Travel Insurance Market Unlocking Growth and Seizing Opportunities | Allied Market Research

Allied Market Research published a report, titled, "Travel Insurance Market by Insurance Cover (Single-Trip Travel Insurance, Annual MultiTrip Travel Insurance, Long-Stay Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators), by End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others), by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, Above 50): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global travel insurance industry was estimated at $14.2 billion in 2021, and is anticipated to hit $124.8 billion by 2031, registering a CAGR of 24.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

Download Sample Report @ https://www.alliedmarketresearch.com/request-sample/1610

Drivers, restraints, and opportunities-

Increased tourism due to factors such as rise in disposable income, easy online travel bookings, package vacations, and robust holiday coverage drive the growth of the global travel insurance market. On the other hand, lack of awareness regarding travel insurance among people impede the growth to some extent. However, technological advancements such as geo-location, application program interface (API), artificial intelligence (AI), data mining, and global positioning system (GPS), among others have paved the way for lucrative opportunities in the industry.

Covid-19 scenario-

The travel & tourism industry got highly affected due to the strict lockdown measures imposed by government bodies across the world. This, in turn, impacted the global travel insurance market negatively, especially during the initial period.
However, the market has now got back on track.
The single-trip travel insurance segment to dominate by 2031-

By insurance cover, the single-trip travel insurance segment held the major share in 2021, garnering around three-fifths of the global travel insurance market. This is owing to the fact that customized coverages with extra premium cost are offered when the traveler is planning to take part in winter sports, climbing, bungee jumping, and diving while abroad. These are best-suited policies for family travelers who prefer to go on a vacation once or twice a year. The long-stay travel insurance segment, at the same time, would showcase the fastest CAGR of 28.7% throughout the forecast period. This is because long-stay travel insurance provides lucrative coverages compared to that of conventional travel insurance policies, covering things such as medical costs, missing luggage, and having to postpone or cancel a trip.

The insurance intermediaries segment to maintain the lion's share-

By distribution channel, insurance intermediaries segment contributed to the highest share in 2021, generating nearly one-third of the global travel insurance market. This is due to the fact that insurance intermediaries are upgrading their businesses by integrating software such as GDS, a global distribution system that facilitates transactions between service providers in the travel industry such as airlines, hotels, car rental companies, and travel agencies. The insurance aggregators segment, however, would cite the fastest CAGR of 27.9% from 2022 to 2031. This is attributed to the fact that insurance aggregators collect data on various policies of insurance companies and upload it on a single online portal. Individuals interested in taking an insurance policy can visit this portal and compare products, prices, and terms of conditions offered by different insurance companies and make the best choice.

The family travelers segment to retain its dominance-

By end-user, the family travelers segment generated the major share in 2021, holding more than one-fourth of the global travel insurance market, owing to increasing intergenerational travel trends among families. The business travelers segment, simultaneously, would portray the fastest CAGR of 28.1% by 2031, due to rapid increase in national and international traveling for businesses to purchase raw materials from suppliers.

Interested to Procure the Data? Inquire Here@

https://www.alliedmarketresearch.com/purchase-enquiry/1610

Asia-Pacific garnered the major share in 2021-

By region, the market across Asia-Pacific contributed to the major share in 2021, accounting for nearly two-fifths of the global travel insurance market. The same region would also cite the fastest CAGR of 28.1% throughout the forecast period. Rise in awareness related to significant advantages of travel insurance among developing nations presents high opportunities for the market growth across the region.

Key players in the industry-

Assicurazioni Generali S.P.A.
Aviva
Zurich
Just Travel Cover
American International Group, Inc.
PassportCard
Trailfinders Ltd.
Staysure
Insurefor.com
AX
The report analyzes these key players in the global travel insurance market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

Buy This Research Report - https://bit.ly/3Aw1omb

Similar Reports We Have on BFSI Industry:

Blockchain Distributed Ledger Market https://www.alliedmarketresearch.com/blockchain-distributed-ledger-market
Boiler Insurance Market https://www.alliedmarketresearch.com/boiler-insurance-market-A07432
Revenue-Based Financing Market https://www.alliedmarketresearch.com/revenue-based-financing-market-A07537
Remote Deposit Capture Market https://www.alliedmarketresearch.com/remote-deposit-capture-market
Europe Debt Collection Software Market https://www.alliedmarketresearch.com/europe-debt-collection-software-market
Auto Insurance Market https://www.alliedmarketresearch.com/auto-insurance-market
Neo and Challenger Bank Market https://www.alliedmarketresearch.com/neo-and-challenger-bank-market
Direct Carrier Billing Platform Market https://www.alliedmarketresearch.com/direct-carrier-billing-platform-marke

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

Follow us on LinkedIn and Twitter

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.