The Global Travel Insurance Market size was valued at USD 15.87 billion in 2020 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.4% from 2021-2030.
Travel insurance provides financial security to the insured person in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single trip or multiple trips. There are also few banks and financial institutions that offer such insurances free of cost along with their credit cards.
Access Full Description of this report at:-
Competitive Landscape :
The travel insurance market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, Insure and Go., Travel Insured International, Travel Insured International, Travelex Group, and Aviva PLC among others.
There have been various developments taken place in the past and will take place in near future which is expected to drive the market growth. For instance, in December 2020, AXA Insurance declared its enhanced travel insurance offering ‘AXA SmartTraveller’ with COVID-19 cover. This will provide benefits for a range of situation occurring due to COVID-19 such as overseas hospitalization allowance, overseas medical expenses, emergency medical evacuation and repatriation, overseas quarantine allowance, pre-departure trip cancellations and postponement, and trip curtailment or rearrangement losses.
Request sample copy of this report at:-
Market Segmentations and Scope of the Study:
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Phone Number: +1-217-650-7991
E-mail: [email protected]
About Next Move Strategy Consulting:
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
For more insights, please visit, https://www.nextmsc.com