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Travel Insurance Market to Witness Huge Growth by 2027 | Allianz Group, American International Group, Inc., Assicurazioni Generali S.P.A

iCrowdNewswire   Dec 2, 2020  12:00 AM ET

Travel Insurance Market By Insurance Cover (SingleTrip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 , Covid 19 Outbreak Impact research report added by Report Ocean, predicts the industry’s performance for the upcoming years to help stakeholders in making the right decisions that can potentially garner strong returns. Further, the document provides comprehensive analysis of the key industry trends as well as the opportunities that will ensure an upward growth trajectory in the coming years. It also focuses on developing strategies for challenges faced by the industry. Moreover, an exhaustive discussion of the latest updates including the impact of COVID-19 pandemic is furnished in the study. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region

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Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance providers offer different plans by covering costs and losses associated with traveling.

Further, several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers providing consumers with various options to compare products and prices, suggest suitable policies, and others. Moreover, international travel insurance is mandatory for tourists who visit countries such as Thailand, Cuba, Antarctica, Schengen countries, the U.S., and UAE.

Increased usage of smartphones and internet for online travel insurance purchases via direct airline sites, online travel agencies (OTAs), and company websites & applications are gaining momentum space and are contributing to the growth of the online travel insurance market. In addition, rise in tourism due to an increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others also drive the market growth.

With an increase in tourism, several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. However, lack of awareness toward travel insurance policies, low consumer experiences in terms of coverages, premium rates, services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premium in the market.

On the contrary, technological developments such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS) among others are providing innovative opportunities for insurers in the market. The insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

The global travel insurance market is segmented on the basis of insurance cover, distribution channel, end user, and region. In terms of insurance cover, it is segmented into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Based on distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the global travel insurance market analysis are Allianz Group, American International Group, Inc., Assicurazioni Generali S.P.A, AXA, Insure & Go Insurance Services Limited, Seven Corners Inc., Travel Insured International, TravelSafe Insurance., USI Insurance Services, Zurich Insurance Co. Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits for Stakeholders:

– The study provides an in-depth analysis of the global travel insurance market along with the current & future trends to elucidate the imminent investment pockets.

– Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.

– Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.

– The quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments:

By Insurance Cover

– Single-Trip Travel Insurance

– Annual Multi-Trip Travel Insurance

– Long-Stay Travel Insurance

By Distribution Channel

– Insurance Intermediaries

– Insurance Companies

– Banks

– Insurance Brokers

– Insurance Aggregators

By End User

– Senior Citizens

– Education Travelers

– Business Travelers

– Family Travelers

– Others

Key Market Players

– Allianz Group

– American International Group, Inc.

– Assicurazioni Generali S.P.A

– AXA

– Insure & Go Insurance Services Limited

– Seven Corners Inc.

– Travel Insured International

– TravelSafe Insurance.

– USI Insurance Services

– Zurich Insurance Co. Limited

A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx

 Key highlights from COVID-19 impact analysis:

  • Predictions regarding long-term effects of COVID-19 pandemic on the growth trend.
  • Socio-economic implications of the coronavirus outbreak on the Market.
  • Peaks and valleys in demand during the Covid-19 lockdown period.
  • Supply chain challenges.
  • Projected long-term outlook of the pandemic on industry development.

For more information or any query mail at [email protected]

An overview of the regional landscape:

The key regions covered in the report are North America, Europe, China, Japan and South Korea, It also covers key regions (countries), viz, the U,S,, Canada, Germany, France, U,K,, Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, U,A,E, etc,.

Regional contribution to the overall market growth is measured in the study.

Revenue generated, sales garnered, and growth rate attained by each region during forecast period are cited.

The market growth is analyzed by studying multiple determinants such as:

  • Market Drivers
  • Market Trends
  • Market Challenges
  • Market Opportunities
  • Market Restraints, and
  • Market Competition

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Key Questions Answered in The Report:

  • What will the Market growth rate?
  • What are the key factors driving the global Market?
  • Who are the key manufacturers in Market space?
  • What are the market opportunities and overview of the Market?
  • What are sales, revenue, and price analysis of top manufacturers of Market?
  • What are the Market opportunities and threats faced by the vendors in the global Market?
  • What are sales, revenue, and price analysis by types and applications of Market?

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Key Points Covered in Travel Insurance Market Report:

CHAPTER 1:INTRODUCTION

1.1.Report description

1.2.Key benefits for stakeholders

1.3.Key market segments

1.4.Research methodology

1.4.1.Secondary research

1.4.2.Primary research

1.4.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors

2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope

3.2.Key Forces Shaping Travel Insurance Market

3.2.1.Low bargaining power of suppliers

3.2.2.High bargaining power of buyer

3.2.3.Moderate threat of substitutes

3.2.4.Moderate threat of new entrants

3.2.5.High competitive rivalry

3.3.Value Chain Analysis

3.3.1.Product design

3.3.2.Pricing & underwriting

3.3.3.Distribution

3.3.4.Administration & claims management

3.4.Market dynamics

3.4.1.Drivers

3.4.1.1.Rapid growth in tourism

3.4.1.2.Convenient shopping due to online comparison sites.

