Consumer & Luxury Goods Market Research News

Travel insurance market expected to reach US$ 33.47 billion by 2023 according to new research report

Consumer Market Research

Genesis Market Insights prepared a Published Industry Report Travel Insurance Market. Report consistently helps to increase the business costing for the global clients. The Travel Insurance Market Report is beneficial to execute marketing strategy and decision making. The Global based research report can produce better results and reduce the business weaknesses.

GLOBAL TRAVEL INSURANCE MARKET Make an Inquiry about this news was valued at USD 24.09 Billion in the year 2017. Global Travel Insurance Market is further estimated to grow at a CAGR of 5.64% from 2018 to reach USD 33.47 Billion by the year 2023.

AIG Travel Guard (U.S), AXA SA (France), Generali Global Assistance (U.S), USI Affinity (U.S), Travel Safe (U.S), Allianz Global Assistance (U.S) and Berkshire Hathaway (U.S.) are some of the key players in the Global Travel Insurance market. Better global reach at an operational level is the main reason the key players are holding substantial market share.

Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

North America region holds the highest market share in 2017 and Europe and Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing travel & tourism market. At a country level, U.S., U.K, Japan & Australia holds the notable market share and is projected to grow strongly in the coming.

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Drivers: 

            Growth in the tourism market

            Enhanced travel options and advance technological access

Restraints:

            Low penetration of insurance policies

Opportunities:

            Changing holiday purchasing patterns

            The rise of low-cost airlines

Challenges:

            The rise in travel to non-traditional destinations

            The popularity of the ‘staycation’ as a cheaper alternative

The segmentation is done on the basis of Type of insurance, by User, by Distribution Channel, and by Region. On the basis of types of insurance, the global Travel Insurance market is sub-segmented Annual multi-trip insurance policies, Single trip insurance policies and long stay insurance policies of which the Annual multi-trip insurance policies segment is expected to hold the highest market share during the forecast period due to rising popularity and high demand.

The segmentation done on the basis of users includes senior citizens, business travelers, education travelers, backpackers, family travelers, fully independent travelers of which the family travelers segment is expected to hold the highest market share during the forecast period. On the basis of a distribution channel, the market is segmented insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator and others of which insurance aggregator is expected to grow at the highest CAGR during the forecasted period due to increasing internet usage globally.

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Key Benefits for Stakeholders

Travel Insurance service providers

Travel agents and holiday package providers

Research and Consulting organization

Insurance Underwriting Agencies

End-use industries

Regulatory bodiespolicy actors, and consumers.

By Insurance

Annual multi-trip insurance policies

Single trip insurance policies

Long stay insurance policies

By Users

Senior citizens

Business Travelers

Education Travelers

Backpackers

Family travelers

Fully independent travelers

By Distribution Channel

Insurance Intermediaries

Insurance Company

Bank

Insurance Broker

Insurance Aggregator

Others

By Region

North America

Europe

Asia-Pacific

RoW

Key Market Players

AIG Travel

AXA SA

Allianz Global Assistance

Munich RE

Generali

CSA Travel Protection

USI Affinity

Seven Corners Inc.

American Express Company

Berkshire Hathaway Specialty Insurance

Travel safe

Read Report Overview with Full TOC at goo.gl/uUkQLF Make an Inquiry about this news

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