Travel Insurance Market Is Booming Worldwide | Allianz SE (Germany), Munich Reinsurance America (US), American Express Company (US)
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Global Travel Insurance Market is valued approximately at USD 15.60 billion in 2019 and is anticipated to grow with a CAGR of 14.44% over the forecast period 2020-2027.
Tourism accounts a significant share of International Trade services with rise in the number of international tourists worldwide. For Instance: As per data from United Nation World Tourism Organization, in the first half of 2019, 4% rise in the number of international tourists travel worldwide has been noticed. Such tremendous rise in the tourism industry over the years is the major factor driving the growth of the market over the forecast period. Further, with rising number of travelers, increasing awareness among young travelers regarding the need to secure their travels from medical and non-medical emergencies boosts the market growth. As per the reports by Account Activity Analysis (AAA) Foundation in 2018, 38% of the US population has increased and started investing in the travel insurance for future travels. Rise in the protection for trip cancellation and protect their monetary investment is the major priority for the travelers to opt for travel insurance. Travel insurance ensures security for the travel in several ways with the use of data analytics to predict precise and accurate plan for the traveler. For Instance: Insurer can monitor and predict the weather conditions of the travel destination so that the customer can plan the travel accordingly in advance to secure their time and investments. In order to differentiate their services from other companies, travel insurance providers differentiate their services with additional product offerings such as health cover, baggage lost, passport loss and many more. Moreover, surge in the purchase of travel insurance for the corporate travels has emerged in the companies supporting the growth of the market. However, lack of awareness among the middle and lower economy companies regarding the benefits of travel insurance is the major factor restraining the growth of the market over the forecasted period 2020-2027.
The regional analysis of global Travel Insurance market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world due to rise in the corporate travel insurance in countries such as China, Japan and Korea. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rise in awareness regarding the insurance along with growth in tourism in emerging countries such as India create lucrative growth for Travel Insurance Market in the region.
Major market player included in this report are:
Allianz SE (Germany)
Munich Reinsurance America (US)
American Express Company (US)
Travelex Insurance Services (US)
Bajaj Finserv Limited (India)
China Pacific Life Insurance Co., Ltd. (China)
MS&AD Insurance Group Holdings (Japan)
Munich Re Group (Germany)
Ping An Insurance (China)
Prudential Financial, Inc. (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Insurance Cover:
Single Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance
By Distribution Channel:
Fully independent Traveller
A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021
covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx
Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis
Q.1 What are some of the most promising potential, high growth opportunities for the global market by application, by product, by end user and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster speed and why?
Q.3 Which regions will grow at a faster speed and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats of market?
Q.6 What are emerging trends in market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the leading players in market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this market?
Q.11 What M & A activities have taken place in the last five years in this market?
The Study Explore COVID 19 Outbreak Impact Analysis
• What should be entry strategies, countermeasures to economic impact, and marketing channels?
• What are market dynamics?
• What are challenges and opportunities?
• What is economic impact on market?
• What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?
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Key Points Covered in Travel Insurance Market Report:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, (USD Billion)
1.2.1. Travel Insurance Market, by Region, (USD Billion)
1.2.2. Travel Insurance Market, by Insurance Cover, (USD Billion)
1.2.3. Travel Insurance Market, by Distribution Channel, (USD Billion)
1.2.4. Travel Insurance Market, by User, (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Travel Insurance Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Travel Insurance Market Dynamics
3.1. Travel Insurance Market Impact Analysis
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Travel Insurance Market: Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model ()
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Travel Insurance Market, by Insurance Cover
5.1. Market Snapshot
5.2. Global Travel Insurance Market by Insurance Cover, Performance - Potential Analysis
5.3. Global Travel Insurance Market Estimates & Forecasts by Insurance Cover (USD Billion)
5.4. Travel Insurance Market, Sub Segment Analysis
5.4.1. Single Trip Travel Insurance
5.4.2. Annual Multi-Trip Travel Insurance
5.4.3. Long-Stay Travel Insurance
Chapter 6. Global Travel Insurance Market, by Distribution Channel
6.1. Market Snapshot
6.2. Global Travel Insurance Market by Distribution Channel, Performance - Potential Analysis
6.3. Global Travel Insurance Market Estimates & Forecasts by Distribution Channel (USD Billion)
6.4. Travel Insurance Market, Sub Segment Analysis
6.4.1. Insurance Intermediaries
6.4.2. Insurance Company
6.4.4. Insurance Broker
6.4.5. Insurance Aggregator
Chapter 7. Global Travel Insurance Market, by User
7.1. Market Snapshot
7.2. Global Travel Insurance Market by User, Performance - Potential Analysis
7.3. Global Travel Insurance Market Estimates & Forecasts by User (USD Billion)
7.4. Travel Insurance Market, Sub Segment Analysis
7.4.1. Senior Citizens
7.4.2. Education Traveller
7.4.4. Business Traveller
7.4.5. Family Traveller
7.4.6. Fully independent Traveller
Chapter 8. Global Travel Insurance Market, Regional Analysis
8.1. Travel Insurance Market, Regional Market Snapshot
8.2. North America Travel Insurance Market
8.2.1. U.S. Travel Insurance Market
22.214.171.124. Insurance Cover breakdown estimates & forecasts,
126.96.36.199. Distribution Channel breakdown estimates & forecasts,
188.8.131.52. User breakdown estimates & forecasts,
8.2.2. Canada Travel Insurance Market
8.3. Europe Travel Insurance Market Snapshot
8.3.1. U.K. Travel Insurance Market
8.3.2. Germany Travel Insurance Market
8.3.3. Rest of Europe Travel Insurance Market
8.4. Asia-Pacific Travel Insurance Market Snapshot
8.4.1. China Travel Insurance Market
8.4.2. India Travel Insurance Market
8.4.3. Japan Travel Insurance Market
8.4.4. Rest of Asia Pacific Travel Insurance Market
8.5. Latin America Travel Insurance Market Snapshot
8.5.1. Brazil Travel Insurance Market
8.5.2. Mexico Travel Insurance Market
8.6. Rest of The World Travel Insurance Market
Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Allianz SE
184.108.40.206. Key Information
220.127.116.11. Financial (Subject to Data Availability)
18.104.22.168. Product Summary
22.214.171.124. Recent Developments
9.2.2. Munich Reinsurance America
9.2.3. American Express Company
9.2.4. Travelex Insurance Services
9.2.5. Bajaj Finserv Limited
9.2.6. China Pacific Life Insurance Co., Ltd.
9.2.7. MS&AD Insurance Group Holdings
9.2.8. Munich Re Group
9.2.9. Ping An Insurance
9.2.10. Prudential Financial, Inc.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.3. Market Estimation
10.2. Research Attributes
10.3. Research Assumption
……..and view more in complete table of Contents
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