Travel Insurance Market was valued at $14021.5 million in 2014 and is likely to garner $32709.3 million by 2025, growing at a CAGR of 8.5% from 2018-2025.
Progressive Markets published a report, “Travel Insurance Market cover (annual multi-trip travel insurance, single trip travel insurance, and long stay travel insurance) users (backpackers, education traveler, senior citizens, fully independent traveler, business traveler, and family travelers) - Global Industry Opportunity 2017-2025,” which says that the global market was valued at $14021.5 million in 2014 and is likely to garner $32709.3 million by 2025, growing at a CAGR of 8.5% from 2018-2025.
Travel involves adventure and risk and therefore taking out travel insurance is important. It is necessary to have travel insurance in place, especially for a frequent traveler.
This way one can enjoy the trip as well as get within the security of insurance.Travel insurance basically reduces the risks that a traveler faces due to trip cancellations, evacuation due to a medical condition or hijack, medical emergencies, delays or loss of baggage, loss of cash, or loss of travel documents.
The demand for travel insurance is more among consumers as it helps them in recovering from these unexpected events occurring during travel. The various types of coverage available for travel insurance buyers include travel delay, personal liability, tour operator default, legal expenses, accidental death, emergency reunion, and others.
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Market Drivers and Restraints:
The report discusses the drivers and restraints impacting the global travel insurance market. Factors such as a rise in tourism, a rise in globalization, and an increasing travel rules & regulations drive the growth of the market.
Moreover, new technological developments make way for new opportunities for growth in the global industry. On the other hand, low penetration of insurance policies impedes the growth in the industry.
The travel insurance market research report offers a detailed analysis of the industry based on its segmentation. The market is segmented by insurance cover, distribution channels, users, and geography.
Based on insurance cover, the market is further bifurcated into annual multi-trip travel insurance, single trip travel insurance, and long stay travel insurance. Based on the distribution channels, the market is classified as insurance intermediaries, banks, insurance company, insurance aggregator, insurance brokers, and others.
Based on users, the travel insurance market is divided into backpackers, education traveler, senior citizens, fully independent traveler, business traveler, and family travelers. Geographically, the travel insurance market research report analyzes the market across the geographical regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market study for LAMEA covers Latin America, Middle East, and Africa.
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By Insurance Cover
- Annual Multi-Trip Travel Insurance
- Single Trip Travel Insurance
- Long Stay Travel Insurance
By Distribution Channels
- Insurance intermediaries
- Insurance Company
- Insurance Aggregator
- Insurance Brokers
- Education Traveler
- Senior Citizens
- Fully Independent Traveler
- Business Traveler
- Family Travelers
- North America
- Latin America
- Middle East
Key Market Players:
The top players operating in the global travel insurance market are included in the report. They have adopted various strategies such as expansion, collaborations, agreements, mergers & acquisitions, partnerships, joint ventures, and others to gain a strong foothold in the industry and gain competitive advantage.
The emerging players include USI Affinity, Seven Corners Inc., Generali Group, MH Ross, Allianz Global Assistance, Travel Safe, AXA SA, AIG Travel, InsureandGo, Travel Insured International, and others.
Key Benefits of the Report:
The travel insurance market report covers an extensive analysis of the market on a global level. It encompasses the travel insurance market size, travel insurance market share analysis, market dynamics, travel insurance industry statistics, Porter’s Five Forces Analysis (PFFA), industry segmentation, company profiles, market scope and definitions, and market forecast.
The market size explains where the market is and where it is going. The study provides an analysis of the historic market size from 2014 to 2016 along with a market forecast from 2018 to 2025 for every segment and region.
The market share analysis helps determine how the players are performing as compared to their competitors. The travel insurance industry statistics, charts, and more add credibility to the travel insurance market data in the report.
The drivers and restraints of the industry along with the impact they have on the market help identify the potential areas of growth. To understand the competitive landscape of the travel insurance industry, the report provides an analysis of the Porter’s Five Forces model.
It comprises the bargaining power of buyers, bargaining power of suppliers, the threat of substitutes, the threat of new entrants, and industry rivalry. The key players participating in the market along with their details such as recent developments, marketing strategies, profiles, and more help determine the growth opportunities in the travel insurance industry.
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