Travel Insurance Market Expected to Reach $28,264 Million | By Top Leading Companies CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.

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.

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.

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Growth in tourism is the prime factor that drives the travel insurance market. According to UNWTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach a total of 1,184 million, with North America witnessing the highest inbound travel. With the growing tourist traffic, increased incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences,more number of travelers are opting for travel insurance.

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.

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.

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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.

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.

Key Findings of the Travel Insurance Market

• In 2015, Europe was the highest revenue-generating region, followed by Asia-Pacific.
• Single trip travel insurance policies would continue to be the major revenue generating segment throughout the analysis period.
• Family travelers occupied prominent share of the overall market revenue in 2015 and would continue to lead the market over 2016-2022.
• Insurance intermediaries would be the highest- revenue generating market segment throughout 2014-2022.

Table of Content:

Chapter: 1 INTRODUCTION

1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1 CXO perspective

Chapter: 3 MARKET OVERVIEW

3.1 Market definition and scope
3.2 Key Findings

3.2.1 Top impacting factors
3.2.2 Top winning strategies
3.2.3 Top investment pockets

3.3 Value chain analysis
3.4 Porters five forces analysis
3.5 Market player positioning, 2015
3.6 Drivers

3.6.1 Rise in tourism
3.6.2 Travel rule and regulation

3.7 Restraints

3.7.1 Low penetration of insurance policies

3.8 Opportunities

3.8.1 New technological developments for the travel insurance industry

Chapter: 4 WORLD TRAVEL INSURANCE MARKET BY INSURANCE COVER

4.1 Single trip insurance policies

4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.2 Market size and forecast

4.2 Annual multi-trip insurance policies

4.2.1 Key market trends
4.1.2 Key drivers and opportunities
4.2.3 Market size and forecast

4.3 Long stay insurance policies

4.3.1 Key market trends
4.1.2 Key drivers and opportunities
4.3.3 Market size and forecast

Chapter: 5 WORLD TRAVEL INSURANCE MARKET BY USERS

5.1 Senior citizens

5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast

5.2 Education travelers

5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast

5.3 Business travelers

5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast

5.4 Backpackers

5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast

5.5 Family travelers

5.5.1 Key market trends
5.5.2 Key drivers and opportunities
5.5.3 Market size and forecast

5.6 Fully independent travelers

5.6.1 Key market trends
5.6.2 Key drivers and opportunities
5.6.3 Market size and forecast

Chapter: 6 WORLD TRAVEL INSURANCE MARKET BY DISTRIBUTION CHANNEL

6.1 Insurance Intermediaries

6.1.1 Key market trends
6.1.2 Key drivers and opportunities
6.1.3 Market size and forecast

6.2 Insurance Company

6.2.1 Key market trends
6.2.2 Key drivers and opportunities
6.2.3 Market size and forecast

6.3 Bank

6.3.1 Key market trends
6.3.2 Key drivers and opportunities
6.3.3 Market size and forecast

6.4 Insurance Broker

6.4.1 Key market trends
6.4.2 Key drivers and opportunities
6.4.3 Market size and forecast

6.5 Insurance Aggregator

6.5.1 Key market trends
6.5.2 Key drivers and opportunities
6.5.3 Market size and forecast

6.6 Others

6.6.1 Key market trends
6.6.2 Key drivers and opportunities
6.6.3 Market size and forecast

Chapter: 7 WORLD TRAVEL INSURANCE MARKET BY GEOGRAPHY

7.1 North America

7.1.1 Key market trends
7.1.2 Key drivers and opportunities
7.1.3 Market size and forecast

7.1.3.1 United States
7.1.3.2 Canada
7.1.3.3 Mexico

7.2 Europe

7.2.1 Key market trends
7.2.2 Key drivers and opportunities
7.2.3 Market size and forecast

7.2.3.1 United Kingdom
7.2.3.2 Germany
7.2.3.3 France
7.2.3.4 Rest of Europe

7.3 Asia-Pacific

7.3.1 Key market trends
7.3.2 Key drivers and opportunities
7.3.3 Market size and forecast

7.3.3.1China
7.3.3.2 Japan
7.3.3.3 India
7.3.3.4 Australia
7.3.3.5 South Korea
7.3.3.6 Rest of Asia-Pacific

7.4 LAMEA

7.4.1 Key market trends
7.4.2 Key drivers and opportunities
7.4.3 Market size and forecast

7.4.3.1 Latin America
7.4.3.2 Middle East
7.4.3.3 Africa

Chapter: 8 COMPANY PROFILE

8.1 CSA Travel Protection

8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Business performance
8.1.4 Business segments
8.1.5 Strategic moves and developments

8.2 USI Affinity

8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Business performance
8.2.4 Business segments
8.2.5 Strategic moves and developments

8.3 Seven Corners Inc.

8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Business performance
8.3.4 Business segments
8.3.5 Strategic moves and developments

8.4 TravelSafe Insurance

8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Business performance
8.4.4 Business segments
8.4.5 Strategic moves and developments

8.5 MH Ross Travel Insurance Services

8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Business performance
8.5.4 Business segments
8.5.5 Strategic moves and developments

8.6 Allianz Global Assistance

8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Business performance
8.6.4 Business segments
8.6.5 Strategic moves and developments

8.7 Travel Insured International.

8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Business performance
8.7.4 Business segments
8.7.5 Strategic moves and developments

8.8 AXA SA

8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Business performance
8.8.4 Business segments
8.8.5 Strategic moves and developments

8.9 AIG Travel

8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Business performance
8.9.4 Business segments
8.9.5 Strategic moves and developments

8.10 InsureandGo.

8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Business performance
8.10.4 Business segments
8.10.5 Strategic moves and developments

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