Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Global Travel Insurance Market (2023-2028) by Type, Distribution, End-User, and Geography, Competitive Analysis, Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Travel Insurance Market is estimated to be USD 19.75 Bn in 2023 and is expected to reach USD 46.27 Bn by 2028, growing at a CAGR of 18.56%.
Market Dynamics
Drivers
- Increase in Tourism
- High Cost of Medical Treatment Overseas
- Mandate Travel Insurance in Some Countries
- Rising Demand for Reimbursement of Expenditures
- Increasing Technology Development in the Travel Insurance Industry
Restraints
- Varied Insurance Regulations
- Low Clarity of the Travel Insurance Commitments
Opportunities
- Incorporation of Digital Tools by Insurance Market Players
- Supportive Initiatives by Governments
Challenges
- Lack of Awareness Regarding Travel Insurance Policy
- Cyber Security Concerns
Market Segmentations
The Global Travel Insurance Market is segmented based on Type, Distribution, End-User, and Geography.
- By Type, the market is classified into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long- Stay Travel Insurance.
- By Distribution, the market is classified into Insurance Intermediaries, Insurance Companies, Banks, and Insurance Brokers and Aggregators.
- By End-User, the market is classified into Educational Travel, Business Travelers, Family Travelers, Senior Citizen, and Others.
- By Geography, the market is classified into Americas, Europe, Middle East & Africa, and Asia-Pacific.
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Allianz Group, Aviva PLC, Berkshire Hathaway Specialty Insurance Company, Munich Reinsurance Company, Travelsafe Insurance, etc.
Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Travel Insurance Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
The analyst analyses the Global Travel Insurance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Travel Insurance Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report..
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains a competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 172 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $19.75 Billion |
| Forecasted Market Value (USD) by 2028 | $46.27 Billion |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | Global |
Key Topics Covered:
1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Analyst Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations and Outlook
4 Market Dynamics
5 Market Analysis
6 Global Travel Insurance Market , By Type
6.1 Introduction
6.2 Single-Trip Travel Insurance
6.3 Annual Multi-Trip Travel Insurance
6.4 Long- Stay Travel Insurance
7 Global Travel Insurance Market , By Distribution
7.1 Introduction
7.2 Insurance Intermediaries
7.3 Insurance Companies
7.4 Banks
7.5 Insurance Brokers and Aggregators
8 Global Travel Insurance Market , By Demographics
8.1 Introduction
9 Global Travel Insurance Market , By End-User
9.1 Introduction
9.2 Educational Travel
9.3 Business Travelers
9.4 Family Travelers
9.5 Senior Citizen
9.6 Others
10 Americas' Travel Insurance Market
11 Europe's Travel Insurance Market
12 Middle East and Africa's Travel Insurance Market
13 APAC's Travel Insurance Market
14 Competitive Landscape
15 Company Profiles
16 Appendix
Companies Mentioned
- Allianz Group
- American Express Co,
- American International Group, Inc.
- Assicurazioni Generali S.p.A.
- Atlas Travel Insurance Services Ltd.
- Aviva PLC
- AXA SA
- Bajaj Finserv Ltd.
- Battleface Insurance Services Ltd.
- Berkshire Hathaway Specialty Insurance Co.
- China Life Insurance Co., Ltd.
- China Pacific Life Insurance Co., Ltd.
- Chubb Ltd.
- Mapfre Insurance Company, Inc.
- Ms&Ad Insurance Group Holdings, Inc.
- Munich Reinsurance Co.
- Ping An Insurance Company of China, Ltd.
- Prudential Financial, Inc.
- Saga PLC
- Seven Corners, Inc.
- Travelex Insurance Services
- Travelsafe Insurance
- USI Insurance Services
- Zurich Insurance Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/q6n515
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