Travel Insurance Market Top Key Players - Allianz Group, American International Group Inc., Association Generali S.P.A, AXA, Insure and Go Insurance Services Limited
Tourism development is a key driver of the travel insurance market, in addition to the growing government initiative, for example, to visit some countries such as Luxembourg, USA, Belgium, France and others, travel insurance is required to obtain a visa.
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GLOBAL TRAVEL INSURANCE MARKET DYNAMICS
• Various factors driving market growth include increased penetration of smartphones and the Internet to purchase travel insurance online through the company website and airline websites.
• In addition, rising disposable income, a wide range of vacation offers and online travel reservations are also driving its growth. Given that poor customer service, lack of knowledge of travel insurance policies, travel insurance premium rates are some of the factors holding back market growth during the forecast period.
• In contrast, technological developments such as the global positioning system (GPS) data analytics, artificial intelligence (AI), application programming interface (API) and geo-location include a great opportunity for players operating on the global travel insurance market.
IMPACT OF COVID-19 ON TRAVEL INSURANCE MARKET
COVID19 has severely affected travel insurance providers as most of the countries closed their borders in order to combat its spread.
Industry giants such as Zurich Insurance Group saw profits drop by 40% as travel insurance demand fell by driven by a sharp decline in CoverMore sales, as well as a reduction in life insurance operations due to unfavorable disability claims. This led to a 56% decline in earnings for the Asia-Pacific business.
A travel insurance package, which includes travel safety, medical care for Covid19, and luggage and personal belongings insurance, typically costs 4% to 8% of the dollar value of the trip. Many major providers such as AXA Assistance USA, Berkshire Hathaway Protection Plan, Seven Corners and Generali have changed their policies to treat Covid19 infection as unforeseen like any other disease or virus.
GLOBAL TRAVEL INSURANCE COMPETITIVE LANDSCAPE
The key players in the travel insurance market are 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, and Zurich Insurance Co. Limited.
• Allianz Group
• American International Group Inc.
• Association Generali S.P.A
• Insure and Go Insurance Services Limited
• Seven Corners Inc.
• Travel Insured International
• Travel Safe Insurance
• USI Insurance Services
• Zurich Insurance Co. Limited
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