DUBLIN–(BUSINESS WIRE)–Added Travel Insurance Global Market Report 2022 report ResearchAndMarkets.com Offer.
This report provides strategists, marketers and executives with the crucial information they need to assess the global travel insurance market.
The global travel insurance market is expected to grow from US$16.05 billion in 2021 to US$18.81 billion in 2022 at a compound annual growth rate (CAGR) of 17.2%. The travel insurance market is expected to grow to $32.61 billion by 2026 at a CAGR of 14.7%.
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Major players in the travel insurance market are Allianz SE, American Express Company, American International Group Inc., Assicurazioni Generali SPA, Atlas Travel Insurance, Aviva plc, Axa SA, Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc., Saga Plc, Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc, Zurich Insurance and Arch Capital Group Ltd.
The travel insurance market consists of the sale by businesses (organizations, sole traders and partnerships) of travel insurance, which is a type of insurance that covers various risks during the trip. It covers medical expenses, flight cancellations, lost luggage and other losses that a traveler may incur while traveling. This is mainly because hedging these risks provides additional protection against financial loss.
The main types of travel insurance are domestic and international. International travel insurance provides coverage for people traveling internationally. The various insurance coverages in travel insurance are single trip travel insurance, annual multi-trip travel insurance, and long-term travel insurance, which are used by various end users including seniors, business travelers, family travelers, educational travelers, and other end users.
Travel insurance coverage includes medical expenses, trip cancellation, trip delay, property damage and others distributed through various channels including insurance intermediaries, insurance companies, banks, insurance brokers and other distribution channels.
Asia Pacific was the largest region in travel insurance market in 2021. The regions covered in Travel Insurance Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Travel Insurance Market Research Report is one of a series of new reports providing travel insurance market statistics, including global travel insurance industry market size, regional shares, competitors with a travel insurance market share, detailed travel insurance market segments, market trends and opportunities, and any other data you might need to succeed in the travel insurance industry. This Travel Insurance Market Research Report provides a complete overview of everything you need with in-depth analysis of the current and future scenario of the industry.
The increase in tourism is contributing to the growth of the travel insurance market. Travel insurance companies help the tourism sector by providing financial assistance through certain packages that help travelers with medical emergencies, lost passports, flight cancellations, and misplaced or lost luggage. For example, according to the United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency, 1.5 billion international tourist arrivals were recorded worldwide in 2019, a 4% increase over the previous year. Therefore, the increase in tourism is driving the growth of the travel insurance market.
The incorporation of advanced technologies has emerged as a key trend gaining popularity in the travel insurance platform. Large companies operating in the travel insurance sector are focusing on new technologies to strengthen their position in the market.
The countries covered in Travel Insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
For more information about this report, visit https://www.researchandmarkets.com/r/lig768