Rockville, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The global travel insurance market exhibited a growth rate of 3.9% during the historical period 2018-2022 and is projected to reach a market valuation of US$ 48.2 billion in 2023. During the forecast period 2023-2033, the market is predicted to expand rapidly at a CAGR of 7.2%.
Travelers can face issues regarding luggage loss, medical emergencies, ticket cancellations, and other things, which are insured by travel insurance agencies. Tremendous growth of the travel industry and the presence of strict government norms for insurance while traveling will be major factors driving the growth of the travel insurance industry. Strict government norms on travel insurance in various countries such as the United States, Russia, The United Arab Emirates, and others are increasing the need for travel insurance worldwide.
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Digitalization of the travel insurance industry has eased the effort of getting travel insurance from online platforms, which also provides benefits of cost comparison between different products. Automation, artificial intelligence, and integration of IoT into services will be crucial factors for market expansion in the years ahead.
Key Takeaways from Market Study
- Among the end-use applications, individuals account for a market share of 66%.
- The global market is expected to expand at a CAGR of 7.2% during the forecast period 2023-2033.
- Among the regions, the market in East Asia is projected to exhibit the highest growth rate of 8.2% during forecast period.
- During the historic period (2018-2022), the market expanded at a CAGR of 3.9%.
Market Development
The market is highly competitive with the presence of numerous established players in the industry and many start-ups entering the industry. Several market players are opting for advanced technologies and online platforms to expand their service offerings and make them easily available to customer. Technological transformation will be an essential factor for market expansion. Intense competition in the market, where customers can compare and pick services best suitable to them with ease, will be important aspects.
With a substantial rise in the travel industry and online ticket booking services, customers can seek easy access to these services. As such, the business environment in the travel insurance market continues to reflect a rollup within the industry despite extreme competition.
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Competitive Landscape
Key players in the travel insurance market are Allianz Travel Insurance, Travelex Insurance Services, World Nomads Travel Insurance, Tata AIG General Insurance, Seven Corners, HTH Travel Insurance, Generali Global Assistance, IMG Travel Insurance, AXA Assistance USA, Berkshire Hathaway Travel Protection, Nationwide Insurance, Aviva, AA Travel Insurance, Staysure, Virgin Money Travel Insurance, Cover For You, and Flexicover Travel Insurance.
The market is highly fragmented with the presence of established companies and many new players entering the market. Increasing people's awareness about travel insurance and the easy availability of these services on online platforms are creating a highly competitive scenario in the market.
To sustain in the industry and deal with a highly competitive business environment, market players are making strategic moves such as the expansion of service offerings and partnerships.
For instance :
- In September 2022, Insurtech Startup InsuranceDekho enhanced its service offerings by introducing travel insurance on its online platform. The company has partnered with leading insurance organizations such as Reliance General, Bajaj Allianz, ICICI Lombard, and others to offer travel insurance services.
- In April 2022, online platform Trip.com and AXA Partners announced the expansion of a new travel insurance product in the European region that was introduced in the U.K. in 2021. It offers a wide range of benefits such as cancellation, baggage cover, medical emergency cover, and others.
Key Companies Profiled
- Allianz Travel Insurance
- Travelex Insurance Services
- World Nomads Travel Insurance
- Tata AIG General Insurance Company Limited
- Seven Corners
- HTH Travel Insurance
- Generali Global Assistance
- IMG Travel Insurance
- AXA Assistance USA
- Berkshire Hathaway Travel Protection
- Nationwide Insurance
- Aviva
- AA Travel Insurance
- Staysure
- Virgin Money Travel Insurance
- Cover For You
- Flexicover Travel Insurance
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Segmentation of Travel insurance Industry Survey
- By Coverage Type :
- Single Trip
- Annual/Multiple Trip
- By Trip Type :
- Domestic
- International
- By End-use Application :
- Individual
- Group
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global travel insurance market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of coverage type (single trip, annual/multiple trips), end-use application (individuals, groups), and trip type (domestic, international), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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