Global Travel Insurance Market Will Reach USD 41,807 Million By 2027

Facts and Factors Market Research has published a new report titled "Travel Insurance Market By Trip Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), By Insurance Cover (Medical Treatment, Loss, Damage, & Theft, Resuming Your Journey, Cancellation Insurance, Lump Sum Payments, Caretaker Coverage, Death, and Itinerary), By Distribution Channel (Insurance Intermediaries, Insurance Company, Insurance Broker, Bank, and Insurance Aggregator), By Payment Method (Monthly Outstanding Balance Method and Single Payment Method), and By End-User (Senior Citizens, Backpackers, Education Traveler, Family Traveler, Business Traveler, and Fully Independent Traveler): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2027". According to the report, the global Travel Insurance market is predicted to be valued at approximately USD 20,027 million in 2018 and is expected to reach a value of around USD 41,807 million by 2027, at a CAGR of around 7.64 % between 2019 and 2027.

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Travel insurance is utilized to enhance the efficacy of the credit management operations, helping the staff to utilize the time to concentrate on the high priority jobs. Firms also adopt travel insurance for offering a seamless experience to the customers, thereby improving consumer relationships and retaining customers.

On other hand, travel Insurance is also available as the insurance software that arranges and restructures credit management workflows along with the storage of vital data along with preparation and performing of myriad routine tasks by the credit management team. Travel Insurance can also be blended into the complete organization and is also the component of other software systems.

Furthermore, some of the travel insurance software packages will integrate accounts receivables across the whole organization so that each function can help in accessing payment information whenever required. While other travel insurance software packages offer role-based operations and the probability of data sharing with particular roles in the company. This, in turn, gives everyone in the organization a complete overview of the consumer experience.

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Increase in the business travels to steer the market trends

The surge in population has helped the business grow across the globe with many of the firms setting up offices abroad. This is likely to result in a rise in the business travels of the employees, thereby resulting in the growth of the travel insurance market. With strict enforcement of travel insurance laws across the developed countries like the U.S. and the UK, the market for travel insurance is likely to gain traction over the forecast timeline.

Furthermore, the rise in the tourist activities & thriving tourism sector will further enlarge the scope of the market over the forecast period. Nonetheless, unavoidable situations like the outbreak of war and pre-existing health issues can pose a threat to the market growth during the period from 2019 to 2027. However, emerging economies are trying to make the purchase of travel insurance mandatory and this, in turn, will offer lucrative opportunities for the market over the forecast period.

Single trip travel insurance to lead the trip type segment by 2027 in terms of revenue

The growth of the single trip travel insurance segment during the forecast timeline is due to the cost-effectiveness of the single trip travel insurance along with growing trends of honeymoon tours in foreign countries, affordability of the single trip travel insurance, and shopping trips overseas.

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Insurance aggregator segment to record highest CAGR over the forecast timeline

The segment is predicted to register the highest growth rate of over 11% during the forecast period due to the ability of the insurance aggregator to provide the potential consumer with the insurance quotes along with the opportunity of discussing a particular quote. Apart from this, it also transfers the data of the prospective lead to the insurer for the latter to contact the potential customer for convincing him/her to buy the travel insurance policy.

Europe to contribute majorly towards the overall market revenue share by 2027

The growth of the regional market during the forecast period is owing to the high purchase of travel insurance policies by families and groups in the European countries. Countries like the UK, France, Germany, and Italy are likely to be major drivers of the regional market growth over the forecast period.

Some of the key participants in the business include Apruve, Cforia Software Inc., Credit & Management Systems, Inc., Creman Debasso, Emagia Corporation, Innovation Software Limited, Solutions For Financials B.V., Prof. Schumann GmbH, Viatec Business Solutions Ltd., SystemPartner Norge AS, SOPLEX Consult GmbH, Triple A Solutions, Hanse Orga Group, Credit Management tools.com, Xolv BV, BVCM Collections BV, Care & Collect, Onguard, Credica Limited, HighRadius, Rimilia, Equiniti, Debtpack, Misys, and Esker.

This report segments the Travel Insurance market as follows:

Travel Insurance Market: By Trip Type Analysis

Single Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance

Travel Insurance Market: By Insurance Cover Analysis

Medical Treatment
Loss, Damage, & Theft
Resuming Your Journey
Cancellation Insurance
Lump Sum Payments
Caretaker Coverage
Death
Itinerary

Travel Insurance Market: By Distribution Channel Analysis

Insurance Intermediaries
Insurance Company
Insurance Broker
Bank
Insurance Aggregator

Travel Insurance Market: By Payment Method Analysis

Monthly Outstanding Balance Method
Single Payment Method

Travel Insurance Market: By End-User Analysis

Senior Citizens
Backpackers
Education Traveler
Family Traveler
Business Traveler
Fully Independent Traveler

Travel Insurance Market: By Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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