|01-11-2019 08:06 PM CET - Business, Economy, Finances, Banking & Insurance||
Travel Insurance Market With Leading Players Such as CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International.
Press release from: Allied Market Research
Travel Insurance MarketReport, published by Allied Market Research, forecasts that the global market is expected to garner $28,264 million by 2022, growing at a CAGR of 8.5% during the period 2016- 2022.In 2015, Europe lead the travel insurance market, followed by Asia-Pacific. Growth in the region has been supplemented by rise in number of senior citizen travelers, and increase in business travel expenditure.
Travelling internationally is becoming easy with the increased aging population, growth in middle class, and improved infrastructure combined with technological advances and propelled demand for travel insurance. Low dependency ratio, rise in disposable income, more spare time, and rise in aspirations gave rise to Gen S travelers. A notable increase in the number of senior citizen travelers especially leisure travelers would have remarkable impact on travel insurance industry.
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In addition, there are several countries, where travel insurance is mandatory for obtaining VISA. For instance, to visit countries, such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland among others, travel health insurance is a must.
In order to analyze the world travel insurance market, it is segmented based on insurance cover, users, distribution channel, and geography. Travel insurance cover is available forsingle trip, annual multi-trip, and long stay trips. Among the mentioned policies, single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of year-round city breaks, increase in family travelers, shopping trips abroad, and winter sun holidays. Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.
User segment comprises senior citizens, education travelers, family travelers, business travelers, backpackers, and fully independent travelers. In 2015, family travelers occupied a prominent share of the overall market revenue, followed by senior citizens. In addition, business travelers segment is anticipated to grow at the fastest CAGR of 9.7% during the forecast period, owing to increased international trade, overseas business expansion, and increase in business travel expenditure.
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Travel insurance policies are sold through insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. In 2015, across all regions, traditional channel encompassing insurance intermediaries consisting of tour operators and travel agents accounted for around half of the overall sale of travel insurance policies and is projected to lead the market during the forecast period. Insurance aggregatorsis anticipated to be the fastest growing channel owing to the widening usage of internet worldwide. The segment is projected to register a CAGR of 11.5% during the forecast period.
Though, Europe accounted for the majority of revenue in 2015, its relative share in the global revenue is projected to decrease during the forecast period owing to recent incidence of Brexit. Asia-Pacific travel insurance market would exhibit prominent growth during the forecast period owing to increase in the number of travel insurance users which include backpackers, senior citizens, and business travelers.
From a growth perspective, travel insurance market inLAMEA is anticipated to witness the fastest CAGR of over 10% during the forecast period, on account of increase in demand of travel insurance policies from Latin American and Middle East countries.
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Key players profiled in this report are CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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