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The Worldwide Travel Insurance Industry Is Expected To Reach $44.3 Billion By 2027

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DUBLIN–(BUSINESS WIRE)–
The “Global Travel Insurance Market (2022-2027) by Type, Distribution, End-User, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.

The Global Travel Insurance Market is estimated to be USD 19.75 Bn in 2022 and is expected to reach USD 44.35 Bn by 2027, growing at a CAGR of 17.56%.

Market dynamics are forces that impact the prices and behaviors of the Global Travel Insurance Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Countries Studied

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  • America (Argentina, Brazil, Canada, chile, Columbia, Mexico City, Peru, United StatesRest of – Americas)

  • Europe (Austria, belgium, Denmark, Finland, France, Germany, Italy, netherlands, norway, poland, Russia, Spain, Sweden, Switzerland, United KingdomRest of – Europe)
  • Middle East and Africa (Egypt, Israel, Qatar, saudi arabia, South Africa, United Arab EmiratesRest of MEA.
  • Asia Pacific (Australia, Bangladeshi, China, India, indonesia, Japan, malaysia, Philippines, Singapore, south korea, Sri Lanka, thailand, taiwanRest of Asia Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Travel Insurance Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.

  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.

  • The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.

  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.

  • The report also contains the competitive analysis using Positioning Quadrants, the analyst’s competitive positioning tool.

Market Dynamics

drivers

  • Increase in Tourism

  • High Cost of Medical Treatment Overseas

  • Mandate Travel Insurance in Some Countries
  • Rising Demand for Reimbursement of Expenditures

  • Increase in Mobile-Based Payment and Internet Banking

Restricted

  • Varied Insurance Regulations across the Globe

  • Low Clarity Of The Travel Insurance Commitments

Opportunities

  • Incorporating Digital Tools by Insurance Market Players

  • Supportive Initiatives by Government

Challenges

  • Lack of Awareness Regarding Travel Insurance Policy

  • Cyber ​​Security Concerns

Market Segmentation

The Global Travel Insurance Market is segmented based on Type, Distribution, End-User, and Geography.

  • Type, the market is classified into Single-Trip Travel InsuranceAnnual Multi-Trip Travel Insuranceand Long-Stay Travel Insurance.

  • Distribution, the market is classified into Insurance Intermediaries, Insurance Companies, Banks, and Insurance Brokers and Aggregators.

  • End-User, the market is classified into Educational TravelBusiness Travelers, Family Travelers, Senior Citizens, and Others.

  • Geography, the market is classified into Americas, Europe, Middle East & Africa and Asia Pacific.

Companies Mentioned

  • Allianz Group
  • American Express Company

  • American International Group Inc.

  • Assicurazioni Generali SPA

  • Atlas Travel Insurance Services Ltd
  • Aviva Plc

  • AXA S.A.
  • Bajaj Finserv Limited

  • Battleface Insurance Services Ltd
  • Berkshire Hathaway Specialty Insurance Company
  • China Life Insurance Company Limited.

  • China Pacific Life Insurance Co.Ltd
  • Chubb Limited

  • Mapfre Insurance Company Inc.
  • Ms&Ad Insurance Group Holdings, Inc.

  • Munich Reinsurance Company
  • Ping An Insurance Company Of China, Ltd.

  • Prudential Financial Inc.

  • Saga Plc

  • Seven Corners Inc.
  • Travelex Insurance Services
  • Travelsafe Insurance
  • USI Insurance Services
  • Zurich Insurance Co. Limited

For more information about this report visit https://www.researchandmarkets.com/r/500o8t

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ResearchAndMarkets.comLaura Wood, Senior Press Manager

[email protected]

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Source: Research and Markets





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