New York, Aug. 26, 2022 (GLOBE NEWSWIRE) — According to the report published by Next Move Strategy Consulting, the global travel insurance market generated USD 17.58 billion in 2021, and is expected to reach USD 58.93 billion by 2030, witnessing a CAGR of 14.6% from 2022 to 2030. The research provides a detailed analysis of changing market trends based on driving forces and opportunities. Moreover, the research analyzes top segments and their sub-segments with the help of tabular and graphical representation.
Covering a comprehensive analysis in more than 300 pages, accompanied by 175 tables and 145 figures, the report aims to help leading players, investors, and startups devise steps to be adopted to achieve sustainable growth and gain competitive edge. The report also discusses the Covid-19 pandemic and its impact on the travel insurance market size.
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|Market Size in 2021||USD 17.58 Billion|
|Market Size in 2030||USD 58.93 Billion|
|No. of Pages||312|
|Segments covered||Insurance Cover, Distribution Channel, End User, and Geography.|
|Drivers||Growth of the travel & tourism industry with broad coverage regarding various destinations worldwide|
|Ease in booking of flights, accommodation, and hotels|
|Opportunities||The introduction of blockchain technology in the insurance sector|
|Surge in number of corporate travelers|
The research offers an extensive analysis of driving forces, restraining factors, and opportunities of the global travel insurance market. Growth of the travel & tourism industry with broad coverage regarding various destinations worldwide and ease in booking of flights, accommodation, and hotels drive the growth of the global travel insurance market. Moreover, the introduction of online platforms that offers reasonable modern lodging services such as Airbnb and The Plum Guide across the world attracts tourists across the globe. This, in turn, supplements the market growth. However, strict government regulations regarding visa policies and the outbreak of highly infectious diseases such as monkeypox across the world restrain the market growth.
Highlighting the opportunities that enable leading players raise their travel insurance market share in the coming years, the Lead Analyst for the Consumer Goods at Next Move Strategy Consulting, stated, “The introduction of blockchain technology in the insurance sector will bring transformation in the travel insurance industry. In addition, surge in number of corporate travelers creates new opportunities in the coming years.”
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The report offers a detailed segmentation of the global travel insurance market based on insurance cover, end user, distribution channel, and geography. Based on insurance cover, the report classifies the market into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. On the basis of distribution channel, the research further segments the market into insurance intermediaries, bank, insurance aggregator, insurance company, insurance broker, and others. By end user, the report further divides the market into senior citizens, education traveler, backpackers, business traveler, family traveler, and fully independent traveler.
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Based on geography, the report divides the global travel insurance market into North America, Europe, Asia-Pacific, and RoW. Europe held the highest share in 2021, and will maintain its dominance throughout the forecast period. This is due to huge number of international travelers in countries such as Spain, France, and Italy and stringent government regulations that made travel medical insurance mandatory for foreign travelers. On the other hand, North America is projected to grow steadily throughout the forecast period. This is due to rapid rise in adoption of corporate travel insurance and ease in availability of domestic travel insurance plans in the region.
The report provides a detailed analysis of each region and its respective countries based on segments and sub-segments. Tables and figures are utilized to represent analysis and improve overall understanding of the market.
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The report offers a detailed analysis of top players of the global travel insurance market. These players include Allianz Group, American Express Company, Zurich Insurance Group, Axa SA, American International Group, Inc., Seven Corners, Inc., Berkshire Hathaway Specialty Insurance, Travel Insured International, Inc., USI Insurance Services, and Genarali Group. The report also offers detailed analysis of each player to highlight the competitive scenario.
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