Global Travel Insurance Market By Overview
Travel insurance is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically. Further, a series of unusual events of natural disasters terrorist attacks and Ebola epidemic has increased the usage of travel insurance policies. The travel insurance policies are beneficial for the safety of those traveling domestically or abroad.
Increasing tourism and increased number of business travelers are the major driving factors of the global travel insurance market. Further, increasing natural calamities, uncertain terrorist attacks supports the growth of global travel insurance market. In addition, medical emergencies, rise in the occurrences of loss of luggage, various travelers opt for travel insurance. Further, some credit card issuers offer automatic travel insurance if travel arrangements are paid by using their credit cards.
Furthermore, tourism is becoming the biggest constituent of international trade in services, which provides lucrative opportunity for travel insurance companies to exploit the increasing demand for insurance amongst travelers. Increasing awareness among young travelers to protect their travel against non-medical and medical contingencies is the main factor responsible for the growth of the travel insurance market. However, lack of awareness and guidance is a major factor that restrains travelers from opting the travel insurance. The low penetration of insurance policies also hinders the growth in the global travel insurance market.
The global travel insurance market is segmented on the basis of insurance cover, application and region. Based on insurance cover, the global travel insurance market is classified into single trip, annual multi-trip and long stay. Based on the applications, the target market is sub-divided into- senior citizens, education travelers, backpackers, business travelers, and family travelers
The global travel insurance market has been further segmented on the basis of regions- namely North America, Europe, Asia-Pacific, and Latin America, and Middle East & Africa. The dominance of Europe market is due to the presence of major travel insurance providers in this region and stringent government regulations mandating travel insurance for international travelers. The North America market is expected to lead the target market due to the increased awareness among individuals regarding benefits of travel insurance policies, favorable government regulations.
The key players of the global travel insurance market include Allianz SE, Munich Reinsurance America Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., and China Life Insurance Company Limited.
Global Travel Insurance Market By Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Insurance Cover
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Travel Insurance Market, By Insurance Cover, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Single Trip
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Annual Multi-Trip
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Long Stay
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Travel Insurance Market, By Application, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Senior Citizens
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Education Travelers
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Backpackers
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Business Travelers
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Family Travelers
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Travel Insurance Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Insurance Cover, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Insurance Cover, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Insurance Cover, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Insurance Cover, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Insurance Cover, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- Allianz SE
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Munich Reinsurance America Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- American Express Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Travelex Insurance Services
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Atlas Travel Insurance Services Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Aviva PLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- MS&AD Insurance Group Holdings, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Munich Reinsurance Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ping An Insurance Company of China, Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- China Life Insurance Company Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Global Travel Insurance Market report segments the market on the basis of insurance cover, application and region.
Convenient choices for consumers to obtain travel insurance via online comparison-shopping sites such as direct airline sites and online travel agents (OTAs), company websites and applications, and others promote the expansion of the travel insurance market.
Region wise, the travel insurance market was dominated by Europe in 2020 and is expected to climb to the highest position during the forecast period
The leading players operating in the Global Travel Insurance Market includes Allianz SE, Munich Reinsurance America Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., and China Life Insurance Company Limited.