Press release
Innovative COVID-19 Digital Travel Insurance Solutions Transforming The Market Industry Trends Gaining Momentum in the Global Coronavirus Travel Insurance Market
Coronavirus Travel Insurance
Coronavirus Travel Insurance Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over recent years, there has been a swift expansion in the coronavirus travel insurance market. The market value is projected to rise from $4.03 billion in 2024 to $4.53 billion in 2025 at a compound annual growth rate (CAGR) of 12.4%. The rise in the past years can be credited to the escalating fear of sudden border closures, rising demand for emergency evacuation facilities, increments in denials of flight boardings due to symptoms, a spike in demand for COVID-19 diagnosis coverage, and increasing customer desires for flexible reimbursement alternatives.
Coronavirus Travel Insurance Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for the rapid expansion of the coronavirus travel insurance market in the coming years. It's predicted to balloon to a worth of $7.16 billion by 2029, experiencing a compound annual growth rate (CAGR) of 12.1%. The anticipated growth within the forecast period is credited to various factors, such as the recovery of international travel, increased comprehension of risks associated with pandemics, rising demand for protection against trip cancellation, the appearance of new covid-19 variants, and compulsory insurance policies put in place by countries of destination. Expected trends throughout this period encompass advancements in digital platforms for insurance, the creation of parametric travel insurance products, innovative options for covid-related coverage, enhanced embedded travel insurance within booking applications, and the progression of AI-supported systems for detecting fraud.
View the full report here:
https://www.thebusinessresearchcompany.com/report/coronavirus-travel-insurance-global-market-report
What Are the Drivers Transforming the Coronavirus Travel Insurance Market?
The surge in international and recreational travel is set to propel the coronavirus travel insurance market's expansion. This type of travel primarily entails crossing national boundaries for relaxation, holiday purposes, or personal pleasure rather than work-related trips. The rise in international and recreational travel can be attributed to the relaxation of travel restrictions, as several nations have now eased COVID-19 related travel laws, making overseas travel for recreational purposes more convenient and attractive. Coronavirus travel insurance aids in facilitating these types of travel by offering financial safeguards and medical coverage in case of any COVID-19 related interruptions while abroad. For example, the International Trade Administration, a United States government agency, issued a report in September 2023 reporting that in 2022, a total of 80.7 million U.S. residents traveled to overseas locations, Canada, and Mexico, representing a 64% growth when compared with 2021.As a result, the growth of the coronavirus travel insurance market is being fuelled by the rise in international and recreational travel.
Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=27064&type=smp
What Long-Term Trends Will Define the Future of the Coronavirus Travel Insurance Market?
Leading corporations in the coronavirus travel insurance market are progressively concentrating on launching innovative solutions, including Covid-19 digital travel insurance. This pioneering policy aims to simplify the issuance of policies and processing of claims for travelers. Covid-19 digital travel insurance is a tech-based insurance policy delivering coverage for travel complications related to the current pandemic. It encompasses online purchase, digital document verification, and contactless claim processing facilities. For example, in March 2022, Virgin Money, a financial services firm based in the UK, introduced a thoroughly digital travel insurance product that includes Covid-19 coverage as a standard feature. It provides cancellation coverage if a traveler gets a Covid-19 diagnosis within 14 days prior to their trip departure. Plus, it has provisions for medical treatment and return cover, if a traveler contracts Covid-19 while abroad. These are available in the form of single trip or annual multi-trip policies in three coverage brackets (red, silver, and gold) that have added benefits like gadget coverage, winter sports, cruise, and excess car hire options. ERGO underwrites these policies that were developed in collaboration with the Hood Group. This arrangement allows customers to manage their coverage entirely via online methods.
Which Segments in the Coronavirus Travel Insurance Market Offer the Most Profit Potential?
