Press release
Travel Insurance Market 2023 Sales Revenue - Allianz, AXA, Chubb Ltd.
The Brainy Insights launched a study titled Travel Insurance Market Size by Type (Single Trip Travel Insurance, Multiple Trip Travel Insurance & Extended Trip Travel Insurance), End-User (Family Travelers, Business Travelers, Education Travelers, Senior Citizens, Adventure Travelers & Others), Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/12707
The global travel insurance market is expected to grow from 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030. In the growing travel and tourism industry, an increase in the number of travelers accompanied by an increase in the number of insurance providers will drive the growth of the travel insurance market. Increased government spending on the tourism sector to revive it after the pandemic and discounted holiday packages by the market players is also expected to contribute to its growth.
The single trip travel insurance segment dominated the market, with a market value of around 8.06 billion in 2021.
The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. The single trip travel insurance segment dominated the market, with a market value of around 8.06 billion in 2021. Usually, most travelers undertake single trips over an extended period. The frequency of long-distance travel is a maximum of 4 trips/year. Single trip travel insurance plans offer flexibility and are cost-effective, hence the preferred choice of travelers.
The educational travelers segment is expected to grow at the fastest CAGR of 19.3% over the forecast period.
The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the educational travelers segment is expected to grow at the fastest CAGR of 19.3%. The increase in the number of students opting to study abroad owing to the lack of quality educational institutions in the home country will contribute to the increasing number of educational travelers, thereby driving the growth of the travel insurance market.
The insurance intermediaries segment dominated the market, accounting for around 6.55 billion global revenue in 2021.
The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. The insurance intermediaries segment dominated the market, accounting for around 6.55 billion global revenue in 2021. An extensive presence and reach of the insurance intermediaries in the market can be attributed to the dominance of this segment.
ACCESS FULL REPORT: https://www.thebrainyinsights.com/report/travel-insurance-market-12707
Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The travel insurance market in the Asia Pacific has been expanding rapidly. China dominates the travel insurance market in the Asia Pacific. The increasing government initiatives to boost the tourism industry are expected to significantly contribute to the Asia Pacific travel insurance market. In 2021, the ministry of internal affairs of the Japanese government announced the allocation of USD 37 million to develop the tourism sector. The initiative aims to revamp local Japanese tourist places and create an internationally competitive tourism sector.
Competitive Analysis:
The market's major players include Allianz, AXA, American International Group Inc., American Express Company, Generali Group, Zurich Insurance Group AG, Chubb Ltd., Travel Insured International, Assicurazioni Generali S.P.A, and Travel Safe Insurance, among others.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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Organization: The Brainy Insights
Phone: +1-315-215-1633
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