Travel Insurance Market
The Global Travel Insurance Market size is estimated to be USD 21.92 billion in 2019 and is predicted to reach USD 49.57 billion by 2030 with a CAGR of 7.7% from 2020-2030.
Travel Insurance is insurance which is used in case of luggage loss, trip cancellation, medical expenses during trip and others expenses in case of mishap during trip. Travel insurance can be taken at the time of booking. Some travel insurance can be used for the single trip and some can be used for multi trip, on the other hand few banks also offer free insurance with credit cards.
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Top Companies: CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, InsureandGo., Travel Insured International, Travel Insured International, Travelex Group and others.
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveler, Backpackers, Business Traveler, Family Traveler, and Fully independent Traveler. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America represents the increased adoption of travel insurance and expected to the major market share during the forecast period. The other factors include increase in tourism industry, increase in trade practices, increase in globalization is further expected to expand the market. Asia Pacific is expected to develop significantly with the gradual increase in market size owing to the increase in natural disasters, epidemic outbreaks, increasing traffic led to luggage loss and increase in terrorist activities and others are further expected to drive the market growth.
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