Press release
Travel Insurance Market Size, Share, Global Industry Trends and Forecast Analysis 2022-2027
The global travel insurance market size reached US$ 13.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 31.3 Billion by 2027, exhibiting a CAGR of 14.4% during 2022-2027.
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Travel insurance is a form of coverage that is designed to protect travelers from financial losses and unexpected occurrences, or risks incurred during international or economic travel. It provides coverage and financial security to an individual during the event of trip cancellation, medical emergencies, travel delays, property damage, and baggage coverage. Travel insurance can be availed as a package or purchased separately through various offline and online channels, including insurance intermediaries, companies, banks, and brokers. Apart from this, travel insurance offers additional reimbursements and accommodations during delays and ambulance services in a foreign land. Consequently, it is mainly availed by business travelers, families, and students in single and annual multi-trip insurance forms.
Market Trends and Drivers:
The rapid growth in the tourism industry, the availability of paid holidays, and the extensive traveling by consumers to visit and explore various tourist destinations are majorly driving the travel insurance market growth. Moreover, the rising business travel and easy accessibility to travel agencies and discounted packages via online platforms are influencing the market growth. Moreover, the growing demand for reimbursement of expenses incurred due to lost possessions, such as luggage and documents, postponed travel plans, natural calamities and medical issues is propelling the market growth. Additionally, the introduction of stringent travel laws and regulations by governments has made travel insurance a compulsory requirement, which is favoring the market growth. Besides this, the escalating purchase of travel insurance by corporate firms to offer protection to their workers while visiting abroad for business purposes is supporting the market growth.
Travel Insurance Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
• Allianz SE
• American Express Company
• American International Group
• AXA SA
• Berkshire Hathaway Specialty Insurance Company
• Generali Group
• Insure & Go Insurance Services (Mapfre S.A.)
• Seven Corners Inc.
• Travel Insured International Inc. (Crum & Forster)
• USI Affinity (USI Insurance Services)
• Zurich Insurance Group AG
Key Market Segmentation:
The report has segmented the global travel insurance market based on insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
• Single-Trip Travel Insurance
• Annual Multi-Trip Insurance
• Long-Stay Travel Insurance
Breakup by Coverage:
• Medical Expenses
• Trip Cancellation
• Trip Delay
• Property Damage
• Others
Breakup by Distribution Channel:
• Insurance Intermediaries
• Banks
• Insurance Companies
• Insurance Aggregators
• Insurance Brokers
• Others
Breakup by End User:
• Senior Citizens
• Education Travelers
• Business Travelers
• Family Travelers
• Others
Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2432&flag=C
Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Contact US:
IMARC Group
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Sheridan, WY 82801, USA
Email: sales@imarcgroup.com
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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