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The global travel insurance market was valued at US$ 13.9 Billion in 2021.
We expect the global travel insurance market to exhibit a CAGR of 14.4% during 2022-2027.
The growing availability of booking holiday packages online, along with the rising demand for travel insurance to protect tourists from financial risks, is primarily driving the global travel insurance market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of the stringent lockdown regulations across several nations, resulting in the temporary intra-and inter-national travel restrictions, thereby limiting the demand for travel insurance.
Based on the insurance type, the global travel insurance market has been segmented into single-trip travel insurance, annual multi-trip insurance, and long-stay travel insurance. Currently, annual multi-trip insurance holds the majority of the total market share.
Based on the coverage, the global travel insurance market can be divided into medical expenses, trip cancellation, trip delay, property damage, and others. Among these, medical expenses coverage exhibits a clear dominance in the market.
Based on the distribution channel, the global travel insurance market has been categorized into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others. Currently, insurance intermediaries account for the majority of the global market share.
Based on the end user, the global travel insurance market can be segregated into senior citizens, education travelers, business travelers, family travelers, and others. Among these, family travelers currently hold the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global travel insurance market include 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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