Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Travel Insurance Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028FSegmented By Coverage Type, By Provider, By End User By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
The global travel insurance market is anticipated to project robust growth in the forecast period because of easy access to online travel reservations and increasing corporate travel, package deals with various discount offers, etc.
Travel insurance aims to protect from potential hazards and financial losses. The costs of lost or stolen property, urgent medical attention, unintentional death, and travel cancellation & interruption are typically covered under travel insurance. From the time of departure until the insured person's return, it is in effect.
Nowadays, several companies provide travel insurance with 24/7 emergency services, such as replacing lost passports, assisting with monetary wires, and rebooking postponed flights. Additionally, they offer the option for customization based on the requirements of the insured individuals and their specific geographical area.
The market for travel insurance suffered as a result of the coronavirus pandemic. The U.S. Travel Insurance Association (UStiA) reported that customers spent about USD1.72 billion on various travel insurance products between 2018 and 2020, a decrease from the previous peak of USD4 billion in the study from 2016 to 2018.
Therefore, the pandemic significantly impacted the global travel and transportation industry in the year 2020, causing prominent travel disruptions. On the other hand, the post-pandemic period saw an increase in demand for travel protection and medical insurance, which led to expansion in the travel insurance industry.
According to the most recent UNWTO World Tourism Barometer, in comparison to the same period in 2021, international tourist arrivals nearly tripled from January to July 2022 (+172%). This indicates that the industry has almost reached its pre-pandemic levels.
Customized Offerings Aiding the Market Growth
Various travel insurance providers offer travel insurance plans and packages that the buyer can customize. They can adjust their coverage limit through the same. For instance, American Express provides a customizable travel insurance package.
Amex allows individuals to "create your own" or "purchase a bundle" when they purchase policies on its website. The company offers various options when someone enters travel information on its website. Amex allows customers to choose the level of baggage loss, damage, or theft insurance, depending on the price a person is willing to pay.
The degree of emergency medical evacuation coverage can also be changed from USD 25,000 to USD 100,000. The amount of medical coverage can also be adjusted.
Rising Trend of 'Workation' as well as 'Slow Tourism' to Boost the Market Growth
Additionally, new spending patterns have been observed in the past couple of years. Concepts such as "slow tourism," which means taking a longer journey rather than splitting it up into multiple short stays, or "workcation," a new method of working while traveling that has been made possible by the advent of remote work, have been observed.
These recent trends have several benefits, such as decreased mass consumption, increased travel to new places, and the developing of eco-friendly tourism that considers the surroundings and the environment, etc. Such factors are anticipated to further enhance the market growth of travel insurance worldwide in the forecast period.
Ease of Availability Fueling the Market Growth
The rising internet penetration and increased usage of smartphones have led to a significant increase in online purchases. The expansion of the online insurance market is fueled by online portals such as direct airline websites, online travel agents, and company websites & applications, which raise consumer knowledge of the market.
Additionally, since these websites only offer a few options from a single provider, they give customers the most straightforward approach to researching and purchasing top-tier travel insurance policies. Hence the increasing presence of travel insurance providers on online platforms is expected to bolster the growth of the market.
Competitive Landscape
Detailed analysis of the major companies present in the global travel insurance market.
- Allianz SE
- American Express Company
- AXA SA
- Assicurazioni Generali S.p.A.
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Zurich Insurance Company Ltd
- Crum & Forster Holdings Corp.
- USI Insurance Services, LLC
- American International Group, Inc.
Market Trends & Developments
- Rising Tourism
- Government Initiatives
- Increasing Campaigns and Marketing Strategies
- Increased Presence on Online Portals
- Ease of Availability
Report Scope:
Travel Insurance Market, By Coverage Type:
- Single Trip Travel Insurance
- Annual Multi-trip Travel Insurance
- Long Stay Travel Insurance
Travel Insurance Market, By Provider:
- Banks
- Insurance Companies
- Insurance Intermediaries
- Others
Travel Insurance Market, By End User:
- Education Travelers
- Business Travelers
- Family Travelers
- Others
Travel Insurance Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Netherlands
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/zdxwhf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
