The travel insurance market share is expected to generate $XX.XX million by 2022, growing at a CAGR of XX.XX% during 2016‐2022. In 2015, Europe lead the travel insurance industry, followed by Asia-Pacific.
A series of unusual events of natural disasters and terrorist attacks in 2015, such as Ebola epidemic, Nepal earthquake, and the Paris attack has increased the usage of travel insurance policies. Moreover, factors, such as growth in tourism, rise in globalization, and trade practices have made this industry more attractive.
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Travel insurance provides an extensive range of benefits for events, such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents. However, it is considered as an unrequired expense by a large pool of travelers.
The global travel insurance market is segmented on the basis of insurance cover, distribution channels, users, and geography. Based on insurance cover, the market is classified into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance.
Insurance policies are sold through different distribution channels, such as insurance intermediaries, insurance company, banks, insurance brokers, insurance aggregator, and others. Users who opt for travel insurance policies are backpackers, senior citizens, education traveler, business traveler, fully independent traveler, and family travelers.
The market has further been analyzed across geographical regions namely North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Japan, Australia, U.S., and European countries, such as Italy, Greece, Germany, Portugal, and Finland among others are witnessing an increase in senior citizen (above age of 60) population along with an increase in the percentage of travelers within this population group. The prime factors behind this surge in Gen S travelers include low dependency ratio, rise in disposable income, more spare time, and rise in aspirations.
Visiting friends and relatives is also another factor that supplements the increase in number of travelers.
Senior citizens offer immense opportunity for travel insurance companies as they have been identified as the major buyers of the long-duration travel insurance policies. Leisure and medical treatment are main reasons of travel for senior citizens.
After working tirelessly for decades, the Gen S individuals seek to travel and explore exotic locations and cherish these experiences forever. Also, even as many senior citizens delay their overseas trips post-retirement, there is a growth in the trend of young professionals sending/calling their parents overseas.
During a longer stay abroad (more than a month), aged people are exposed to changed living conditions. As the local insurance is, in general, not available or very expensive, there is an emerging trend of children buying travel insurance cover for their parents.
Additionally, an increase in trend of online purchase of travel insurance is observed among senior citizens, as they purchase their tickets online.
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