Travel Insurance - How the Market Will Witness Substantial Growth in the Upcoming years

Market Scenario:
Travel insurance is an insurance which includes coverage of medical expenses, trip cancellation policy, lost luggage, flight/train accidents and other losses that occur due to unexpected events such as, natural disasters, terrorist attacks during travelling. This insurance is important for domestic or abroad travellers and arranged at the time of trip booking. Moreover, the insurance coverage is available for single, multi or long-stay trips and the medical expense policies are depend on the insurance providers according to the country’s medical costs.

Consistent growth in tourism sector is a prime factor for travel insurance to drives this market across the globe. Further, increasing tourist traffic increased incidences of losing luggage, and important documents as well as medical emergencies and natural disasters are expected to drive the travel insurance market. Moreover, countries like U.S., France, Belgium, Norway, Finland, and Poland required mandatory travel insurance to obtain visa which anticipated to drive the travel insurance market. However, lack of awareness and low penetration of insurance policies might hamper the growth of travel insurance market. On the other hand, government adopting various programs to generate awareness about travel insurance into society creating better opportunity for this market in number of countries.

Segmentation:
The travel insurance market is segmented on the basis of insurance cover, distribution channel, users and region.
On the basis of insurance cover, the market is segmented into single trip travel insurance, multi-trip travel insurance, and long-stay travel insurance.
On the basis of distribution channel, the market is segmented into insurance intermediaries, insurance company, bank, insurance broker, and others.
On the basis of users, the market is segmented into senior citizens, education traveller, backpackers, business traveller, family traveller, and independent traveller.

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Regional Analysis:
Geographically, the travel insurance market is segregated in North America, Europe, Asia Pacific, and LAMEA (Latin America, Middle East and Africa). The major growth factors for travel insurance market in Asia-Pacific region are increasing various types of travellers and backpackers from Western countries especially in Southeast Asia. However, compulsion for travel insurance to obtaining visas in North American and European countries is a key factor for this market in these regions. Moreover, Middle East and African government and travel agencies creating awareness about travel insurance benefit to grow this market in LAMEA.

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Key Players:
The major key players in travel insurance market are CSA Travel Protection, USI Affinity, Seven Corners Inc., TravelSafe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, and InsureandGo. These players are trying to recognise the needs of market in developing countries and expanding their strategies to improve business needs.

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