Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Travel Insurance Market by Insurance Cover, by Distribution Channel, and by End User: Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Travel Insurance Market size was valued at USD 17.58 billion in 2021 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.6% from 2022-2030.
Until the Covid-19 pandemic struck, the global tourism industry was on the rise with increasing globalization, multinational events and concerts.
This trend had been interrupted in 2020, but with the rollout of vaccines at the global level, it is expected that the industry will gradually recover from beginning of 2022. The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are some factors expected to boost the demand of travel insurance market throughout the forecast period.
Other factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future.
On the other hand, introduction of targeted and customized insurance policies along with increasing expenditure on travel at a global level is expected to create numerous opportunities for the travel insurance market players in the near future.
Geographical Analysis:
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Competitive Landscape:
The travel insurance market, which is highly competitive and fragmented, consists of various market players.
Some of the major market players include
- Allianz Travel (Allianz)
- Zurich Insurance Group
- American Express Company
- American International Group Inc.
- Berkshire Hathaway Specialty Insurance
- Seven Corners Inc.
- USI Insurance Services
- AXA Travel Insurance
- Travel Insured International
- Genarali Group
Market Dynamics
Drivers
- Introduction of Value-Added Services
- Travel Rules and Regulations
- Increasing Demand from Corporate Travelers
- Increase in Popularity of Travel Insurance After Pandemic
- Easy Access to Insurance Policies
Restraints
- Decease in Travel Due to Covid-19
Opportunities
- Technological Developments in the Travel Insurance Industry
KEY SEGMENTS:
Global Travel Insurance Market - By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
Global Travel Insurance Market - By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
Global Travel Insurance Market - By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
Global Travel Insurance Market - By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- RoW
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/b4w4ip
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