Pune, 08, Dec, 2022: The Travel Insurance Market report published by Maximize market Research, the market is expected to grow from USD 18.50 billion in 2021 to USD 21 billion in 2029, at a CAGR of 16 percent for the forecast period from 2022 to 2029.
Travel Insurance Market Scope and Research Methodology
The travel insurance market research report offers a thorough examination of the travel insurance services market. The Travel Insurance market is estimated in terms of USD value from 2022 to 2029 in the study. The report provides an analytical picture of the Travel Insurance Market together with current trends and future forecast in order to identify prospective investment opportunities. The market share for Travel Insurance is thoroughly examined in the study, along with information on significant drivers, constraints, and opportunities. In order to demonstrate the potential for market expansion globally a quantitative study of the current market is conducted from 2021 to 2029. Porter’s analysis of the five market forces illustrates the strength of both consumers and suppliers. The study provides a comprehensive examination of the global Travel Insurance market.
Both primary and secondary data were used in the market analysis. In order to conduct the research, it was necessary number of factors that have an impact on the market were studied such as government policy, the market environment, the competitive landscape, historical data, current market trends, technological development, upcoming technologies, and technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges. SWOT analysis was conducted to provide the strengths and weaknesses of the Travel Insurance Market.
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Travel Insurance Market Overview
Travel Insurance helps travellers prepare for any unexpected events that may disrupt their journey. Travel Insurance demand is expected to skyrocket as the tourism industry grows due to factors such as easy internet travel bookings, extensive media coverage of various holiday types, an increase in disposable income, and enhanced package holidays. Thanks to factors including rising disposable income, simple online trip reservations, package holidays, and comprehensive holiday coverage, increased tourism is fuelling the expansion of the Travel Insurance Market.
Travel Insurance Market Dynamics
Rising tourist demand and technological innovation are two aspects that are driving the need for travel insurance. Global demand for travel insurance is also being fuelled by the government’s expanding travel legislation and regulations for passengers and travel insurance providers. The travel insurance industry suffered as a result of the coronavirus pandemic. In 2020, the pandemic significantly affected the world’s travel and transportation industries, disrupting travel. Travel Insurance Market surged after the coronavirus pandemic in 2021.
The enormous Travel Insurance Market has a number of limitations that prevent companies from taking advantage of market prospects. Lack of funding to incorporate cutting-edge technologies into vehicle insurance solutions is one of the biggest obstacles. The incapacity of market players to adjust to the shifting market environment is another barrier. The major participants in the Travel Insurance Market are now creating strategies to successfully address these challenges.
Travel Insurance Market Regional Insights
Europe dominated the market in 2021 with a 42.1% share and it is expected that over the forecast period, it would expand at a CAGR of about 14.3%. The reason behind increased travel and tourism is increasing prosperity, contemporary communication, and peaceful coexistence among neighbours. Passengers intended to visit Europe immediately after the European countries reopened the borders as a result of the COVID-19 epidemic.
Asia-Pacific is expected to grow at the quickest pace of 16.7% in the forecast period. The region’s market expansion may be linked to the development of medical, enhanced agility, and security travel insurance plans. The Singaporean government announced the first two immunised transport lanes in September 2021 with Brunei and Germany. Instead of being subjected to severe regulations, travellers utilising these lanes would undergo routine COVID-19 exams.
Travel Insurance Market Segmentation
By Insurance Coverage:
- Single-trip Travel Insurance
- Annual Multi-trip Travel Insurance
- Long-stay Travel Insurance
By Distribution Channel:
- Insurance Intermediaries
- Insurance Companies
- Insurance Brokers
- Insurance Aggregators
- Education Travellers
- Business Travellers
- Senior Citizens
- Family Travellers
Travel Insurance Market Key Manufacturers are:
- Sports Group
- American International Group, Inc.
- ASSICURAZIONI GENERALI S.P.A.
- USI Insurance Services, LLC
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insured International
- Delphi Financial Group, Inc.
- Ping An Insurance (Group) Company of China, Ltd.
- Allianz Group
- Talanx Konzern
- R+V Konzern
- Generali Deutschland AG
- AXA Konzern AG
- Signal Iduna
- Travelex Insurance Services Inc.
- Berkshire Hathaway Travel Protection
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Key questions answered in the Travel Insurance Market are:
- What is Travel Insurance?
- What is the growth rate of Travel Insurance Market for the forecast years?
- What is the nature of competition in Travel Insurance industry in developed and developing economies?
- Who are the key players in the Travel Insurance Market?
- Who are the market leaders in Travel Insurance in Europe?
- Who are the market leaders in Travel Insurance in USA and Canada?
- Who are the market leaders in Travel Insurance in India, China, Japan and South Korea?
- What are the factors affecting growth in the Travel Insurance Market?
- Who held the largest market share in Travel Insurance Market?
- What are the factors for the growth of Asia-Pacific region in Travel Insurance Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Insurance Coverage, Distribution Channel, End-Users and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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