The increasing availability of travel insurance packages on online platforms and the growing number of business travelers are the leading factors driving the global travel insurance market during the projected period. According to TechSci Research report, “Travel Insurance Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The travel insurance market has been driven by key elements such as increasing tourism worldwide, rising number of businesses trips, growing online purchases of travel plans, etc. Another factor, i.e., affordable travel insurance plans, is encouraging consumers to avail of such programs. Moreover, the demand for travel insurance is anticipated to surge as the tourism industry develops due to other factors, including extensive media coverage of various vacation types and improved holiday packages.
The Important Elements of Travel Insurance Market
Due to travel insurance's ability to provide total compensation in unforeseen circumstances, spending on travel insurance is rising, which promotes market expansion on the global level. As the number of market participants is growing, more business travelers are approaching. A single comprehensive solution, multiple trip insurance eliminates the hassle of getting a new plan for each trip. These insurance contracts offer easy renewal, financial assistance, and document clearance.
Additionally, many governments have made it mandatory to submit travel insurance documentation when applying for a visa, fueling market expansion. For instance, Argentina requires evidence of medical travel insurance from tourists, etc. Hence, the governmental efforts that are favorable will encourage company expansion. For example, the International Air Transport Association (IATA) and United Nations World Tourism Organization (UNWTO) created a dashboard on travel limitations and health-related travel requirements. The goal of giving visitors up-to-date information and insights is aiding in the tourism sector's rehabilitation.
Also, various companies are offering affordable travel insurance plans, prompting individuals to avail of these services. Moreover, online travel agency websites, company websites, and applications are increasingly common places to purchase travel insurance. The market for online travel insurance is growing as a result. For instance, Allianz stated that despite the challenging situation in APAC, which is primarily caused by international travel restrictions, the travel Insurance business increased by 55.2%, with USD1.66 billion in revenues in 2021, compared to 2020, driven by sales in North America and particularly in the United States. This growth was achieved by the strong performance of e-commerce channels such as airlines, OTA, and event ticketing.
Furthermore, various travel insurance providers are partnering with other companies to expand their services. For instance, in 2022, Allianz partnered with Vistara, an Indian airline company, to offer optional travel insurance to its passengers. The optional travel insurance coverage will offer coverage in several situations, including trip disruptions and cancellations, lengthy delays, missing connections, international medical crises, and baggage problems.
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The travel insurance market is segmented on coverage type, provider, end user, and region. The provider segment is divided into banks, insurance companies, insurance intermediaries, and others (insurance aggregators, etc.)). The expansion of the market is expected to be accelerated by many insurance companies present in the market. Various insurance companies are offering customers customized travel insurance plans, prompting consumers to purchase such plans. Thus, contributing to the overall growth of this market.
Key market players in the travel insurance market include:
- Allianz SE
- American Express Company
- American International Group, Inc.
- AXA SA
- Assicurazioni Generali S.p.A.
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Crum & Forster Holdings Corp.
- USI Insurance Services, LLC
- Zurich Insurance Company Ltd
Various companies provide travel Insurance, such as Allianz SE, a leading German multinational financial services company active globally. At the 2022 TravelAge West WAVE (Western Advisors' Votes of Excellence) Awards, the travel insurance and assistance company Allianz Partners won first place in both travel insurance categories, including travel insurance company offering the best support for travel advisors and travel insurance company offering the highest client satisfaction.
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"The current generation of travelers is more cost-conscious and technologically savvy, being digital natives accustomed to using digital tools. A smooth experience and flexibility are what the new traveler seeks. Hence, to cater to the demand, companies in this market are focusing on providing reasonable prices and a range of discounts and offers in their travel insurance plans. Additionally, their accessibility through internet channels is growing.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Travel Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Coverage Type (Single Trip Travel Insurance, Annual Multi-trip Travel Insurance, Long Stay Travel Insurance), By Provider (Banks, Insurance Companies, Insurance Intermediaries, Others (Insurance Aggregators, etc.)), By End User (Education Travelers, Business Travelers, Family Travelers, Others (Senior Citizens, etc.), By Region, Competition”, has evaluated the future growth potential of travel insurance and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in travel insurance globally.
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