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LAMEA Travel Insurance Market Sees Promising Growth in 2016-2022 by Key Players- The April Group (France), Zurich Insurance Group (Switzerland), Allianz Group (Germany)
Travel Insurance
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Furthermore, growth in domestic market, owing to the rise in the purchasing power of the middle-class population, boosts the economic growth in LAMEA. This in turn, has a positive effect on domestic traveling, which is growing at a steady rate, creating several opportunities for the travel insurance market. However, lack of familiarity with insurance and assistance benefits impedes the market growth.
In 2015, Latin America accounted for the highest share within the LAMEA travel insurance market. At present, the penetration level of travel insurance in Latin America is nearly 10% thus, possessing significant growth potential. Moreover, economic factors and prior investment in tourism are expected to drive the travel insurance industry in Latin America. However, highly unregulated travel insurance policies across various countries in Latin America create a major challenge for the insurance service providers to develop their business in this region.
The market is segmented on the basis of distribution channel, insurance cover, end user, and geography. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Based on insurance cover, it is categorized into single trip, annual multi-trip, and long stay. Based on end user, it is divided into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. Geographically, it is analyzed across Latin America, Middle East, and Africa. The key players profiled in the report include The April Group (France), Zurich Insurance Group (Switzerland), Allianz Group (Germany), MAPFRE U.S.A. Corp. (U.S.), Travel Ace Assistance (Brazil), HSBC Bank Middle East Limited (Middle East), RSA Group Plc. (U.K.), Collinson Group Limited (UK), Middle East Insurance Co. (Middle East), and AXA Cooperative Insurance (Middle East).
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Key Benefits
• This study provides an in-depth analysis of the LAMEA travel insurance market, in terms of value, to elucidate the imminent investment pockets.
• A detailed impact analysis of the current trends, region-wise travel insurance market, and future estimations is provided to target the profitable sectors.
• The drivers, restraints, and opportunities are analyzed to identify the prevailing market opportunities.
• Porters Five Forces analysis highlights the potency of suppliers and buyers in the competitive market to facilitate efficient business planning.
LAMEA Travel Insurance Market Key Segments:
By Distribution Channel
• Insurance Intermediaries
• Insurance Companies
• Banks
• Insurance Brokers
• Insurance Aggregators
• Others
By Insurance Cover
• Single Trip
• Annual Multi-trip
• Long Stay
By End User
• Senior Citizens
• Education Travelers
• Backpackers
• Business Travelers
• Family Travelers
• Fully Independent Travelers
By Geography
• Latin America
• Middle East
• Africa
Key players in the value chain
• The April Group (France)
• Zurich Insurance Group (Switzerland)
• Allianz Group (Germany)
• MAPFRE U.S.A. Corp. (U.S.)
• Travel Ace Assistance (Brazil)
• HSBC Bank Middle East Limited (Middle East)
• RSA Group Plc. (UK)
• Collinson Group Limited (UK)
• Middle East Insurance Co. (Middle East)
• AXA Cooperative Insurance (Middle East)
• Oman Insurance Company (Middle East)
• Arab Orient Insurance Company (Middle East)
• Mideast Assistance International Group (Middle East)
• Hollard Insurance Company Limited (South Africa)
• Santam International Ltd. (South Africa)
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