Travel Insurance Market By Insurance (Annual Multi-Trip Insurance Policies, Single Trip Insurance Policies, Long Stay Insurance Policies) By Users (Senior Citizens, Business Travelers, Education Travelers, Backpackers) By Distribution Channel (Insurance Intermediaries, Insurance Company, Bank).
GLOBAL TRAVEL INSURANCE MARKET 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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Growth in the tourism market
Enhanced travel options and advance technological access
Low penetration of insurance policies
Changing holiday purchasing patterns
The rise of low-cost airlines
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
Regulatory bodies, policy actors, and consumers.
Annual multi-trip insurance policies
Single trip insurance policies
Long stay insurance policies
Fully independent travelers
By Distribution Channel
Key Market Players
Allianz Global Assistance
CSA Travel Protection
Seven Corners Inc.
American Express Company
Berkshire Hathaway Specialty Insurance
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