Global Travel Insurance Market Report 2022: Ascension of Global Tourism Fuels Sector Growth - ResearchAndMarkets.com

The "Global Travel Insurance Market, By Type, By Distribution Channel, By End-user & By Region- Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Travel Insurance Market was valued at USD 13.61 Billion in 2021, and it is expected to reach a value of USD 71.33 Billion by 2028, at a CAGR of 26.70% over the forecast period (2022 - 2028).

Travel insurance protects travelers who have purchased it in the event of a disaster while on the road. If an unfortunate event occurs during the insured journey, travelers can claim the insured amount. One of the major driving factors for the travel insurance market is the government's instruction to all travelers to purchase travel insurance due to rising tourism demand. These are important in situations such as being unable to travel due to medical issues or other issues and being able to claim the promised amount, which will further propel market growth in the coming period.

Segments covered in this report

The Global Travel Insurance Market is segmented on the basis of Type, Distribution Channel, End-user, and Region. Based on Type, the market is segmented into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance.

Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators.

Based on End-user, the market is segmented into Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others.

Based on region, the global Travel Insurance market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

One of the primary reasons for the growth of the travel insurance market is the ascension of global tourism. Some of the explanations include increased tourism due to increased non-reusable income and holiday trip promotion by tour and travel companies. Increased accidents caused by natural disasters, the risk of losing luggage, and medical emergencies are factors that will drive the demand for travel insurance during the analysis period.

Restraint

Customers who are unaware of the benefits and coverages that can be claimed by the insurance holder remain skeptical and do not purchase travel insurance. Lower penetration of the travel insurance market is a major factor limiting the market growth.

Market Trends

The travel insurance market is expected to grow during the analysis period as a result of various government strategies to boost demand for the leisure industry and corporates increasing their efforts to provide travel assurance to their employees on business trips to ensure their safety.

Key Topics Covered:

Executive Summary

KEY MARKET INSIGHTS

COVID IMPACT

MARKET DYNAMICS & OUTLOOK

KEY COMPANY PROFILES

Companies Mentioned

• Allianz Partners (France)
• American Express (US)
• American International Group Inc. (US)
• Arch Capital Group Ltd. (Bermuda)
• Aviva PLC (UK)
• Berkshire Hathaway Specialty Insurance (US)
• China Pacific Insurance Co., Ltd. (China)
• Chubb Limited (Switzerland)
• Assicurazioni Generali Group (Italy)
• Groupama Sigorta AS (France)
• HanseMerkur Insurance Group (Germany)
• InsureandGo (UK)
• Ping An Insurance Company of China, Ltd. (China)
• Seven Corners Inc. (US)
• SOMPO Holdings, Inc. (Japan)
• Travelex Insurance Services Inc. (US)
• Zurich Insurance Group Ltd (Switzerland)

For more information about this report visit https://www.researchandmarkets.com/r/et4zo3

View source version on businesswire.com: https://www.businesswire.com/news/home/20221007005286/en/