iCrowd Newswire – Jul 20, 2020
The Global Travel Insurance Market is estimated to grow at a CAGR of 17.4% during the forecast period 2020-2027. As per the detailed market study, the global travel insurance industry was valued $19.2 billion in the year 2019 and is anticipated to reach $39.3 billion by the end of the year 2027.
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Travel insurance is designed to cover unforeseeable events that may take place during travelling, either domestically or internationally. The travel insurance package covers various risks such as public liability, lost luggage, flight delays, trip cancellation, emergency medical expenses and other expenses during travel. Moreover, the travel insurance sector is witnessing a boost due to government interventions by mandating the international travel insurance in countries such as UAE, the U.S., Schengen countries, Antarctica, Cuba and Thailand.
The global travel insurance market is driven by various growth factors such as increased penetration of smartphones and internet for online travel insurance purchases via company websites & applications, online travel agencies (OTAs) and direct airline sites. Additionally, extensive coverage of holidays, easy online travel bookings and increase in disposable income also drives the market growth over the forecast period. Whereas, low consumer experiences in terms of coverages, lack of awareness related to travel insurance policies, premium rates of travel insurance and third-party service providers of travel insurance are some factors hindering the market growth over the forecast period. On the contrary, technological developments such as global positioning system (GPS), data analytics, artificial intelligence (AI), application program interface (API) and geo-location among others is a major opportunistic scope for the market players operating in the global travel insurance market.
Segmentation Overview of the Global Travel Insurance Market
The global travel insurance industry is segmented on the basis of insurance cover, distribution channel and end user. These major market segments are further categorised into:
On the basis of insurance cover, the global travel insurance market is sub-segmented into:
- Long-Stay Travel Insurance
- Annual Multi-Trip Travel Insurance
- Single-Trip Travel Insurance
On the basis of distribution channel, the global travel insurance market is sub-segmented into:
- Insurance Aggregators
- Insurance Brokers
- Insurance Companies
- Insurance Intermediaries
On the basis of end user, the global travel insurance market is sub-segmented into:
- Family Travelers
- Business Travelers
- Education Travelers
- Senior Citizens
Competitive Insights of the Global Travel Insurance Market
Zurich Insurance Co. Limited, USI Insurance Services, TravelSafe Insurance, Travel Insured International, Seven Corners Inc., Insure & Go Insurance Services Limited, AXA, Assicurazioni Generali S.P.A, American International Group, Inc. and Allianz Group are some major players included in the research study of the global travel insurance market.
Geographical Overview of the Global Travel Insurance Market
The Asia-Pacific travel insurance market dominated the global marketplace in terms of market revenue with more than 1/3rd of the share in the year 2019 and is anticipated to maintain the dominance over the forecast period. Moreover, the APAC travel insurance market is estimated to grow at the highest growth rate with a CAGR of ~11% during 2020-2027.
Impact of COVID-19 on the Global Travel Insurance Market
COVID-19 has majorly impacted the overall travel and tourism industry and witnessing a rapid decline in revenue. The overall travel and tourism industry is projected to recover by Q3 2020; owing to increasing awareness related to safe travel activities among individuals, restarting of tourism places and increasing importance of insurance coverage from the viewpoint of both the traveller and the host country.
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Keywords: Global Travel Insurance Market