offering customers customized travel insurance plans,
prompting consumers to purchase such plans. Thus, contributing to the overall
growth of this market.
Key market players in the travel insurance
market include:
- Allianz SE
- American Express Company
- American International Group, Inc.
- AXA SA
- Assicurazioni Generali S.p.A.
- Insure & Go Insurance Services
Limited
- Seven Corners Inc.
- Crum & Forster Holdings Corp.
- USI Insurance Services, LLC
- Zurich Insurance Company Ltd
Various companies provide travel
Insurance, such as Allianz SE, a leading German multinational financial
services company active globally. At the 2022 TravelAge West WAVE (Western
Advisors' Votes of Excellence) Awards, the travel insurance and assistance company
Allianz Partners won first place in both travel insurance categories, including
travel insurance company offering the best support for travel advisors and
travel insurance company offering the highest client satisfaction.
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"The current generation of
travelers is more cost-conscious and technologically savvy, being digital
natives accustomed to using digital tools. A smooth experience and flexibility
are what the new traveler seeks. Hence, to cater to the demand, companies in
this market are focusing on providing reasonable prices and a range of
discounts and offers in their travel insurance plans. Additionally, their
accessibility through internet channels is growing.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Travel Insurance Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028F Segmented By Coverage Type (Single Trip Travel Insurance,
Annual Multi-trip Travel Insurance, Long Stay Travel Insurance), By Provider (Banks, Insurance Companies, Insurance
Intermediaries, Others (Insurance Aggregators, etc.)), By End User (Education
Travelers, Business Travelers, Family Travelers, Others (Senior Citizens, etc.),
By Region, Competition”, has
evaluated the future growth potential of travel insurance and provides statistics and information on market structure, size, share,
and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with essential
drivers, challenges and opportunities present in travel insurance globally.
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