As per the report published by The Brainy Insights, the global travel insurance market is expected to grow from USD 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030. Europe region emerged as the largest market for the global travel insurance market, with a 34.2% share of the market revenue in 2021. The European region currently dominates the travel insurance market due to the growing travel and tourism within the region; the European Union trade block is providing the necessary push to the tourism sector of this region by making cross-border travel and intra-regional travel hassle-free. The Asia Pacific region is expected to grow during the forecast period following the increase in business travels in the region spearheaded by India & China. Business travelers contribute significantly to the travel insurance market.
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Travel Insurance Market Size by Type (Single Trip Travel Insurance, Multiple Trip Travel Insurance & Extended Trip Travel Insurance), End-User (Family Travelers, Business Travelers, Education Travelers, Senior Citizens, Adventure Travelers & Others), Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Allianz, AXA, American International Group Inc., American Express Company, Generali Group, Zurich Insurance Group AG, Chubb Ltd., Travel Insured International, Assicurazioni Generali S.P.A, and Travel Safe Insurance, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. The single trip travel insurance segment dominated the market, with a market share of around 48% in 2021. The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the education travelers segment is expected to grow at the fastest CAGR of 19.3%. The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. In 2021, the insurance intermediaries segment dominated the market, accounting for around 39% of global revenue. As the name suggests, insurance intermediaries are intermediate individuals/institutions between the customer and the insurance company. The dominance of this segment can be attributed to the ability of insurance intermediaries that help in establishing a connective link with the consumer, retaining consumer trust, and acting as marketing agents for insurance policies.
Increasing use of Artificial intelligence, data analytics, application programming interface, machine learning, and the global positioning system enables the market players to offer customized and quality services to the clients/consumers. The incorporation of these technologies will allow the market players to exploit the insurance market by targeting specific travel insurance needs of consumers.
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About the report:
The global travel insurance market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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