3.4.1.3.Travel rule and regulations

3.4.2.Restraint

3.4.2.1.Lack of awareness towards travel insurance policy

3.4.3.Opportunities

3.4.3.1.Expansion of products and services

3.4.3.2.New technological developments in the travel insurance industry

CHAPTER 4:TRAVEL INSURANCE MARKET, BY INSURANCE COVER

4.1.Overview

4.2.Single trip travel insurance

4.2.1.Key market trends, growth factors, and opportunities

4.2.2.Market size and forecast, by region

4.2.3.Market analysis, by country

4.3.Annual multi-trip travel insurance

4.3.1.Key market trends, growth factors, and opportunities

4.3.2.Market size and forecast, by region

4.3.3.Market analysis by country

4.4.Long-stay travel insurance

4.4.1.Key market trends, growth factors, and opportunities

4.4.2.Market size and forecast, by region

4.4.3.Market analysis, by country

CHAPTER 5:TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1.Overview

5.2.Insurance intermediaries

5.2.1.Key market trends, growth factors, and opportunities

5.2.2.Market size and forecast, by region

5.2.3.Market analysis, by country

5.3.Insurance Companies

5.3.1.Key market trends, growth factors and opportunities

5.3.2.Market size and forecast, by region

5.3.3.Market analysis, by country

5.4.Banks

5.4.1.Key market trends, growth factors and opportunities

5.4.2.Market size and forecast, by region

5.4.3.Market analysis, by country

5.5.Insurance Brokers

5.5.1.Key market trends, growth factors and opportunities

5.5.2.Market size and forecast, by region

5.5.3.Market analysis, by country

5.6.Insurance Aggregators

5.6.1.Key market trends, growth factors and opportunities

5.6.2.Market size and forecast, by region

5.6.3.Market analysis, by country

CHAPTER 6:TRAVEL INSURANCE MARKET, BY END USER

6.1.Overview

6.2.Senior citizens

6.2.1.Key market trends, growth factors and opportunities

6.2.2.Market size and forecast, by region

6.2.3.Market analysis, by country

6.3.Education travelers

6.3.1.Key market trends, growth factors and opportunities

6.3.2.Market size and forecast, by region

6.3.3.Market analysis, by country

6.4.Business travelers

6.4.1.Key market trends, growth factors, and opportunities

6.4.2.Market size and forecast, by region

6.4.3.Market analysis, by country

6.5.Family travelers

6.5.1.Key market trends, growth factors and opportunities

6.5.2.Market size and forecast, by region

6.5.3.Market analysis, by country

6.6.Others

6.6.1.Key market trends, growth factors and opportunities

6.6.2.Market size and forecast, by region

6.6.3.Market analysis, by country

CHAPTER 7:TRAVEL INSURANCE MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

7.2.North America

7.2.1.Key market trends, growth factors, and opportunities

7.2.2.Market size and forecast, by insurance cover

7.2.3.Market size and forecast, by distribution channel

7.2.4.Market size and forecast, by end user

7.2.5.Market analysis, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by insurance cover

7.2.5.1.2.Market size and forecast, by distribution channel

7.2.5.1.3.Market size and forecast, by end user

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by insurance cover

7.2.5.2.2.Market size and forecast, by distribution channel

7.2.5.2.3.Market size and forecast, by end user

7.2.5.3.Mexico

7.2.5.3.1.Market size and forecast, by insurance cover

7.2.5.3.2.Market size and forecast, by distribution channel

7.2.5.3.3.Market size and forecast, by end user

7.3.Europe

7.3.1.Key market trends, growth factors and opportunities

7.3.2.Market size and forecast, by insurance cover

7.3.3.Market size and forecast, by distribution channel

7.3.4.Market size and forecast, by end user

7.3.5.Market analysis, by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by insurance cover

