The travel insurance is a form of specialty insurance that aims to cover financial losses, medical expenses, and a variety of other causes of financial liability that may arise while traveling in or out of the country. The travel insurance industry is facing a significant development as the number of insurance companies offering affordable and attractive tariffs increases.
Travel insurance offers the insured person financial security in the event of loss of luggage, cancellation of the trip, medical expenses and other costs that arise during the trip. Travel insurance can be generally used at the time of booking for single trip or multiple trips. There are also few banks & financial institutions that providefree cost insurances together with the credit cards.
Referring to the study, North America Travel Insurance Market 2020-2030 by Travel Type, Application, Coverage, End User, Distribution Channel, and Country: Trend Forecast and Growth Opportunity. Some of the key companies operating in the North-America travel insurance market include American Express Company, Seven Corners Inc., AXA SA, American International Group Inc., Allianz Group, Travel Safe Insurance, Insure & Go Insurance Services Limited, USI Insurance Services, AssicurazioniGenerali S.P.A., Zurich Insurance Co. Limited, Travel Insured International and among others.At the present time, numerous companies are offering travel insurance with 24/7 emergency services for instance cash wire assistance, replacing lost passports, and re-booking canceled flights. Companies are also providing customization options that depend on the geographical location and as per the necessities of the insured individuals.
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In the terms of coverage, North-America travel insurance market has been categorized as property loss & damage insurance, trip cancellation & delay insurance and medical insurance. In the terms of application types, market has been categorized as domestic travel and international travel. In the terms of travel type, market has been categorized as long-stay travel insurance, single trip travel insurance and annual multi-trip travel insurance. Single trip travel insurance providescustom-made coverage for different scenarios that includes trip cancellation, municipal responsibility, accident & sickness, emergency-repatriation, and luggage loss.Additionally, in the terms of end-user, market has been categorized as backpackers, business travelers, senior citizens, education travelers, family travelers and others. Business travelers segment is predicted to witness higher growth rate due tooverseas business growth, expanded foreign trade, and a rise in business travel spending during the forecast period.
Rise in business trips, followed by increase in disposable income, simple availability of online travel bookings & discounted package holidays andrise in the travel & tourism industry are some major factors, which are responsible for growth of the North-America travel insurance market. Additionally, some other factors for instance damage owing to mishandling of luggage, flight cancelations because of several reasons including virus outbreak are likely to accelerate the market growth in the upcoming years. Apart from this, lack of public awareness may impact the market. Moreover, introduction of targeted & customized/personalized insurance policies along with the increasing expenditure on travel is a leading opportunities for market.
It is anticipated that future of the North-America travel insurance market will be bright on account of growth in tourism industry over the forecast period.
For More Information, refer to below link:-
North America Travel Insurance Market Analysis
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