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Travel Insurance Market Report 2023 - Market Size, Growth Rate, Major Drivers And Key Trends | Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American
Travel Insurance Market
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The global travel insurance market reached a value of nearly $19,278.6 million in 2022, having increased at a compound annual growth rate (CAGR) of 10.5% since 2017. The market is expected to grow from $19,278.6 million in 2022 to $41,424.6 million in 2027 at a rate of 16.5%. The market is then expected to grow at a CAGR of 16.6% from 2027 and reach $89,122.9 million in 2032.
Travel insurance refers to a type of insurance that covers various risks while traveling. It covers medical expenditures, flight cancellations, lost luggage, and other losses that a traveler can incur while traveling. Travel insurance is taken to cover these risks and it ensures an additional layer of protection against financial loss during travel.
The travel insurance market includes revenues earned by entities (organizations, sole traders and partnerships) by providing evacuation insurance, baggage and personal items loss insurance, life insurance and other such insurances during travel.
Major companies operating in the travel insurance market are focused on adopting and offering digital platforms and mobile applications that allow travelers to easily purchase, manage and access their insurance policies, and enable key players to gain a competitive advantage in the market. Digital platforms provide a seamless and convenient user experience, enabling travelers to review coverage details, submit claims and receive real-time assistance on their mobile devices.
Travel Insurance Market Segmentation:
• By Type - Domestic, International
• By Insurance Cover - Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance
• By Distribution Channel - Insurance Intermediaries, Insurance Companies
Some of the key players involved in the Travel Insurance market are Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc
The regions covered in the global Travel Insurance market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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A Few Points From The Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Key Mergers And Acquisitions
20. Opportunities And Strategies
21. Travel Insurance Market, Conclusions And Recommendations
22. Appendix
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