GVR Report cover Travel Insurance Market Size, Share & Trends Report

Travel Insurance Market Size, Share & Trends Analysis Report By Insurance Cover, By Distribution Channel, By End-user, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452107
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global travel insurance market is expected to witness significant growth over the forecast period. The rise in tourism due to the easy availability of online travel bookings through smartphones and websites with extensive coverage of holiday packages is contributing to the growth of the market. The increase in tourism can lead to several incidences such as medical emergencies, loss of luggage, and trip cancellations. To mitigate these risks, consumers opt for travel insurance, which is a significant factor driving the market growth. Moreover, the incorporation of advanced technologies such as Artificial Intelligence (AI), data analytics, and machine learning, along with Global Positioning System (GPS), to enhance the existing travel insurance platform is expected to offer lucrative opportunities to solution providers over the forecast period.

Travel Insurance Market Segmentation

Segments

Details

Insurance Cover

Single-tip Travel Insurance; Annual Multi-tip Travel Insurance; Long-stay Travel Insurance

Distribution Channel

Insurance Intermediaries; Insurance Companies; Banks; Insurance Brokers; Insurance Aggregators

End- users

Education Travelers; Business Travelers; Senior Citizens; Family Travelers; Others

Function

Disk Encryption; Communication Encryption; File/Folder Encryption; Cloud Encryption; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

Numerous travel insurance providers are making efforts to extend their partnerships with insurers to enhance their offerings and closely cater to the needs of customers. These enhancements are aimed toward providing a better customer experience. For instance, in September 2020, AXA Partners Holding SA., a travel insurance provider, announced the extension of its long-term partnership with Coverwise, a travel insurer. This partnership enabled AXA Partners Holding SA. to work closely with Coverwise and develop an affordable product suite that meets the needs of customers efficiently.

The COVID-19 pandemic negatively impacted the travel insurance market growth. A myriad of unexpected issues stemming from lockdowns and the restrictions on the movement of people and goods owing to safety concerns led to a significant reduction in the number of domestic and foreign visitors. For instance, according to the World Tourism Organization report published in 2021, a 65% reduction was estimated in the arrival of international tourists globally in 2020. However, relaxations on travel restrictions and mandatory government policies have urged consumers to opt for travel insurance policies, which is expected to further drive the growth of the market.

In recent years, venture capital companies have been focusing on start-ups and helping them raise funding to enhance their product portfolio and strengthen their position in the market. For instance, in December 2020, battleface, a U.K.-based company that offers global travel insurance, raised USD 12 million from Drive Capital, a Columbus-based investment firm. The company planned to utilize the funding for market expansion and driving new product developments and technological innovations that can promote commercial actions for business development. Such venture capital investments are expected to create new opportunities for the market growth over the forecast period.

The key players in the market include Allianz; American International Group, Inc.; AXA; ASSICURAZIONI GENERALI SPA; USI Insurance Services; and battleface. These players are focusing on adopting growth strategies such as partnerships, mergers & acquisitions, and new product development to further expand their global market presence. For instance, in August 2021, battleface announced the launch of travel insurance for space tourism. The new policy offers benefits such as accidental death and permanent disablement. Through this launch, the company expanded its product portfolio.

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