DUBLIN–(BUSINESS WIRE)–That “Travel Insurance Market by Coverage, Distribution Channel and End-User: Global Opportunity Analysis and Industry Forecast, 2022-2030” Report has been added ResearchAndMarkets.com Offer.
The global travel insurance market size was estimated at USD 17.58 billion in 2021 and is projected to reach USD 58.93 billion by 2030, growing at a CAGR of 14.6% from 2022 to 2030.
Until the outbreak of the Covid-19 pandemic, the global tourism industry was on the rise with increasing globalization, multinational events and concerts.
This trend was interrupted in 2020, but with the rollout of vaccines on a global scale, the industry is expected to gradually recover from early 2022. The rapid recovery in the travel industry, the increase in business travel and the availability of online travel booking facilities are some factors that are expected to drive demand in the travel insurance market throughout the forecast period.
Other factors such as baggage mishandling damage, loss or theft, flight cancellations due to various reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future.
On the other hand, the introduction of targeted and tailored insurance policies along with increasing spending on travel on a global scale is expected to create numerous opportunities for travel insurance market players in the near future.
Geographic Analysis:
North America is witnessing increasing adoption of travel insurance and is expected to continue to hold the largest market share during the forecast period. This is due to factors such as the growth of the tourism industry, the increase in trade practices, and the presence of global organizations in the US
The Asia-Pacific region is also expected to develop significantly due to increasing connectivity between countries in this region, growing population creating greater demand for international travel, and increasing cargo traffic leading to lost luggage.
Competitive landscape:
The highly competitive and fragmented travel insurance market is made up of different market participants.
Some of the key market players are
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Alliance Travel (Alliance)
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Zurich insurance group
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American Express company
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American International Group Inc.
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Berkshire Hathaway specialty insurance
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Seven Corners Inc.
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USI Insurance Services
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AXA travel insurance
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International travel insurance
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Genarali group
market dynamics
driver
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Introduction of value-added services
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Travel Rules and Regulations
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Increasing demand from business travelers
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Increase in popularity of travel insurance after a pandemic
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Easy access to insurance policies
limitations
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Death in travel due to Covid-19
occasions
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Technological developments in the travel insurance industry
KEY SEGMENTS:
Global Travel Insurance Market – by Coverage
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Single Trip Travel Insurance
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Annual travel insurance for multiple trips
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Travel insurance for longer stays
Global travel insurance market – by distribution channel
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insurance intermediary
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insurance companies
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banks
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insurance broker
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insurance aggregators
Global Travel Insurance Market – by End User
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senior citizens
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educational travelers
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business travelers
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family travellers
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Other
Global travel insurance market – by geography
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North America
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US
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Canada
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Mexico
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Europe
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United Kingdom
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Germany
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France
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Italy
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Spain
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Netherlands
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rest of Europe
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Asia Pacific
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China
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Japan
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India
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Australia
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Rest of Asia Pacific
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The line
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Latin America
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middle East
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Africa
For more information about this report, see https://www.researchandmarkets.com/r/qi5k66
