Travel Insurance Market Report Expects the Market Value of USD 44.5 BN BY 2026
Posted On September 25, 2020
The Global Travel Insurance Market is anticipated to grow at a compound annual growth rate ( CAGR ) of 14% during 2020-2026 while it was close to USD 17.8 BN in 2019. The market will outgrow to USD 44.5 BN by 2026 as per the research conducted by Value Market Research. The expanding tourism industry and travelers looking for options to mitigate the various risks involved during a trip are the key driving factors for this market's growth. The availability of easy online travel bookings, package holidays, extensive coverage of holidays will further propel market growth. Travel insurance is gaining tremendous momentum due to the penetration of the internet and smartphones, enabling the easy purchase of the best policy and enjoying good margins from the various financial losses incurred during a trip. The technological developments such as geo-location, API, AI, data analytics, and GPS are providing lucrative opportunities for insurers to expand the reach. The various factors that could hurt the market are lack of awareness and experience in coverages, premium rates, and other policy services.
Travel insurance is a means to protect from unseen financial losses that can occur while traveling. A basic insurance policy covers only medical emergencies while a comprehensive policy can cover trip cancellation, lost luggage, flight delays, public liability, etc. It can be bought both for domestic and international travel. The policy's cost is based on the trip's destination and duration, the travelers' age, and other optional benefits like coverage for pre-existing medical conditions, adventure sports, rental vehicles, or high-value electronics. Insurance is a risk-based product, and it does not cover losses due to pandemic, war, terrorism, injury, or illness caused by alcohol, drug use, or reckless behavior.
"Global Travel Insurance Market Report By Type (Medical Expenses, Trip Cancellation, Trip Delay And Property Damages), By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance And Long-Stay Travel Insurance), By Application (Domestic Travel And International Travel), By End-User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers And Others) And By Regions - IndustryTrends, Size, Share, Growth, Estimation And Forecast, 2019-2026" report begins with the market introduction, market snapshot followed by in-depth regional revenue/volume for the next six years. The geo-economic factors and historic travel insurance industry trends are analysed to foresee and predict the forecasts for next six years.
On the basis of Type the market is segmented into Medical Expenses Trip Cancellation, Trip Delay, Property Damages. By Insurance Cover the travel insurance market is categorised as Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance. By Application the travel insurance market is categorised as Domestic Travel, International Travel. Based on End User the travel insurance market is segmented as Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others.The geographical segmentation of the report highlights the share of the revenue/volume spread globally as per region and country. The study in segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
The Report Segments Global Travel Insurance Market -
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damages
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
- Domestic Travel
- International Travel
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- North America
- Latin America
- Middle East & Africa
Players Profiled In the Report:
Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd., Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., MS&AD Insurance Group Holdings, Inc., Ping An Insurance Company of China, Ltd., China Life Insurance Company Limited., Prudential Financial Inc. and Others.
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