New York, Sept. 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Travel Insurance Market by Insurance Cover, by Distribution Channel, and by End User – Global Opportunity Analysis and Industry Forecast, 2022-2030” known” – https://www.reportlinker.com/p06293610/?utm_source=GNW
It offers the insured person financial security in the event of cancellation, loss of luggage, medical and other costs incurred during a trip. Travel insurance can be availed as a package with travel tickets or purchased separately either online or offline. Banks and financial institutions also offer travel insurance to customers using their credit card facility.
Market Dynamics and Trends:
The fast growing tourism industry around the world due to the wide media coverage of various tourist destinations, high disposable income in developed countries and the availability of paid holidays and facilities like easy online booking of global hotels, accommodation and flights are driving the travel insurance market growth. Also, the launch of online marketplaces for adequate modern accommodation services around the world like Airbnb and The Plum Guide is attracting global travelers. These platforms offer features like entire homes with personal kitchens and flexible ownership. This in turn drives the travel insurance market. Additionally, several countries such as the USA, UAE, Russia and Schengen countries have made travel insurance compulsory for international travelers entering these countries. This factor continues to drive the growth of the market. However, strict government regulations related to visa policies and the global outbreak of highly contagious diseases such as monkeypox are the factors that will restrain the growth of the travel insurance market over the forecast period. On the contrary, the adoption of blockchain technology in the insurance industry is expected to create ample growth opportunities for the travel insurance market in the coming years. Blockchain technology has several advantages over traditional methods such as efficiency, transparency, fast payouts and fraud prevention, as well as the ability to automate claims functions by verifying coverage between insurance providers and insurers.
Market Segmentations and Scope of Study:
The global Travel Insurance market share is analyzed on the basis of coverage, distribution channel, end-user, and geography. On the basis of insurance coverage, the market is segmented into single trip travel insurance and annual multi-trip travel insurance. On the basis of distribution channel, the market is segmented into ancillary insurance intermediaries, insurance companies, banks, insurance agents/brokers and insurance aggregators. On the basis of users, the market is segmented into seniors, educational travelers, backpackers, business travelers and family travelers. The geographic breakdown and analysis of each of the above segments includes regions comprising North America, Europe, Asia Pacific and RoW.
Europe holds the lion’s share of the travel insurance market and is expected to continue its dominance over the forecast period. This is attributed to factors such as the very high number of international travelers in countries like France, Spain and Italy and strict government regulations in Europe that made travel health insurance compulsory for all foreign travelers entering the region. In addition, the presence of key market players such as Allianz Group, Zurich Insurance Group and Axa SA further fuels market growth in the region.
On the other hand, North America is expected to see a steady increase in the travel insurance market due to the rapidly increasing adoption of corporate travel insurance in this region. In North America there are several global organizations that send their employees onboard for company meetings and business events. Factors such as the region’s high purchasing power and easy availability of domestic travel insurance, which provides comprehensive coverage for those traveling within the country, continue to fuel the market growth.
The various market players operating in the global travel insurance market include Allianz Group, Zurich Insurance Group, American Express Company, American International Group, Inc., Axa SA, Berkshire Hathaway Specialty Insurance, Seven Corners, Inc., USI Insurance Services, Travel Insured International, Inc. and Genarali Group. These market players launch different products and complete acquisitions in different regions to maintain their dominance in the travel insurance market. For example, in May 2022, Genarali Group completed the acquisition of 25% stake in Future Generali India Insurance (FGII), totaling 74% stake in this joint venture between Genarali Group and Future Group. It will help Genarali Group improve its product portfolio and offer its services to more customers than before in India.
Additionally, in January 2022, Allianz Group announced a partnership with Singapore Airlines to provide insurance products and services to Singapore Airlines customers. As part of this partnership, Singapore Airlines customers will receive superior travel protection tailored specifically to their travel needs. This protection is offered through Allianz Group’s new flexible product range called Simplicity.
Additionally, on October 5, 2021, Travel Insured International, Inc. introduced a cruise insurance plan that provides coverage for up to $50,000 in accident and medical expenses and up to $250,000 in medical evacuation. It also provides protection against missed cruise connection, cruise deactivation and cruise diversion.
IMPORTANT MARKET SEGMENTS
• Travel Insurance Market – by coverage
o Single Trip Travel Insurance
o Annual travel insurance for multiple trips
• Travel insurance market – by distribution channel
o Secondary insurance intermediary
o Insurance companies
o Insurance agents/brokers
o Insurance Aggregators
• Travel insurance market – by end user
o Educational travelers
o Business travelers
o Family travelers
• Travel insurance market – by geography
o North America
The United Kingdom
rest of Europe
o Asia Pacific
Rest of Asia Pacific
Read the full report: https://www.reportlinker.com/p06293610/?utm_source=GNW
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