Segmented by type of coverage (single trip travel insurance, annual multi-trip travel insurance, long stay travel insurance), by provider (banks, insurance companies, insurance intermediaries, others (insurance aggregators, etc.)
New York, March 31, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Travel Insurance Market – Global Industry Size, Share, Trends, Opportunities and Forecasts, 2018-2028F” – https: //www.reportlinker.com/p06438513/?utm_source=GNW
)), by end user (school travellers, business travellers, family travellers, other (seniors, etc.), by region, competition
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 dangers 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. Today, 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 significantly impacted the global travel and transportation 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. He can thus adjust his coverage limit.
For example, American Express offers a customizable travel insurance package. Amex allows individuals to “build your own” or “buy a package” when purchasing fonts on its website.
The company offers various options when a person enters travel information on its website. Amex allows customers to choose the level of lost, damaged or stolen baggage insurance, depending 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 patterns have been observed over the past two years. trips made possible by the advent of remote working, 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. market knowledge.
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.
The global travel insurance market is segmented on the basis of type of coverage, provider, end user, region and competitive landscape. The market is further fragmented based on the type of coverage into one-way travel insurance, multi-trip annual travel insurance, and extended trip insurance.
It is also segmented on the basis of provider, in terms of banks, insurance companies, insurance intermediaries and others (insurance aggregators, etc.)). Based on the end user, it is segmented into study travellers, business travellers, family travellers, and others (seniors, etc.). The market analysis also studies regional segmentation to design regional market segmentation, split into North America, Europe, Asia-Pacific, South America, Middle East and Africa .
Allianz SE, American Express Company, American International Group, Inc., AXA SA, Assicurazioni Generali SpA, Insure & Go Insurance Services Limited, Seven Corners Inc., Crum & Forster Holdings Corp. USI Insurance Services, LLC and Zurich Insurance Company Ltd. are among the major players in the global travel insurance market.
In this report, the global travel insurance market has been segmented into the following categories, in addition to industry trends, which have also been detailed below:
• Travel insurance market, by type of cover:
o Single trip travel insurance
o Annual multi-trip travel insurance
o Long-stay travel insurance
• Travel insurance market, by provider:
o Insurance companies
o Insurance intermediaries
• Travel insurance market, by end user:
o Study travelers
o Business travelers
o Family travelers
• Travel insurance market, by region:
o North America
o Middle East and Africa
United Arab Emirates
o South America
Company Profiles: Detailed analysis of the major companies present in the global travel insurance market.
With the market data provided, we offer customizations based on a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of other market players (up to five).
Read the full report: https://www.reportlinker.com/p06438513/?utm_source=GNW
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