Travel Insurance Market Analysis, Global Size, Share, Industry Trends, Growth and Research Report 2023-2028

According to IMARC Group's latest report, titled "Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global travel insurance market size reached US$ 15.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12.6% during 2023-2028.

Travel Insurance Market Trends:

Increasing business travels and the easy availability of online travel bookings are some of the key factors bolstering the travel insurance market growth. This is further supported by the rapid penetration of the internet and smartphones across the globe. Additionally, governments of various nations have mandated attaching travel insurance documents while applying for a visa, which, in turn, is creating a positive outlook for the market.  In line with this, key service providers are incorporating application program interface (API), data analytics, artificial intelligence (AI), and global positioning system (GPS) to provide personalized user experience, which is accelerating the market growth. Moreover, the increasing medical tourism and surging cases of luggage loss and trip cancellations are boosting the market growth. Besides this, the rising consumer per capita income and growing consumer awareness regarding the importance of travel insurance are providing a considerable thrust to the market growth.

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Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028

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

Industry Definition and Application:

Travel insurance helps cover the costs and losses associated with traveling domestically or internationally. The main categories of travel insurance include baggage and personal effects coverage, loss of travel documents, medical expenses, hijacking, trip cancellation, and accidental death or flight accident. The insurance also reimburses a traveler for prepaid, nonrefundable travel expenses and offers emergency services, such as re-booking canceled flights, replacing lost passports, and cash wire help.

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 (2017-2022)
• Market Outlook (2023-2028)
• 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.

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This release was published on openPR.