Travel Insurance Market Likely to Emerge over a Period of 2018-2026
Global Travel Insurance Market was valued US$2.6Bn in 2017 and is expected to reach US$9.6Bn by 2026 at a CAGR of about 17.34% during a forecast.
Global Travel Insurance Market is segmented into by Product Type, by Industry, By Channel, and by region. Based on Product Type, Travel Insurance Market is classified into Medical expense, Trip Cancellation, Trip Delay, Property Damage & Other. Industry type is divided into Domestic Tourism & Oversea Tourism. By Channel section are into Direct Sales & Distributor. Geographically into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Global Industry Analysis and forecast 2018-2026.
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Driving factors for the travel insurance market is Travelers are more likely to travel with an assurance of financial protection during the trip, rise of low-cost airlines, an increase in the number of airport passengers, travelers can easily check out the benefits conditions applicable to the same, and even compare the premiums of various travel insurance policies and provides an extensive range of benefits for events, such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to a medical condition or hijack, and loss of travel documents these factors can create more opportunity in the travel insurance market.
Huge expenses and lengthy process of claiming the bill can hamper the growth of Travel Insurance Market.
In terms of Industry, Oversea Tourism segment share the highest market during the forecast period. Rise in disposal income, changing lifestyle, rising better options for tours and travels, connecting the world via cheaper flight and better facilities, rising business standard at world level and the travel insurance policy of nature also compensates against passport or baggage loss, flight delays, and cancellations will open more opportunity in the travel insurance market.
In terms of Channel, Direct Sales segment share the fastest growing market during the forecast period. Direct sales via online platform in travel insurance is a cost-effective way and less time consume to book, targeting a specific audience, helps to build relationships with new customers and offer customers with compelling content they can share with potential customers.
Among region, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Advances in technology, holiday entitlement, increased disposable incomes, an effect of media and easy availability of holiday packages, the governmentâ€™s scheme visa on arrival scheme, rising population and emerging economies. The World Tourism Organization has predicted international tourist arrivals to reach 10 billion to reach 2030
Generali, AXA, Allianz, Munich RE, Hanse Merkur, AIG, CSA Travel Insurance, Groupama, Mapfre Asistencia, USI Affinity, Seven Corners, MH Ross, Tokio Marine, Sompo Japan, Pingan Baoxian, STARR, InsureandGo, Aviva PLC, American Express Company, MS&AD Insurance Group Holdings, China Pacific Life Insurance Co., Ltd, Atlas Travel Insurance Services Ltd.
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Scope of the report for Global Travel Insurance Market:
Global Travel Insurance Market: By Product Type
Global Travel Insurance Market: By Industry
Global Travel Insurance Market: By Sales Channel
Global Travel Insurance Market: By region
Middle East & Africa
Key Player analyzed in the Global Travel Insurance Market:
CSA Travel Insurance
American Express Company
Ping An Insurance Company of China
MS&AD Insurance Group Holdings
China Pacific Life Insurance Co., Ltd
Atlas Travel Insurance Services Ltd