COVID Impact On Global Travel Insurance Market 2020-2025

COVID-19 has severely affected travel insurance providers as most of the countries closed their borders in order to combat its spread.

Overall, the virus wiped out around USD 686 million from its profits as compared to last year due to the imposition of travel restrictions across the world.

As the outbreak of the virus is controlled and people are resuming back to work, most of the travel insurers are starting to offer cover for COVID-19 to provide a reassurance to the travellers that they are looking for during the trip.

In order to reduce its impact, companies have also introduced new travel insurance policies that takes into consideration road trips that would become a necessity till the virus is controlled.

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Most of the companies have either suspended offering travel insurance policies on a temporary basis as risk involved is high or have introduced dynamic premiums based on the place to be visited.

In addition, rising disposable income, extensive holiday coverage and online travel bookings also contributes towards its growth.

It is estimated that around 20% people used to take travel insurance in pre COVID times which may increase to around 70-80 % now. Most of the countries have made or are in the process of making travel insurance mandatory which would drive the growth for the industry in the coming decade.

In order to safeguard their interest, most of the companies have introduced dynamic premiums in order to compensate for the risk involved in the travel.

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COMPANIES PROFILED
Allianz Group
American International Group Inc.
Association Generali S.P.A
AXA
Insure and Go Insurance Services Limited
Seven Corners Inc.
Travel Insured International
Travel Safe Insurance
USI Insurance Services
Zurich Insurance Co. Limited

THIS TRAVEL INSURANCE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
1. Travel Insurance Market size and Forecast , by region, by application
2. Average B-2-B price for Travel Insurance Market , by region, per user
3. Technology trends and related opportunity for new Travel Insurance Market tech suppliers
4. Market share of leading vendors, by region,
5. Coronavirus impact on Travel Insurance Market earnings

Media Contact
Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: sales@mobilityforesights.com
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: sales@mobilityforesights.com
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

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This release was published on openPR.