Low penetration of insurance policies limit growth in the travel insurance industry. On the other hand, new technological developments create new opportunities in the global industry.
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Travel insurance market offers a wide range of benefits for events including evacuation due to medical condition or hijack, trip cancellation due to medical emergency, loss of baggage, and loss of travel documents. Travelers are inclined toward availing travel insurance as it helps them in recovering from unexpected events occurring during travel.
Various types of coverage available for travel insurance buyers are travel delay, personal liability, tour operator default, legal expenses, accidental death, emergency reunion, and others.
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Rise in tourism, rise in globalization, and travel rules & regulations drive growth in the global travel insurance market.
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Based on insurance cover, the market is further segmented into annual multi-trip travel insurance, single trip travel insurance, and long stay travel insurance. Distribution channels are classified into insurance intermediaries, banks, insurance company, insurance aggregator, insurance brokers, and others.
Users who opt for travel insurance policies include backpackers, education traveler, senior citizens, fully independent traveler, business traveler, and family travelers. The market is divided across geographical regions, including North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
Market players operating in the global travel insurance market include CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, InsureandGo, and others. They have adopted various strategies such as expansion, collaborations, agreements, mergers & acquisitions, partnerships, joint ventures, and others to strengthen their position in the industry and gain competitive advantage.
Key Benefits of the Report:
- The study offers an extensive analysis of the global travel insurance market in addition to current trends and projections for the future to identify investment pockets.
- The study offers a quantitative analysis to assist investors and stakeholders determine new opportunities.
- Competitive scenario helps in determining the business strategies adopted by leading market players in different regions.
- Geographical regions are discussed to gain understanding of market scenario and determine strategies for expansion.
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