7.3.5.1.2.Market size and forecast, by distribution channel

7.3.5.1.3.Market size and forecast, by end user

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by insurance cover

7.3.5.2.2.Market size and forecast, by distribution channel

7.3.5.2.3.Market size and forecast, by end user

7.3.5.3.France

7.3.5.3.1.Market size and forecast, by insurance cover

7.3.5.3.2.Market size and forecast, by distribution channel

7.3.5.3.3.Market size and forecast, by end user

7.3.5.4.Italy

7.3.5.4.1.Market size and forecast, by insurance cover

7.3.5.4.2.Market size and forecast, by distribution channel

7.3.5.4.3.Market size and forecast, by end user

7.3.5.5.Spain

7.3.5.5.1.Market size and forecast, by insurance cover

7.3.5.5.2.Market size and forecast, by distribution channel

7.3.5.5.3.Market size and forecast, by end user

7.3.5.6.Netherlands

7.3.5.6.1.Market size and forecast, by insurance cover

7.3.5.6.2.Market size and forecast, by distribution channel

7.3.5.6.3.Market size and forecast, by end user

7.3.5.7.Rest of Europe

7.3.5.7.1.Market size and forecast, by insurance cover

7.3.5.7.2.Market size and forecast, by distribution channel

7.3.5.7.3.Market size and forecast, by end user

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors and opportunities

7.4.2.Market size and forecast, by insurance cover

7.4.3.Market size and forecast, by distribution channel

7.4.4.Market size and forecast, by end user

7.4.5.Market analysis, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by insurance cover

7.4.5.1.2.Market size and forecast, by distribution channel

7.4.5.1.3.Market size and forecast, by end user

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by insurance cover

7.4.5.2.2.Market size and forecast, by distribution channel

7.4.5.2.3.Market size and forecast, by end user

7.4.5.3.India

7.4.5.3.1.Market size and forecast, by insurance cover

7.4.5.3.2.Market size and forecast, by distribution channel

7.4.5.3.3.Market size and forecast, by end user

7.4.5.4.Australia

7.4.5.4.1.Market size and forecast, by insurance cover

7.4.5.4.2.Market size and forecast, by distribution channel

7.4.5.4.3.Market size and forecast, by end user

7.4.5.5.Rest of Asia-Pacific

7.4.5.5.1.Market size and forecast, by insurance cover

7.4.5.5.2.Market size and forecast, by distribution channel

7.4.5.5.3.Market size and forecast, by end user

7.5.LAMEA

7.5.1.Key market trends, growth factors and opportunities

7.5.2.Market size and forecast, by insurance cover

7.5.3.Market size and forecast, by distribution channel

7.5.4.Market size and forecast, by end user

7.5.5.Market analysis, by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by insurance cover

7.5.5.1.2.Market size and forecast, by distribution channel

7.5.5.1.3.Market size and forecast, by end user

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by insurance cover

7.5.5.2.2.Market size and forecast, by distribution channel

7.5.5.2.3.Market size and forecast, by end user

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by insurance cover

7.5.5.3.2.Market size and forecast, by distribution channel

7.5.5.3.3.Market size and forecast, by end user

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Introduction

8.1.1.Market player positioning, 2019

8.1.2.Top winning strategies

CHAPTER 9:COMPANY PROFILES

9.1.Allianz Group

9.1.1.Company overview

9.1.2.Company snapshot

9.1.3.Operating business segments

9.1.4.Product portfolio

9.1.5.Business performance

9.1.6.Key strategic moves and developments

9.2.AMERICAN INTERNATIONAL GROUP, INC.

9.2.1.Company overview

9.2.2.Company snapshot

9.2.3.Operating business segments

9.2.4.Product portfolio

9.2.5.Business performance

9.2.6.Key strategic moves and developments

9.3.AXA

9.3.1.Company overview

9.3.2.Company snapshot

9.3.3.Operating business segments

9.3.4.Product portfolio

9.3.5.Business performance

9.3.6.Key strategic moves and developments

9.4.ASSICURAZIONI GENERALI S.P.A.

9.4.1.Company overview

9.4.2.Company snapshot

9.4.3.Product portfolio

9.4.4.Business performance

9.4.5.Key strategic moves and developments

9.5.Insure & Go Insurance Services Limited

9.5.1.Company overview

9.5.2.Company snapshot

9.5.3.Product portfolio

9.6.Seven Corners Inc..

9.6.1.Company overview

9.6.2.Company snapshot

9.6.3.Product portfolio

9.6.4.Key strategic moves and developments

9.7.Travel Insured International

9.7.1.Company overview

9.7.2.Company snapshot

9.7.3.Product portfolio

9.7.4.Key strategic moves and developments

9.8.TravelSafe Insurance

9.8.1.Company overview

9.8.2.Company snapshot

9.8.3.Product portfolio

9.9.USI Insurance Services

9.9.1.Company overview

9.9.2.Company snapshot

9.9.3.Product portfolio

9.10.Zurich Insurance Co. Limited

9.10.1.Company overview

9.10.2.Company snapshot

9.10.3.Operating business segments

9.10.4.Product portfolio

9.10.5.Business performance

9.10.6.Key strategic moves and developments

……..and view more in complete table of Contents

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