Travel Insurance Market : Acclaimed Players - Allianz Partners, American Express Company, American International Group, Inc. (AIS), Arch Capital Group Limited, Aviva PLC, AXA Travel Insurance, Berkshire Hathaway Specialty Insurance, China Pacific Insuranc

What trends will drive the demand for travel insurance market through 2027?

The travel insurance market will be positively anchored by the rise in the number of international travelers on account of the improving economic conditions across various countries. This has led to an increasing need for students to pursue higher education abroad. There is also a consistent preference by travelers to undertake trips for adventure purposes, like scuba diving, snorkeling, and hiking. Several government organizations have also introduced initiatives to offer affordable plans to boost international tourism.

Significant developments in the tourism industry across the globe will add impetus to the demand for sophisticated travel insurance packages. The travelers are also at the disposal of reimbursement plans in instances of unanticipated events like flight cancellations, delays, or baggage.

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Furthermore, numerous insurance companies have come up with travel insurance plans for senior citizens in order to cover their expenses in terms of medical emergencies as well as repatriation in the worst-case scenarios.

Estimates have suggested that the global travel insurance market size will reach close to USD 45 billion in yearly valuation by 2027.

How will corporate travelers contribute to the travel insurance industry forecast?

Adoption of travel insurance policies by corporate travelers will reach a significant remuneration in the next few years. This can be owed to the surge in the number of business professionals that undertake foreign trips multiple times in a year for corporate deals or meetings. This has led to the higher demand for multi-trip insurance by these travelers as it offers enhanced flexibility and eliminates the need for a separate plan during each trip.

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What factors are influencing the adoption of multi-trip travel insurance policies?

The annual revenue from the multi-trip travel insurance market will reach a substantial value through 2027 due to increasing number of international trips by business professionals. The growth is also attributed to the rising demand for multiple insurance plans to cover expenses that are incurred during last-minute trip cancellations. They also offer coverage for medical expenses as well as charges suffered due to lost luggage.

The multi-trip insurance plans provided by American Express allow cashless claim settlement as well as a medical network of preferred hospitals across the world. Also, various solution providers are rendering multi-trip insurance policies for frequent travelers.

Why will the single trip travel insurance market gain traction through 2027?

The demand for single travel insurance plans will grow exponentially in the next few years considering their increasing adoption to cover the entire family. These policies limit the requirement to purchase separate plans for all the family members to offer financial security on foreign trips. Besides, a single-family travel insurance plan guards its customers against probable uncertainties along with multiple risks that could occur during international destination travel.

They also counter losses that arise from ticket and hotel cancellations, luggage loss, medical costs, and theft. The changes in climatic conditions on occasions of international trips could also place an adverse effect on the health of children. Hence, travel medical insurance is widely used to cover the cost that is incurred in these medical instances.

How will the travel insurance demand be influenced across North America?

The value of the travel insurance industry in North America exceeded USD 5 billion in 2020 and will expand at a significant CAGR up to 2027 due to the presence of a well-established tourism sector that annually attracts numerous international travelers.

In addition, the government of Canada is also working towards developments in the tourism industry to cater to the rising need for travel protection plans to offer financial security to visitors. There is also a noticeable rise in the number of students that opt for travel insurance in order to relocate to the U.S. for higher education.

The ongoing COVID-19 pandemic also significantly influenced the market for travel insurance with the introduction of multiple plans and policies by leading industry participants in the region. To cite an instance, in September 2020, Manulife Financial Group, launched a travel insurance plan pertaining to the coronavirus pandemic to assist Canadians who take international and domestic trips.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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This release was published on openPR.