Press release
Travel Insurance market competitive and growth analysis - Key Trends, Outlook, high growth report 2023-2032 | Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc
Travel Insurance market
The Business Research Company's latest "Global Travel Insurance Opportunities And Strategies Market Report - Forecast To 2032" is the most comprehensive report available in market that will help gain a truly global perspective with data and statistics from over 60 geographies analyzed with more than 7500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. It also compares the market's historic and forecast growth and highlights important trends and strategies that can be adopted to beat the competition in the industry
Growing demand for embedded, event-driven insurance is expected to be a key driver for the growth of the travel insurance market in the forecast period. Embedded, event-driven travel insurance refers to insurance coverage that is seamlessly integrated into other products or services, such as travel bookings, to provide convenient and automatic protection during specific events or activities. The demand for these types of travel insurance reflects the evolving needs and preferences of modern travelers who seek personalized, convenient and event-specific coverage options. For instance, in December 2022, according to a report published by Companjon, a European tech business specializing in embedded insurance, travel-related embedded insurance products reported strong consumer demand for flexible coverage triggered by specific events, such as Cancel for Any Reason Insurance (90%), Luggage Loss Insurance (85%) and Delay Insurance (84%). Particularly, the 25-44 age group is demanding embedded insurance, due to automated claims processing, instant payouts and a reliable service. Additionally, over 40% of consumers value the flexibility to cancel purchases and receive instant reimbursements. Therefore, the growing demand for embedded, event-driven insurance will drive demand for travel insurance going forward.
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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. For instance, in March 2022, Virgin Money, a UK-based financial services company, unveiled a new digital travel insurance offering that incorporates comprehensive coverage for COVID-19. The travel insurance policies come with the added option to include enhanced COVID-19 coverage and standard coverage for pre-departure and overseas incidents. As a fully digital solution, policyholders can conveniently purchase, update and track their claims online. Further, in June 2021, Firemelon Ltd., a UK-based insurance software company, introduced the Magenta Insurance System, an online platform designed to enable Fit 2 Trip, a Spain-based specialist travel insurance provider, to offer travel insurance coverage in Spain and Italy. This platform allows Fit 2 Trip to provide travel insurance policies that encompass pre-existing medical conditions, expanding their customer base and ensuring access to coverage for individuals with diverse medical circumstances. With the creation of these new websites, Fit 2 Trip aims to extend its travel insurance services to a broader audience in Italy and Spain, irrespective of their medical histories.
The top opportunities in the travel insurance market by type will arise in the domestic market, which will gain $11,618.6 million of global annual sales by 2027. The top opportunities in the travel insurance market by insurance cover will arise in the single-trip travel insurance market, which will gain $12,563.1 million of global annual sales by 2027. The top opportunities in the travel insurance market by distribution channel will arise in the insurance intermediaries' market, which will gain $9,870.7 million of global annual sales by 2027. The top opportunities in the travel insurance market by coverage will arise in the medical expenses market, which will gain $10,006.2 million of global annual sales by 2027. The top opportunities in the travel insurance market by end-user will arise in the family travelers market, which will gain $9,885.8 million of global annual sales by 2027. The travel insurance market size will gain the most in the USA at $4,620.0 million.
Travel Insurance Market Segmentation:
The Travel Insurance market is segmented by type, by insurance cover, by distribution channel, by coverage and by end-user.
By Type -
The travel insurance market is segmented by type into:
a) Domestic
b) International
By Insurance Cover-
The travel insurance market is segmented by insurance cover into:
a) Single-Trip Travel Insurance
b) Annual Multi-Trip Travel Insurance
c) Long-Stay Travel Insurance
By Distribution Channel-
The travel insurance market is segmented by distribution channel into:
a) Insurance Intermediaries
b) Insurance Companies
c) Banks
d) Other Distribution Channels
By Coverage -
The travel insurance market is segmented by coverage into:
a) Medical Expenses
b) Trip Cancellation
c) Trip Delay
d) Property Damage
e) Other Coverages
By End-User
The travel insurance market is segmented by end-user into:
a) Senior Citizens
b) Corporate Travelers
c) Family Travelers
d) Education Travelers
e) Other End-Users
Major players in the Travel Insurance market include 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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The latest report from The Business Research Company, 'Global Travel Insurance Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.
Travel Insurance Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
18. Competitive Landscape And Company Profiles
19. Key Mergers And Acquisitions
20. Opportunities And Strategies
21. Travel Insurance Market, Conclusions And Recommendations
22. Appendix
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