The coronavirus travel insurance market covered in this report is segmented -
1) By Coverage Type: Trip Cancellation, Medical Expenses, Emergency Evacuation, Trip Interruption, Other Coverage Types
2) By Duration Of Coverage: Single Trip Insurance, Annual Multi-Trip Insurance, Long-Term Insurance, Short-Term Insurance
3) By Distribution Channel: Online, Insurance Agents, Insurance Brokers, Other Distribution Channels
4) By Application: International Aviation, Domestic Aviation, High-Speed Rail, Other Applications
5) By End-User: Individual, Business Travelers, Other End-Users
Subsegments:
1) By Trip Cancellation: Pre Departure Trip Cancellation, Last Minute Trip Cancellation, Tour Operator Cancellation, Airline Cancellation, Government Travel Ban Cancellation
2) By Medical Expenses: Hospitalization Costs, Doctor Consultation Fees, Prescription Medication, COVID-19 Testing Expenses, Outpatient Treatment
3) By Emergency Evacuation: Air Ambulance Services, Ground Medical Transport, Repatriation To Home Country, Transfer To Closest Medical Facility, Travel Companion Evacuation
4) By Trip Interruption: Return Transportation Costs, Missed Travel Connections, Lost Accommodation Costs, Unused Tour Or Activity Reimbursement, Quarantine Related Trip Delay
5) By Other Coverage Types: Travel Delay Compensation, Quarantine Accommodation Coverage, Twenty Four Hours Emergency Assistance, Travel Document Replacement, Personal Belongings Protection
Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=27064&type=smp
Which Firms Dominate the Coronavirus Travel Insurance Market by Market Share and Revenue in 2025?
Major companies operating in the coronavirus travel insurance market are Allianz SE, Ping An Insurance Company Ltd., China Life Insurance Company Limited, AXA Assistance SA, Assicurazioni Generali, American International Group Inc., AIG Travel Guard Group Inc., Tokio Marine HCC, Chubb Limited, TUI AG, Medibank Private Limited, Starr Indemnity & Liability Company, Berkshire Hathaway Specialty Insurance Company, Seven Corners Inc., International Medical Group Inc., Travelex Insurance Services Ltd., World Nomads Insurance Services Pty Ltd., InsureMyTrip Inc., Trawick International LLC, Zurich Insurance Group Ltd., USI Affinity Inc.
Which Regions Offer the Highest Growth Potential in the Coronavirus Travel Insurance Market?
North America was the largest region in the coronavirus travel insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the coronavirus travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=27064
This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.
Speak With Our Expert:
Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Innovative COVID-19 Digital Travel Insurance Solutions Transforming The Market Industry Trends Gaining Momentum in the Global Coronavirus Travel Insurance Market here
News-ID: 4162912 • Views: …
More Releases from The Business Research Company
Cryptocurrency Automated Teller Machine (ATM) Software Market Poised to Hit $7.2 …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Cryptocurrency Automated Teller Machine (ATM) Software Market Size Growth Forecast: What to Expect by 2025?
The market size for cryptocurrency automated teller machine (ATM) software has witnessed a significant increase in its scale in the past few years. The projection shows a rise from $2.14 billion in 2024 to…
Unlocking Opportunities in the Credit Card Collection Service Market: 2025-2034 …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Credit Card Collection Service Industry Market Size Be by 2025?
The market for credit card collection services has seen robust growth in the past few years. The market, which is expected to rise from $2.83 billion in 2024 to $2.97 billion in 2025, is set to…
The Rising Interest In New Automobiles Drives The Growth Of The Market Due To In …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Consumer Automotive Financial Services Market Size By 2025?
In recent years, the market size of consumer automotive financial services has experienced robust growth. The anticipated progression is from $1,416.89 billion in 2024, to $1,531.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of…
Expansion Of Smart Infrastructure Projects Driving Market Growth Due To Urbaniza …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Construction Telemetry Market Through 2025?
The market size of construction telemetry has been expanding steadily in the past few years. An increase from $5.22 billion in 2024 to $5.59 billion in 2025 is projected, presenting a compound annual growth rate (CAGR) of…
More Releases for Insurance
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
Non-Life Insurance Market :Health Insurance, Property Insurance, Cargo Insurance …
Non-Life Insurance Market Overview:
Summary:Excellence consistency maintains by Garner Insights in Research Report in which studies the global Non-Life Insurance market status and forecast, categorizes and Equipment market value by manufacturers, type, application, and region.
Get Access to Report Sample: http://bit.ly/2Q9Hd8z
Non-Life Insurance market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period. In this study, 2017 has been…
