Press release
Travel Insurance Market Outlook, Size, Share, Trends and Global Industry Statistics 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.
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Travel Insurance Market Trends:
The growth of the travel insurance market can be attributed to several key drivers that have come to the forefront in recent years. One primary driver is the increasing awareness among travelers of the potential risks associated with international journeys. Events such as natural disasters, medical emergencies, and unexpected trip cancellations have highlighted the need for comprehensive travel insurance. Travelers are recognizing the value of safeguarding their travel investments and ensuring financial protection during their trips. This heightened awareness, coupled with a growing emphasis on responsible travel planning, has significantly contributed to the expansion of the travel insurance market.
Moreover, the proliferation of international travel and tourism has played a pivotal role in driving market growth. As more people explore destinations worldwide for leisure, business, and other purposes, the demand for travel insurance has naturally increased. The globalization of business and the ease of international travel have made it imperative for individuals and organizations alike to mitigate the potential financial risks associated with unforeseen events abroad. Additionally, as travel becomes more accessible and affordable, a broader and more diverse demographic of travelers is seeking insurance coverage, further fueling market expansion. In this dynamic landscape, the travel insurance market is poised for continued growth as it adapts to the evolving needs and preferences of a global traveler base.
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
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
Ask Analyst for 10% Free Customized Report: 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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IMARC Group
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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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