Global Travel Insurance Market Size To Hit US$ 33.7 Billion by 2028 | IMARC Group

The latest report published by IMARC Group, titled "Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

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.

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Travel Insurance Market Trends:

A steady increase in the number of travelers, both domestic and international, along with the significant expansion of the travel and tourism industry represents one of the key factors driving the market growth. Moreover, rising business travels and the easy availability of online travel bookings and discounted package holidays are acting as other major growth-inducing factors. In addition to this, increasing digitization in the travel and tourism industry, including the use of application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), are contributing to the market growth. Other factors, such as rising consumer expenditure capacities and the increasing trend of adventure tourism, coupled with the easy availability of affordable insurance policies are creating a positive outlook for the market further across the globe.

Travel Insurance Market 2023-2028 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

Industry Definition and Application:

Travel insurance is a type of insurance designed to cover financial losses and other expenses incurred during travel, including trip cancellation or interruption, medical expenses, emergency evacuation, and lost or stolen luggage. Travel insurance policies can be purchased for individual trips or as an annual policy for frequent travelers. Many companies also provide travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights.

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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