Travel Insurance Market Size to 2028: Market Capacity, Revenue Generation, Investment Trends, Regulations and Opportunities

The travel insurance market is valued at around USD 15.60 billion in 2019 and is expected to grow with a CAGR of 14.44% over the forecast period 2022-2028.

This press release was originally distributed by SBWire

London, UK – (SBWIRE) – 02/23/2022 – Tourism accounts for a significant share of international trade services with an increase in the number of international tourists around the world. For example: according to data from the United Nations World Tourism Organization, in the first half of 2019, there was a 4% increase in the number of international tourists traveling around the world. Such huge increase in the tourism industry over the years is the main driver for the growth of the market over the forecast period. Additionally, with the increase in the number of travelers, growing awareness among young travelers about the need to secure their trips against medical and non-medical emergencies is driving the growth of the market. According to Account Activity Analysis (AAA) Foundation reports in 2018, 38% of the US population grew and started investing in travel insurance for future trips. Increasing trip cancellation protection and protecting their monetary investment is the top priority for travelers to opt for travel insurance. Travel insurance ensures travel safety in several ways through the use of data analytics to plan an accurate and precise plan for the traveler.

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Major Key Company Profiles included in the Travel Insurance Market are:

-Allianz SE (Germany)
-Munich Reinsurance America (USA)
-American Express Company (USA)
-Travelex Insurance Services (USA)
-Bajaj Finserv Limited (India)
-China Pacific Life Insurance Co., Ltd. (China)
-MS&AD Insurance Group Holdings (Japan)
-Munich Re Group (Germany)
-Ping An Insurance (China)
-Prudential Financial, Inc. (USA)

The detailed segments and sub-segments of the market are explained below:

By insurance coverage:
– Single trip travel insurance
-Annual multi-trip travel insurance
-Long stay travel insurance

By distribution channel:
-Insurance intermediaries
-Insurance company
-Bank
-Insurance broker
-Insurance aggregator
-Others

Per user:
-The elderly
– Education traveler
-hiker
-Business trip
-Family traveler
-Fully independent traveler

The travel insurance industry is one of the most promising markets in the world, as many factors influence demand and supply. Technological advancements and market development plans are helping the travel insurance market to grow rapidly. The report offers a detailed overview of the industry including growth, demand and supply, import-export scenario and status of technological developments. The report also includes development plans of international players to strengthen their growth and economy.
The Travel Insurance Market report provides an in-depth analysis of the global market, with a particular focus on regional markets. The report provides a holistic overview of the market, including key trends and drivers, product and service information, vendor landscape, and detailed profiles of major vendors in the market.

Travel Insurance Market Segmentation Analysis

The Travel Insurance research report discusses market segmentation by product type, application, end user, and geography. The study examines industry growth targets, along with cost awareness and manufacturing practices. The market study contains an overview of the basic industry along with the classification, definition and hence the structure of the supply and demand chain. Global research covers global marketing data, competitive climate surveys, growth rates and crucial development status information.

Regional analysis

Geographically, the travel insurance market is divided into regions such as North America, Latin America, Europe, Asia-Pacific, and Rest of the World. The research covers everything from production and consumption ratios to market size and share, import and export ratios, supply and demand, consumer demand ratios, improvements technologies, R&D, infrastructure development, economic growth and a strong market presence in each region. Regional analysis will help players identify lucrative markets to seize emerging opportunities.

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Competitive Perspectives

The industry’s most notable acquisitions, collaborations and product launches are highlighted in the travel insurance market study. The study report uses advanced research approaches such as SWOT analysis and Porter’s Five Forces analysis to provide deeper insights on significant players. The study provides a broad overview of the global competitive landscape along with key insights on key rivals and their expansion ambitions. It also includes crucial data on financial conditions, global positioning, product portfolios, revenues and gross profit margins, as well as technological and research advancements.

Table of Contents – Main Key Points

Chapter 1. Executive Summary

Chapter 2. Global Travel Insurance Market Definition and Scope

Chapter 3. Global Travel Insurance Market Dynamics

Chapter 4. Global Travel Insurance Market Analysis

Chapter 5. Global Travel Insurance Market, By Insurance Coverage

Chapter 6. Global Travel Insurance Market, By Distribution Channel

Chapter 7. Global Travel Insurance Market, By User

Chapter 8. Global Travel Insurance Market, Regional Analysis

Chapter 9. Competitive Intelligence

Chapter 10. Research Process

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