The market declined 21. 7% in 2020 as compared to previous year due to the pandemic and subsequent travel restrictions. Travel insurance is a type of insurance that covers the costs and losses incurred while traveling.
New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Travel Insurance Market by Insurance Cover, by Distribution Channel, and by End User - Global Opportunity Analysis and Industry Forecast, 2022–2030" - https://www.reportlinker.com/p06293610/?utm_source=GNW
It provides financial security to the insured person in the event of trip cancellation, luggage loss, and medical and other expenses incurred during a trip. Travel insurance can be availed as a package with travel tickets or bought separately either online or offline. Banks and financial institutions also offer travel insurance for customers availing their credit card facility.
Market Dynamics and Trends:
Rapidly growing tourism industry across the world owing to broad media coverage of various tourist destinations, high disposable income in developed countries, and availability of paid holidays and facilities such as easy online booking of global hotels, accommodation, and flights are driving the travel insurance market growth. Also, the introduction of online marketplace for reasonable modern lodging services across the world such as Airbnb and The Plum Guide is attracting travelers globally. These platforms provide features such as complete homes with personal kitchens and flexible tenures. This, in turn, is driving the travel insurance market. Moreover, several countries such as the U.S., UAE, Russia, and Schengen countries have made travel insurance mandatory for international travelers entering these countries. This factor is further fueling the growth of the market. However, stringent government regulations related to visa policies and the global outbreak of highly infectious diseases such as monkeypox are the factors restraining the travel insurance market growth during the forecast period. On the contrary, the introduction of blockchain technology in the insurance industry is expected to create ample growth opportunities for the travel insurance market in the coming years. Blockchain technology has several advantages over traditional methods such as efficiency, transparency, rapid payouts & fraud mitigation, and ability to automate claim functions by verifying coverage between insurance providers and insurers.
Market Segmentations and Scope of the Study:
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into single trip travel insurance, and annual multi-trip travel insurance. On the basis of distribution channel, the market is divided into ancillary insurance intermediaries, insurance companies, banks, insurance agents/brokers and insurance aggregators. On the basis of users, the market is divided into senior citizens, education traveller, backpackers, business traveller, and family traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Europe holds the lion’s share of the travel insurance market, and is expected to continue its dominance during the forecast period. This is attributed to factors such as very high number of international travelers in countries such as France, Spain, and Italy and strict government regulation in Europe that made travel medical insurance mandatory of all the foreign travelers entering the region. Moreover, the presence of major market players such as Allianz Group, Zurich Insurance Group, and Axa SA further boosts the market growth in the region.
On the other hand, North America is expected to show a steady rise in the travel insurance market due to rapidly increasing adaption of corporate travel insurance in this region. North America has several global organizations that send their employees aboard for corporate meetings and business events. Also, factors such as high purchasing power and easy availability of domestic travel insurance plans in the region that offers extensive coverage for people travelling within the country further boost the market growth.
Various market players operating in the global travel insurance market include Allianz Group, Zurich Insurance Group, American Express Company, American International Group, Inc., Axa SA, Berkshire Hathaway Specialty Insurance, Seven Corners, Inc., USI Insurance Services, Travel Insured International, Inc. and Genarali Group. These market players are launching various products and completing acquisitions across various regions to maintain their dominance in the travel insurance market. For instance, in May 2022, Genarali Group has completed the acquisition of 25% stake in Future Generali India Insurance (FGII), which accounted for a total of 74% stake in this joint venture between Genarali Group and Future Group. It will help Genarali Group to enhance its product portfolio and cater their services to more customers than before in India.
Moreover, in January 2022, Allianz Group announced a partnership with Singapore Airlines to provide insurance products and services for Singapore Airline customers. Under this partnership, Singapore Airlines customers will have a superior travel protection, specifically designed according to their trip requirements. This protection is offered with the help of Allianz Group’s new flexible product range called Simplicity.
Furthermore, in October 05, 2021, Travel Insured International, Inc. launched cruise travel protection plan that provides coverage up to USD 50,000 in accidental & sickness medical expense and up to USD 250,000 in medical evacuation coverage. It further provides protection for missed cruise connection, cruise disablement, and cruise diversion.
KEY MARKET SEGMENTS
• Travel Insurance Market - By Insurance Cover
o Single-Trip Travel Insurance
o Annual Multi-Trip Travel Insurance
• Travel Insurance Market - By Distribution Channel
o Ancillary Insurance Intermediaries
o Insurance Companies
o Insurance Agents/Brokers
o Insurance Aggregators
• Travel Insurance Market - By End User
o Senior Citizens
o Education Travelers
o Business Travelers
o Family Travelers
• Travel Insurance Market - By Geography
o North America
Rest of Europe
Rest of Asia-Pacific
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