Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically. The insurance may also include some benefits such as accidental health benefit, additional kennel or cattery fees, loss of income and permanent disability, alternative transport arrangement, etc. Factors such as increase in natural disasters, growth in tourism, rise in globalization and trade practices have made this industry attractive.
The Travel Insurance Market share is expected to generate $28,265 million by 2022, growing at a CAGR of +9% during 2017-2022.
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Travel insurance offers a wide range of benefits for events such as cancellations of travel due to medical emergencies, loss of baggage, evacuation due to medical conditions or theft, and loss of travel documents. However, it is considered a cost that many travelers need. Lack of awareness and leadership are the main factors that keep travelers from choosing travel insurance.
The global travel insurance market is broken down by insurance coverage, distribution channels, users and regions. By insurance coverage, the market is divided into single travel travel insurance, annual multi-travel travel insurance and long-term travel insurance. Insurance policies are sold through a variety of distribution channels such as insurance brokers, insurance companies, banks, insurance brokers, insurance consolidators, and more. Users who choose travel insurance policies are backpackers, senior citizens, educational travelers, business travelers, fully independent travelers and family travelers. Markets include North America (USA, Canada and Mexico), Europe (UK, Germany, France and other Europe), Asia Pacific (China, Japan, India, Australia, Korea, Asia Pacific) and LAMEA (Latin America, Middle East and Africa).
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The report covers both, qualitative and quantitative research of the market, as well as include comprehensive insights and developments methods adopted by the key players. The report encompasses competitive detailed analysis of the key players which are driving the market. The key business strategies such as mergers and acquisitions, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the travel insurance market report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.
Some Of The Primary Market Participants Are Allianz, Generali Global Assistance, USI Affinity, Seven Corners Inc., Travel Safe Insurance, Trip Mate Inc. (Arthur J. Gallagher & Co.), Travel Insured International, AXA, Tata AIG General Insurance Company Limited, Insure & Go Insurance Services Limited, Travelex Insurance Services (TIS), Tokio Marine HCC Medical Insurance Services Group, First Allied Travel Insurance, Arch Insurance Company, Aviva Life Insurance Company India Ltd., American Express Company, BH Specialty Insurance, TravelInsurance.com (DigiVentures Holdings, LLC), amongst others.
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Travel Insurance Market – By Insurance Cover
• Medical Treatment
• Damage and Theft
• Resuming Your Journey
• Cancellation Insurance
• Lump Sum Payments
• Caretaker Coverage
• Death Itinerary
Market By Distribution Channel
• Insurance Intermediaries
• Insurance Company
• Insurance Broker
• Insurance Aggregator
Travel Insurance Market – By End-User
• Senior Citizens
• Education Traveler
• Business Traveler
• Family Traveler
• Fully independent Traveler
Market By Payment Method
• Monthly Outstanding Balance Method
• Single Payment Method
Travel Insurance Market – By Trip Type
• Single Trip Travel Insurance
• Annual Multi-trip Travel Insurance
• Long-Stay Travel Insurance
North America has mentioned the essential proposals for the global Travel Insurance Market 2019, and this proposal is expected to increase over the next several years. The North American market is expected to be the largest market in the entire market. Other areas are also predicted in the same way as seeking the lead and fostering the development of this market. Geologically, the European market is the fastest region in North America. The APAC market is expected to have significant proposals in the general Travel Insurance market within the expected contract period.
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