Dallas, Texas, April 11, 2019 (GLOBE NEWSWIRE) -- Recent market trends include the usage of data analytics to predict risks and formulate precise contingency plans. For instance, insurers can monitor weather conditions and notify their customers in advance, so that they can plan their trips accordingly. Such travel insurance industry trends are majorly being adopted by travel insurance providers located in the U.S. The U.S. travel insurance market size is estimated to cross USD 8 bn mark by the end of 2025.
In the year 2017, size of global travel insurance market accounted for USD 18.9 billion and is projected to increase to USD 35.1 billion with a CAGR of 7.9% in terms of revenue in the coming years. Sequence of the unusual events of the terrorist attacks and natural disasters in the year 2015 like the Paris attack, Nepal earthquake and Ebola epidemic has surged the use of travel insurance policies. In addition, factors like an increase in globalization, trade practices and growth in tourism are making the travel insurance market more striking.
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Increase in tourism is the main factor driving the global travel insurance market. Increasing natural calamities, medical emergencies, important documents, rise in the occurrences of loss of luggage and increase in the tourist traffic are some of the common problems registered. To alleviate the risk related with occurrences, various travelers are choosing travel insurance.
Tourism is becoming the biggest constituent of international trade in services, comprising 30% of the total share. Therefore, growth in tourism has motivated the travel insurance companies exploit the increasing demand for insurance amongst travelers. Increase in 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.
The “Global Travel Insurance Market Size by Type (Medical Expenses, Trip Cancellation, Trip Delay, Property Damage), by Application (Domestic Travel, International Travel), by Type of Travel (Business Travel, Leisure Travel), By Region (U.S., Canada, Spain, UK, Italy, Germany, Denmark, Switzerland, China, South Korea, India, Oceania, Japan) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Travel Insurance Market Growth Highest in Last 10 Years.
- Asia-Pacific was leading the travel insurance industry in the year 2017 with a market share of 44.9%, followed by North America which occupied 30% of the pie.
- As per UNWTO, arrivals of international tourists increased at the rate of around 4.5% in the year 2015 to around the total of 1,185 Mn, whereas North America experiences the highest inbound travel.
- Tourism is the biggest component of international trade in services, comprising around 30% of the total share.
- Medical expenses segment dominated the overall travel insurance industry. This segment is expected to generate revenues of USD 10.8 billion by the end of 2025.
- By type of travel, business travel segment is expected to foresee the fastest growth of 8.0% between 2018 and 2025.
According to the UNWTO statistics, outbound travel in Middle East and North Africa (MENA) region will rapidly increase in the coming years. By the year 2030, the MENA region is anticipated to have around 80 Mn outbound travelers. These travelers are willing to spend a substantial amount of money during traveling, stay abroad for more than average tourist duration of stay and choose to travel in large groups. In the year 2014, many of the travelers reserved their trip online, focusing on the opportunity for the companies of travel insurance to add travel insurance as the extra product delivering the online purchases. Additionally, fascinating destinations of tourists and the increase in the number of outbound travelers with huge travel spending fuel the demand for travel insurance market in Middle East and North Africa region.
Companies including Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., China Life Insurance Company Limited., MAPFRE Insurance Company Inc., Prudential Financial Inc., and Chubb Limited amongst others have a broader presence within the global market.
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Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Travel Insurance Type Overview
Chapter 5. Travel Insurance Application Overview
Chapter 6. Travel Insurance Type of Travel Overview
Chapter 7. Travel Insurance Distribution Channel Overview
Chapter 8. Travel Insurance Regional Overview
Chapter 9 Company Profiles
Chapter 10 Future Outlook of the Market
Chapter 11 Conclusions and Recommendations
Continued…
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