Dublin, April 10, 2023 (GLOBE NEWSWIRE) — The report “Travel Insurance Market – Global Industry Size, Share, Trends, Opportunities and Forecasts, 2018-2028F Segmented by Type of Coverage, by Provider, by User final by region, competition” has been added to from ResearchAndMarkets.com offer.
The global travel insurance market is expected to witness robust growth over the forecast period owing to easy access to online travel bookings and increase in business travel, packages with various offers of reduction, etc.
Travel insurance aims to protect against potential risks and financial loss. The costs of lost or stolen property, urgent medical attention, accidental death, and trip cancellations and interruptions are usually covered by travel insurance. From the moment of departure until the return of the insured, it is in force.
These days, several companies offer travel insurance with 24/7 emergency services such as replacement of lost passports, assistance with money transfers and booking of rescheduled flights. In addition, they offer the possibility of customization according to the needs of the policyholders and their specific geographical area.
The travel insurance market has suffered from the coronavirus pandemic. The US Travel Insurance Association (UStiA) reported that customers spent approximately $1.72 billion on various travel insurance products between 2018 and 2020, a decrease from the previous peak of $4 billion in the study. 2016 to 2018.
Consequently, the pandemic had a significant impact on the global travel and transport industry in 2020, causing major travel disruptions. On the other hand, the post-pandemic period has seen an increase in the demand for travel protection and medical insurance, which has led to the expansion of the travel insurance industry.
According to the most recent UNWTO World Tourism Barometer, compared to the same period in 2021, international tourist arrivals almost tripled from January to July 2022 (+172%). This indicates that the industry is almost back to pre-pandemic levels.
Personalized offers promoting market growth
Various travel insurance providers offer travel insurance plans and packages that the buyer can customize. They can adjust their coverage limit by the same. For example, American Express offers a customizable travel insurance package.
Amex allows individuals to “build your own” or “buy a set” when purchasing fonts on its website. The company offers various options when someone enters travel information on its website. Amex allows customers to choose the level of insurance against loss, damage or theft of their baggage, based on the price a person is willing to pay.
The degree of Emergency Medical Evacuation coverage can also be changed from $25,000 to $100,000. The amount of medical coverage can also be adjusted.
Rising trend of “work” as well as “slow tourism” to boost market growth
In addition, new spending habits have been observed over the past two years. Concepts such as “slow tourism”, which consists of making a longer trip rather than splitting it into several short stays, or “workcation”, a new method of working while traveling made possible by the advent of working distance, have been observed.
These recent trends have several advantages, such as a decrease in mass consumption, an increase in travel to new places, and the development of environmentally friendly tourism that takes the environment and the environment into account. , etc. These factors are expected to further enhance the growth of the travel insurance market. globally during the forecast period.
Ease of Availability Fuels Market Growth
Growing internet penetration and increased use of smartphones have led to a significant increase in online shopping. The expansion of the online insurance market is fueled by online portals such as airline direct websites, online travel agents and corporate websites and apps, which allow consumers to get to know the market.
Additionally, since these websites only offer a few options from a single provider, they offer customers the easiest approach to researching and purchasing top-tier travel insurance policies. Hence, the growing presence of travel insurance providers on online platforms is expected to support the growth of the market.
Detailed analysis of the major companies present in the global travel insurance market.
- Allianz SE
- American Express Company
- AXA S.A.
- Assicurazioni Generali SpA
- Insure & Go Insurance Services Limited
- Seven corners inc.
- Zurich Insurance Company Ltd
- Crum & Forster Holdings Corp.
- USI Insurance Services, LLC
- American International Group, Inc.
Market trends and developments
- Tourism on the rise
- Government initiatives
- Increase marketing campaigns and strategies
- Increased presence on online portals
- Ease of availability
Travel insurance market, by type of coverage:
- Single trip travel insurance
- Annual multi-trip travel insurance
- Long stay travel insurance
Travel insurance market, by provider:
- Insurance companies
- Insurance intermediaries
Travel insurance market, by end user:
- Education Travelers
- business travelers
- Family travelers
Travel Insurance Market, By Region:
- North America
- UNITED STATES
- United Kingdom
- The Netherlands
- Asia Pacific
- South Korea
- Middle East and Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- South America
For more information about this report visit https://www.researchandmarkets.com/r/zdxwhf
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