Press release
Global Travel Insurance Market is anticipated to rise at a CAGR of 7.2% during the forecast period 2023-2033
Travel Insurance Market
Travelers encounter potential issues such as luggage loss, medical emergencies, and ticket cancellations, all of which are covered by travel insurance agencies. The remarkable growth of the travel industry, coupled with stringent government regulations on insurance during travel, is a significant driving force for the travel insurance sector. Stringent government norms in countries like the United States, Russia, The United Arab Emirates, and others are fostering a global demand for travel insurance.
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The travel industry has a direct impact on the demand for travel insurance across the world. A travel insurance company covers the risks that occur during travel, such as loss of passport, baggage, and money. They also provide coverage for bookings that are canceled by the customer. Apart from these services, travel insurance companies assist customers in claiming their insurance and finding a hospital in case of an emergency.
The digitalization of the travel insurance industry has simplified the process of obtaining coverage through online platforms, offering the added advantage of comparing costs across different products. The integration of automation, artificial intelligence, and IoT into services is expected to play a pivotal role in the market's expansion in the coming years.
Key Highlights from the Market Study:
Individuals constitute 66% of the market share among end-use applications.
The global market is anticipated to grow at a CAGR of 7.2% from 2023 to 2033.
East Asia is projected to exhibit the highest growth rate of 8.2% during the forecast period among regions.
The market witnessed a historical growth rate of 3.9% during the period 2018-2022.
Segmentation of Travel Insurance Industry Survey:
By Coverage Type:
Single Trip
Annual/Multiple Trip
By Trip Type:
Domestic
International
By End-use Application:
Individual
Group
By Region:
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
Browse Full Report: https://www.factmr.com/report/travel-insurance-market
Competitive Landscape:
Key players in the travel insurance market include Allianz Travel Insurance, Travelex Insurance Services, World Nomads Travel Insurance, Tata AIG General Insurance, Seven Corners, HTH Travel Insurance, Generali Global Assistance, IMG Travel Insurance, AXA Assistance USA, Berkshire Hathaway Travel Protection, Nationwide Insurance, Aviva, AA Travel Insurance, Staysure, Virgin Money Travel Insurance, Cover For You, and Flexicover Travel Insurance.
The market is highly fragmented with the presence of established companies and many new players entering the market. Increasing people's awareness about travel insurance and the easy availability of these services on online platforms are creating a highly competitive scenario in the market.
Recent Developments:
In September 2022, Insurtech Startup InsuranceDekho enhanced its service offerings by introducing travel insurance on its online platform. The company has partnered with leading insurance organizations such as Reliance General, Bajaj Allianz, ICICI Lombard, and others to offer travel insurance services.
In April 2022, online platform Trip.com and AXA Partners announced the expansion of a new travel insurance product in the European region that was introduced in the U.K. in 2021. It offers a wide range of benefits such as cancellation, baggage cover, medical emergency cover, and others.
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More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the global travel insurance market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033. The study reveals essential insights on the basis of coverage type (single trip, annual/multiple trips), end-use application (individuals, groups), and trip type (domestic, international), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Related Reports:
Sales of Reinsurance is forecasted to rise at a CAGR of 4% through 2033
https://www.factmr.com/report/reinsurance-market
Global Automobile Insurance Market is expected to reach a valuation of US$ 813.9 billion by 2032
https://www.factmr.com/report/automobile-insurance-market
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