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WESTFORD, USA, July 27, 2022 (GLOBE NEWSWIRE) — There is no doubt that the world of travel has seen a proliferation of luxury and budget accommodations in recent years. And as more people travel for leisure, it is conceivable that there will be an increase in demand for travel insurance. According to the World Health Organization (WHO), an estimated 1.5 billion people travel every year, and this figure is expected to grow significantly in the coming years. According to SkyQuest analysis Travel insurance market In the year In 2020, 41% of travelers surveyed said they would take more risks if they knew their trip would be covered in the event of an emergency.
This increase in demand for travel insurance can be due to many reasons; Namely, the increase in tourism and international travel, as well as the personal factors that occurred during a traveler’s recent travels. According to British travel insurance company CAA, the average cost of an annual travel insurance policy has increased by 20% since 2014.
While this has increased demand in the travel insurance market, not all travelers purchase travel insurance. Even so, many travelers don’t seem to be using it as much as they should. According to research by Insure My Trip, only 55% of Canadians have travel insurance coverage for a European holiday and only 53% have coverage for a trip to Australia or New Zealand.
While it could save them money in the event of an accident or illness while abroad, only 27 percent of American adults purchase travel insurance, according to the survey. This lack of interest in travel insurance could be due to a lack of knowledge about how to purchase it or uncertainty about whether the investment is worth it.
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In developed countries, at least 63% of people travel without travel insurance
Travel market demand continues to grow globally, and the market is expected to reach $71.33 billion in annual value by 2028. To help understand demand for travel insurance, Skyquest Technology conducted a survey with a sample of 10,000 individuals in the US. Canada, India, China, UK, Germany and Netherlands. The results of this study indicated that 63% of respondents traveled without travel insurance or purchased only minimal coverage.
When considering whether or not to buy travel insurance, respondents in a survey of the travel insurance market cited potential travel-related expenses (54%) and personal safety (50%). Only 15% of respondents felt they had to take action if something went wrong while travelling.
Based on this study of the travel insurance market, it can be assumed that there is a significant segment of the population that is not comfortable traveling without adequate protection against an emergency. To address this growing threat, many insurers are likely to begin marketing their products specifically to those who are unlikely to purchase them – those who are unlikely to need them.
In Asia and Latin America, less than 10% of people buy travel insurance
Developing countries have very low travel insurance, which puts their citizens at a disadvantage when traveling. According to a study conducted by the World Bank, only 10 percent of 36 percent of developing countries have travel insurance. Countries such as Thailand, Cambodia, India and China, Brazil, Colombia, where people spend around $3 a day to survive, have minimal travel insurance.
The situation is worse in the African travel insurance market. According to a recent survey by SkyQuest, 1.8% of travelers in Africa and 2.1% of travelers in Southeast Asia have a travel insurance policy.
There are many reasons why people don’t buy travel insurance. Some people in the travel insurance market may believe that it is not necessary for them because they have no experience of traveling outside of their country. Others think that any losses incurred during travel will be covered by the government or the insurer.
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Booking platforms have become the main distributor of travel insurance
As the travel insurance market evolves, so does the way people can protect themselves. One such recent trend has seen booking platforms take a leading role in providing travel insurance as an additional service to their customers and a way to differentiate themselves from the competition.
In particular, platform giants such as Airbnb and TripAdvisor offer their own dedicated travel insurance policies, which can be purchased directly from their respective websites or apps. This means that customers are not only able to purchase insurance where they are registered, but also get additional discounts and benefits compared to purchasing independent policies elsewhere.
In a recent study by SkyQuest Technology on the travel insurance market, Booking.com was found to be the most popular platform for buying travel insurance, with 59% of users saying they had bought insurance through the website. In second place was Expedia, with 54% of users reporting that they did the same.
In July 2022, BimaPlan partnered with Zingbus to offer travel insurance. This helps the company to tap into the potential consumer base of the road.
In the global travel insurance market, booking platforms have become valuable resources for travelers because of their wide range of offerings and user-friendly interfaces. These sites are not only good sources for finding accommodation and other rental properties, but also offer a wide range of travel services such as airline tickets and vacation packages. Additionally, many of these sites offer additional products such as travel insurance, which can be essential to ensure a safe and stress-free trip.
While there are many other great travel websites out there, booking platforms are the clear leader in providing essential products and services to travelers. Keeping this in mind, SkyQuest has published a report on the travel insurance market that focuses on consumer behavior, market analysis, travel insurance market correlation, consumer prospects, trends, market dynamics, opportunities, threats, and challenges in the travel insurance market. The report helps the companies to understand the demand and supply gap, identify new revenue pockets and design growth strategies to expand their reach.
Top players in the international travel insurance market
- Allianz Partners (France)
- American Express (USA)
- American International Group Inc. (US)
- Arch Capital Group Limited (Bermuda)
- Aviva PLC (UK)
- Berkshire Hathaway Special Insurance (US)
- China Pacific Insurance Company (China)
- Chubb Ltd. (Switzerland)
- Assicurazioni Generali Group (Italy)
- Groupama Sigorta AS (France)
- Hansmerkur Insurance Group (Germany)
- Insurance & Go (UK)
- China Ping An Insurance Co., Ltd. (China)
- Seven Corners (USA)
- SOMPO Holdings, Inc. (Japan)
- Travelex Insurance Services Inc. (US)
- Zurich Insurance Group Ltd. (Switzerland)
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Related reports in SkyQuest’s Library:
Cyber insurance market
Global population market
Global Cryptocurrency Market
Global asset management market
Global neo bank market
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SkyQuest Technology He is leading a growth consulting firm providing market intelligence, trading and technology services. It has more than 450 happy customers worldwide.
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