DUBLIN, May 30, 2022 /PRNewswire/ — Added “Travel Insurance Market by Cover Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast 2021-2030” report. ResearchAndMarkets.com sentence.
The volume of the global travel insurance market was estimated at $12.38 trillion in 2020 and is projected to reach $119.31 trillion by 2030, increasing by an average of 26.1% between 2021 and 2030.
Travel insurance is a type of insurance that takes into account any unexpected or unwanted losses that may occur during travel (both international and domestic). Typical travel insurance policies are usually designed to cover any medical emergency while traveling, while more comprehensive travel insurance policies may also include trip cancellations, lost baggage, flight delays, civil liability, and other unforeseen expenses during the travel period.
In addition, travel insurance can provide a traveler with a sense of safety and security while visiting a foreign country. However, due to the slowdown in the travel and hospitality segment caused by the outbreak of the COVID-19 pandemic, the global travel insurance industry also contracted significantly during this period. Although, as the average travel scene returns to pre-pandemic levels, the travel insurance market is also expected to grow in the coming years.
The growth of the global travel insurance market is driven by factors such as the growing demand for tourism after the pandemic, which is driving the growth of the travel insurance market. In addition, government-approved travel policies further fuel the growth of the travel insurance market. However, low penetration of insurance policies limits the growth of this market. Conversely, new technological developments in the travel insurance industry are expected to open up numerous opportunities to expand the travel insurance market during the forecast period.
The global travel insurance market is segmented by coverage type, distribution channel, end user and region. Depending on the type of coverage, the market is divided into single travel insurance and annual multiple travel insurance. Depending on the distribution channel, it is divided into insurance intermediaries, insurance companies, banks, insurance brokers and insurance aggregators. Depending on the end user, it is categorized into seniors, educated travelers, business travelers, family travelers, and others. Analyzed by region North America, Europe, Asian-Pacific areaand LAMEA.
The global travel insurance market is dominated by such key players as ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali SPA, AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., Trip Mate Inc., Travel Insured International, Travel Safe Insurance. , and USI INSURANCE SERVICES LLC. These players have adopted various strategies to increase their market penetration and strengthen…