Newark, June 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global travel insurance market is expected to grow from USD 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030.
The growing tourism industry leads to increased tourist traffic. The increased tourist traffic is accompanied by increased instances of travel interruptions and cancellations, delays, medical emergencies, loss & of luggage. These unforeseen instances result in financial loss of the consumers, which can be mitigated by acquiring travel insurance.
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This compensation of financial loss enabled by travel insurance will drive the global travel insurance market. However, there is a lack of awareness about the presence and benefits of travel insurance products. These products are not as known or popular as life & health insurance. Creating awareness about travel insurance through targeted marketing and partnership with travel companies will provide an impetus to the market's growth. The pandemic had a severe negative impact on the travel and tourism industry; famous destinations worldwide did not see any tourists for 24 months. The revenue received from the tourism sector dropped to all-time lows. To provide the necessary push for the tourism sector, governments are allocating funds and launching initiatives favorable to the industry. Such government-friendly moves will increase the number of inbound travelers, resulting in a lucrative opportunity for the travel insurance market. Market players can maximize with these developments by providing customized travel insurance plans befitting the travel needs of the consumers. customization will attract potential consumers to the market, facilitating market expansion. Dealing with travelers' concerns is likely to pose a challenge for the market. A sense of fear induced by the pandemic is still lingering on the minds of consumers, resulting in people avoiding travel due to various travel regulations about testing & quarantine. There is renewed yet cautious hope about life returning to normalcy with the virus on the declining path.
In the growing travel and tourism industry, an increase in the number of travelers accompanied by an increase in the number of insurance providers will drive the growth of the travel insurance market. Increased government spending on the tourism sector to revive it after the pandemic and discounted holiday packages by the market players is also expected to contribute to its growth.
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Key players operating in the global travel insurance market are:
• Allianz
• AXA
• American International Group Inc.
• American Express Company
• Generali Group
• Zurich Insurance Group AG
• Chubb Ltd.
• Travel Insured International
• Assicurazioni Generali S.P.A
• Travel Safe Insurance
To enhance their market position in the global travel insurance market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• AXA, a significant market player in the global travel insurance industry, partnered with Coverwise. The partnership enabled the companies to develop affordable products that helped them fulfill the needs of the consumers efficiently.
The single trip travel insurance segment dominated the market with a market share of around 48% and a market value of about 8.06 billion in 2021.
The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. The single trip travel insurance segment dominated the market with a market share of around 48% and a market value of about 8.06 billion in 2021.
The educational travelers segment is expected to grow at the fastest CAGR of 19.3% over the forecast period.
The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the educational travelers segment is expected to grow at the fastest CAGR of 19.3%.
The insurance intermediaries segment dominated the market, accounting for around 39% of global revenue and a market value of about 6.55 billion in 2021.
The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. The insurance intermediaries segment dominated the market, accounting for around 39% of global revenue and a market value of about 6.55 billion in 2021. An extensive presence and reach of the insurance intermediaries in the market can be attributed to the dominance of this segment.
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Regional Segment Analysis of the Travel Insurance Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Among all regions, the European region emerged as the largest market for the global travel insurance market, with a market share of around 34.2% in 2021. The Asia Pacific is expected to be the largest market during the forecast period. China dominates the travel insurance market in the Asia Pacific. The increasing government initiatives to boost the tourism industry are expected to significantly contribute to the Asia Pacific travel insurance market. In 2021, the ministry of internal affairs of the Japanese government announced the allocation of USD 37 million to develop the tourism sector. The initiative aims to revamp local Japanese tourist places and create an internationally competitive tourism sector.
About the report:
The global travel insurance market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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