The global travel insurance market grew at a CAGR of around 6% during 2014-2019. Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home. Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.
The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth. Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience. They are now also offering coverage for the coronavirus disease (COVID-19) and extending the expiration period without adding extra charges in their policies. However, due to lockdowns and travel restrictions imposed by governments of several countries to fight the pandemic, the market growth is being impacted negatively. It is expected to revive once normalcy is regained. Looking forward, IMARC Group expects the global travel insurance market to continue its moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global travel insurance market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, insurance type, coverage, distribution channel and end user.
Breakup by Insurance Type:
Breakup by Coverage:
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG.
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