iCrowdNewswire Mar 4, 2021 4:30 AM ET
According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global travel insurance market grew at a CAGR of around 6% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2020-2025.
Travel insurance offers financial protection against losses and expenses incurred while traveling. It includes costs for medical expenses, flight cancellations, and lost luggage and travel documents. Presently, there is an increase in the demand for travel insurance services on account of the burgeoning travel and tourism sector.
Increasing internet penetration, easy availability of online travel bookings and discounted holiday packages are among the significant factors fueling the growth of the travel insurance market. Moreover, the rising number of intermediaries, such as banks, insurance brokers, and insurance aggregators, is providing a variety of options to compare suitable policies and prices, which is bolstering the market growth. Furthermore, leading players are incorporating digital tools, such as data analytics, artificial intelligence (AI), application program interface (API) and global positioning system (GPS), to improve distribution systems. Besides this, the outbreak of coronavirus disease (COVID-19) pandemic has increased individuals who are investing in travel insurance policies to secure their future travels. This is anticipated to drive the travel insurance market further in the coming years.
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Travel Insurance Market 2020-2025 Competitive Analysis and Segmentation:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Allianz SE
- American Express Company
- American International Group
- AXA SA
- Berkshire Hathaway Specialty Insurance Company
- Generali Group
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- Travel Insured International Inc. (Crum & Forster)
- USI Affinity (USI Insurance Services)
- Zurich Insurance Group AG.
The report has segmented the global travel insurance market on the basis of insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
- Single-Trip Travel Insurance
- Annual Multi-Trip Insurance
- Long-Stay Travel Insurance
Breakup by Coverage:
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damage
Breakup by Distribution Channel:
- Insurance Intermediaries
- Insurance Companies
- Insurance Aggregators
- Insurance Brokers
Breakup by End User:
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Explore report description with table of contents: https://www.imarcgroup.com/travel-insurance-market
Key highlights of the report:
- Market Performance (2014-2019)
- Market Outlook (2020- 2025)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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