DUBLIN, April 28, 2023 /PRNewswire/ — The Travel Insurance Global Market Report 2023 has been added to from ResearchAndMarkets.com offer.
This report provides strategists, marketers, and senior management with the essential information they need to assess the market.
The global travel insurance market has grown from $19.14 billion in 2022 to $22.44 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The travel insurance market is expected to reach $40.58 billion in 2027 at a CAGR of 16.0%.
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The major players in the travel insurance market are Allianz SE, American Express Company, American International Group Inc., Assicurazioni Generali SPA, Atlas Travel Insurance, Aviva plc, Axa SA, Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited , Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc., Saga PLC., Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc., Zurich Insurance and Arch Capital Group Ltd.
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Travel insurance is a type of insurance that covers different risks while traveling. It covers medical expenses, flight cancellations, lost luggage and other losses that a traveler may suffer while traveling.
The main types of travel insurance are domestic and international. International travel insurance provides coverage for people traveling abroad. The different insurance coverages in travel insurance are one-way travel insurance, annual multi-trip travel insurance, and long-stay travel insurance which are used by various end users including the elderly, business travellers, family travelers, study travelers and other end users.
Travel insurance coverage includes medical expenses, trip cancellation, trip delay, property damage and others which are distributed through various channels including insurance intermediaries, insurance companies, banks, insurance brokers and other distribution channels.
The Travel Insurance Market research report is part of a series of new reports that provide statistics on the Travel Insurance market, including global Travel Insurance market size, regional shares , Competitors Holding Travel Insurance Market Share, Detailed Travel Insurance Market Segments, Market Trends and Opportunities. , and any other data you may need to thrive in the travel insurance business. This Travel Insurance Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The integration of advanced technologies has become the key trend gaining popularity in the travel insurance platform. Major companies operating in the travel insurance industry are focusing on new technologies to strengthen their position in the market. For example, in February 2022, Policybazaar, an India-based online insurance marketplace, launched the WhatsApp chatbot that enables AI to automate the claims settlement process for its customers.
Asia-Pacific was the largest region in the travel insurance market in 2022. Regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, East, North America, South America, Middle East and Africa.
The countries covered in the Travel Insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea , the United Kingdom and the United States.
The boom in tourism is contributing to the growth of the travel insurance market. Travel insurance helps the tourism industry by providing financial assistance through certain packages that help travelers with medical emergencies, lost passports, flight cancellations, and misplaced or lost luggage.
For example, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, an increase of 4% in 2021 compared to the previous year. Hence, the boom in tourism is driving the growth of the travel insurance market.
Main topics covered:
2. Characteristics of the travel insurance market
3. Travel Insurance Market Trends and Strategies
4. Travel Insurance Market – Macroeconomic Scenario
4.1 Impact of COVID-19 on the Travel Insurance Market
4.2 Ukraine-Russia War Impact on Travel Insurance Market
4.3 Impact of high inflation on the travel insurance market
5. Travel Insurance Market Size and Growth
5.1. Global historic travel insurance market, 2017-2022, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Travel Insurance Forecast Market, 2022-2027F, 2032F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Travel Insurance Market Segmentation
6.1. Global Travel Insurance Market, Segmentation by Type, History and Forecast, 2017-2022, 2022-2027F, 2032F, Billion USD
6.2. Global Travel Insurance Market, Segmentation by Insurance Coverage, Historical & Forecast, 2017-2022, 2022-2027F, 2032F, USD Billion
- One-way travel insurance
- Annual multi-trip travel insurance
- Long stay travel insurance
6.3. Global travel insurance market, segmentation by coverage, history and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars
- Medical fees
- Trip cancellation
- Travel delay
- Property damage
- Other covers
6.4. Global travel insurance market, segmentation by end-user, historical and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars
- The elderly
- business travelers
- Family travelers
- Education Travelers
- Other end users
6.5. Global travel insurance market, segmentation by distribution channel, history and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars
- Insurance intermediaries
- Insurance companies
- Insurance brokers
- Other distribution channels
7. Regional and Country Analysis of the Travel Insurance Market
7.1. Global Travel Insurance Market, Split by Region, Historical & Forecast, 2017-2022, 2022-2027F, 2032F, USD Billion
7.2. Global Travel Insurance Market, Split by Country, Historical & Forecast, 2017-2022, 2022-2027F, 2032F, USD Billion
For more information about this report visit https://www.researchandmarkets.com/r/36sn9o
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