Travel insurance is special type of insurance that covers costs incurred and minimizes risks during the travel. It acts as a cushion/pillow in different situations for instance trip-cancellation owing to medical emergency, evacuation caused by medical condition or hijack, loss of baggage, loss of travel documents and among others.
Referring to the study, Global Travel Insurance Market 2020-2030 by Travel Type, Application, Coverage, End User, Distribution Channel, and Region: Trend Forecast and Growth Opportunity. Some of the key companies operating in the global travel insurance market include Berkshire Hathaway Specialty Insurance Company, American Express Company, Allianz Group, AXA SA, TravelSafe Insurance, Seven Corners Inc., Insure & Go Insurance Services Limited, American International Group Inc., Travel Insured International, Zurich Insurance Co. Limited, USI Insurance Services, Assicurazioni Generali S.P.A. and among others. Industry participants focus on expanding their global presence by introducing novel insurance policies to their product-portfolio. The travel industry is experiencing a surge in international trip that will help companies to adopt personalized travel insurance. Apart from this, key players are incorporating different digital tools for instance artificial intelligence (AI), application program interface (API), data analytics & global positioning system (GPS), to improve the distribution systems and providing tailored user experience. Players provide coverage for the corona-virus disease (COVID-19) and extend the expiration period without adding additional fees in their guidelines.
Based on travel type, travel insurance market can be segmented as single trip travel insurance, long-stay travel insurance and annual multi-trip travel insurance. Based on coverage, market can be segmented as trip cancellation & delay insurance, medical insurance, property loss & damage insurance and other coverage. Based on distribution channel, market can be segmented as banks, insurance aggregators, insurance companies, insurance brokers, insurance intermediaries and others. Based on application, market can be segmented as international travel and domestic travel. In addition, based on end-user, market can be segmented as backpackers, family travelers, business travelers, senior citizens, education travelers and others.
Growth in spending on travel protection plans, followed by increase in travel rule & regulations and mandatory travel insurance policies are some major factors, which are responsible for growth of the travel insurance market. Apart from this, lack of consumer experiences in terms of its coverage & premium rates and decline in international travelling activities owing to corona-virus pandemics may impact the market. Moreover, new technological developments in the travel insurance industry and expansion of products & services are leading opportunities for global market.
Based on regional analysis, the Asia-Pacific is a leading region in global travel insurance market owing to rise in demand for corporate travel insurance from countries such as Japan, China, and Korea. The North-America and Europe regions are anticipated to witness higher growth rate due to rise in awareness amongst young travelers regarding the requirement to secure their travel against medical & non-medical contingencies over the forecast period. It is projected that future of the global travel insurance market will be bright as a result of growth in business tourism industry coupled with increase in spending on travel protection plans during the forecast period.
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Global Travel Insurance Market Research Report
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