Some of the major travel insurance market participants are HanseMerkur Reiseversicherung AG, Groupama Sigorta AS, Generali Group, Chubb Limited, China Pacific Insurance, (Group) Co., Ltd., Berkshire Hathaway Specialty Insurance, AXA Travel Insurance, Aviva PLC, Arch Capital Group Limited, American International Group, American Express Company, and Allianz Partners.
Selbyville, Delaware, Jan. 27, 2021 (GLOBE NEWSWIRE) —
Global Market Insights, Inc. has recently added a new report on the travel insurance market which estimates the industry valuation of travel insurance will cross US$ 45 billion by 2027. Expanding the tourism industry globally will spur the demand for sophisticated travel insurance packages.
Business professionals travel to international destinations several times a year for corporate deals or meetings. This encourages them to undertake travel insurance policies launched for multiple trips. Multi-trip insurance eliminates the hassle of getting a separate plan for every trip, offering enhanced flexibility. These insurance plans cover expenses incurred from last-minute trip cancellations. They also cover medical expenses and costs incurred from lost luggage. Multi-trip insurance plan offered by American Express ensures cashless claim settlement worldwide with a global medical network of preferred hospitals. Several players are offering multi-trip insurance policies for frequent travelers to gain a higher market share in the travel insurance industry.
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There is a high demand for a single travel insurance plan that covers the entire family. This eliminates the need to buy separate plans for every family member, ensuring financial security on foreign trips. A family travel insurance plan safeguards the customers from probable uncertainties and risks that may occur during the travel period at an international destination. These insurance plans protect against loss from ticket cancellations, medical costs, luggage loss, theft, or hotel cancellations. As climate change during international trips can have an adverse impact on the health of children, travel medical insurance covers the costs incurred during such medical emergencies.
The travel insurance market in North America was worth over USD 5 billion in 2020 and is projected to grow rapidly from 2021 to 2027. The growth can be attributed to the strong tourism industry in the region attracting several international travelers every year. The government of Canada is also focusing on expanding the tourism market for economic growth. This will boost the demand for travel protection plans that ensure financial security to visitors. There is also a rise in the demand for travel insurance from students relocating to the U.S. for higher education.
Some major findings of the travel insurance market report are:
- Improving economic conditions in several countries have boosted the number of international travelers, propelling the travel insurance market growth.
- As businesses expand their market presence internationally, there is a rise in the number of professionals undertaking foreign trips for corporate deals. This will upsurge the demand for travel insurance packages from corporate employees.
- Government organizations launching initiatives to boost international tourism will also fuel the demand for affordable travel insurance plans from travelers. The market will gain traction, with travelers adopting plans for reimbursements in cases of unanticipated events such as flight cancellations, delays or baggage loss.
- Rise in the number of students pursuing higher education abroad will spur the demand for travel insurance policies launched specifically for the requirements of students.
- Several insurance companies are introducing travel insurance plans for senior citizens to cover expenses associated with medical emergencies or repatriation in the worst-case scenario of death.
- Rise in the number of travelers undertaking trips for adventure purposes, such as scuba diving, snorkeling or hiking, will upsurge the demand for sophisticated travel medical insurance plans.
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Partial chapters from the report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Travel insurance industry 360⁰ synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Trip trends
2.1.5 Provider trends
2.1.6 End-use trends
Chapter 3 Travel Insurance Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
3.2.3 Industry value chain
18.104.22.168 Research and development
3.2.4 Competitive landscape
22.214.171.124 Distribution network
126.96.36.199 Business growth
3.3 Industry ecosystem analysis
3.3.1 License provider
3.3.2 Travel insurance provider
3.3.3 Technology provider
3.3.4 Service provider
3.3.5 Third party payment issuers/provider
3.3.6 Advertising & marketing
3.3.7 Service provider
3.3.8 Distribution channel analysis
3.3.9 End-use landscape
3.3.10 Vendor matrix
3.4 Technological & innovation landscape
3.4.1 IoT, AI and machine learning
3.4.2 Geo-location and GPS
3.4.3 Data analytics
3.5 Regulatory landscape
3.5.1 North America
3.5.3 Asia Pacific
3.5.4 South America
3.6 Industry impact forces
3.6.1 Growth drivers
188.8.131.52 Increasing spending on travel protection plans in North America
184.108.40.206 Mandatory travel insurance policies in North America & Europe
220.127.116.11 Development of international trade and overseas business expansion in Asia Pacific
18.104.22.168 Growth in tourism industry in Latin America & MEA
22.214.171.124 Flourishing travel & tourism industry in the MEA
3.6.2 Industry pitfalls & challenges
126.96.36.199 Decline in international travelling activities due to coronavirus pandemics
188.8.131.52 Lack of consumer experiences in terms of its coverages and premium rates
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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