$58.93 Billion Travel Insurance Market by Insurance Coverage, Distribution Channel and End User – Global Opportunity Analysis and Industry Forecast, 2022-2030 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Travel Insurance Market by Insurance Coverage, By Distribution Channel, and By End User: Global Opportunities Analysis and Industry Forecast, 2022-2030” has been added to from ResearchAndMarkets.com offer.

The Global Travel Insurance Market size was valued at USD 17.58 Billion in 2021 and is projected to reach USD 58.93 Billion by 2030 growing at a CAGR of 14.6% from 2022 to 2030.

Until the Covid-19 pandemic hit, the global tourism industry was booming with increasing globalization, multinational events and concerts.

This trend had been halted in 2020, but with the rollout of vaccines globally, the industry is expected to gradually recover from the start of 2022. The rapid recovery of the travel industry, the Increase in business travel and availability of online travel booking facilities are factors that are expected to drive the travel insurance market demand throughout the forecast period.

Other factors such as damage due to mishandling of baggage, loss or theft, flight cancellations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, the lack of public awareness is expected to hamper the growth of the travel insurance market in the near future.

On the other hand, the introduction of targeted and personalized insurance policies along with the increase in travel expenditures globally are expected to create many opportunities for players in the travel insurance market in the near future.

Geographical analysis:

North America has witnessed the increased adoption of travel insurance and is expected to continue to hold the major share of the market during the forecast period. This is attributed to factors such as the growth of the tourism industry, the increase in business practices, and the presence of global organizations in the United States.

Asia-Pacific is also expected to grow significantly with the gradual increase in market size due to growing connectivity between countries in this region, expanding population creating greater demand for international travel and increased freight traffic resulting in loss of baggage.

Competitive Landscape:

The highly competitive and fragmented travel insurance market is made up of different market players.

Some of the major market players include

  • Allianz Travel (Allianz)

  • Zurich Insurance Group

  • American Express Company

  • American International Group Inc.

  • Berkshire Hathaway Specialty Insurance

  • Seven corners inc.

  • USI Insurance Services

  • AXA travel insurance

  • International insured trip

  • Generali Group

Market dynamics

Drivers

  • Introduction of value-added services

  • Travel rules and regulations

  • Increase in demand from business travelers

  • Increase in the popularity of travel insurance after the pandemic

  • Easy access to insurance policies

Constraints

  • Death while traveling due to Covid-19

Opportunities

  • Technological developments in the travel insurance industry

KEY SEGMENTS:

Global Travel Insurance Market – By Insurance Coverage

  • One-way travel insurance

  • Annual multi-trip travel insurance

  • Long stay travel insurance

Global Travel Insurance Market – By Distribution Channel

  • Insurance intermediaries

  • Insurance companies

  • Banks

  • Insurance brokers

  • Insurance aggregators

Global Travel Insurance Market – By End User

  • The elderly

  • Education Travelers

  • business travelers

  • Family travelers

  • Others

Global Travel Insurance Market – By Geography

  • North America

  • WE

  • Canada

  • Mexico

  • Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Netherlands

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Rest of Asia-Pacific

  • Line

  • Latin America

  • Middle East

  • Africa

For more information about this report visit https://www.researchandmarkets.com/r/qi5k66

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