Press release
Travel Insurance Market - Global Growth Data Analysis by 2020-2025 | Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, Chin
The global travel insurance market size is expected to be valued at more than USD 35 billion by 2025 owing to increasing levels of tourism globally. The global tourist arrivals reached approximately 11.9 billion in 2017. Tourism has become the largest component of international trade in services, constituting 25% of total share. Thus, tourism growth has provided an impetus to travel insurance companies to capitalize on the rising demand for insurance among travellers.Request sample copy of this report at: https://www.adroitmarketresearch.com/contacts/request-sample/78
The rising awareness amongst young travellers regarding the need to secure their travel against medical and non-medical contingencies is a major factor driving the growth of global travel insurance industry.
Insurance providers are increasing their value-added services to achieve product differentiation from their competitors and to maintain better customer relationships. Recent market trends include the usage of data analytics to predict risks and formulate precise contingency plans. For instance, insurers can monitor weather conditions and notify their customers in advance, so that they can plan their trips accordingly. Such travel insurance industry trends are majorly being adopted by travel insurance providers located in the U.S. The U.S. travel insurance market size is estimated to cross USD 8 bn mark by the end of 2025.
On the basis of type, the medical expense segment is anticipated to witness the highest growth during the forecast period. Medical expense coverage is crucial since it covers the cost of emergency treatment as well as any other overhead cost occurring at the time of travel. The uncertainty while travelling to foreign lands can pose health hazards and therefore, many countries have made travel insurance mandatory to issue VISA.
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Geographically, Asia Pacific held the largest share in global travel insurance market. This has been attributed to the high demand for corporate travel insurance from countries such as China, Japan and Korea. The growing segment of travellers in countries such as India is providing tremendous opportunities to insurance companies and travel agencies to tap into. However, in terms of growth rate, Latin America is expected to exhibit the highest growth of 8.8% over the forecast period. Travel insurance is gaining popularity in several developing countries of Europe. UK travel insurance market share is expected to witness a decrease due to decline in the number of travellers.
Companies including Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., China Life Insurance Company Limited., MAPFRE Insurance Company Inc., Prudential Financial Inc., and Chubb Limited amongst others have a broader presence within the global market.
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Key Segments of the Global Travel Insurance Market
Type Overview, 2015-2025 (USD Million)
Medical Expenses
Trip Cancellation
Trip Delay
Property Damages
Application Overview, 2015-2025 (USD Million)
Domestic Travel
Outbound Travel
Type of Travel Overview, 2015-2025 (USD Million)
Business Travel
Leisure Travel
Regional Overview, 2015-2025 (USD Million)
North America
U.S.
Canada
Europe
Spain
UK
Italy
Germany
Rest of Europe
Asia-Pacific
Australia
India
China
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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