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NEW YORK, Aug. 26, 2022 (GLOBE NEWSWIRE) — According to a report by Next Move Strategy Consulting, International travel insurance market In the year It earned USD 17.58 billion in 2021 and is expected to reach USD 58.93 billion by 2030, witnessing a CAGR of 14.6% from 2022 to 2030. The study provides detailed analysis of market trends based on strengths and opportunities. Moreover, the research analyzes the top classes and their sub-classes with the help of tabular and graphic representation.
Covering over 300 pages of extensive analysis accompanied by 175 tables and 145 figures, the report aims to guide leading players, investors and start-ups on the steps to be taken to achieve sustainable growth and gain a competitive edge. The report also discusses the impact of the Covid-19 pandemic on the size of the travel insurance market.
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| Report coverage | Details |
| Forecast time | 2022–2030 |
| Foundation year | 2021 |
| Market size in 2021 | 17.58 billion dollars |
| Market size in 2030 | 58.93 billion dollars |
| CAGR | 14.6% |
| Number of pages | 312 |
| Tables | 175 |
| Figures | 145 |
| Covered parts | Insurance coverage, distribution channel, end user and geography. |
| Drivers | The growth of the travel and tourism industry covers a wide range of destinations around the world |
| Easy to book flights, accommodation and hotels | |
| Opportunities | Introduction of blockchain technology in the insurance sector |
| Increase in the number of corporate travelers |
The study provides an extensive analysis of the driving forces, restraints, and opportunities of the global travel insurance market. Growth in the travel and tourism industry with wide coverage across various global destinations and ease of booking flights, accommodation and hotels will drive the growth of the global travel insurance market. Furthermore, the introduction of online platforms such as Airbnb and The Plum Guide that provide reasonable modern accommodation services attracts tourists from all over the world. This will increase market growth. However, strict government guidelines regarding visa policies and the spread of highly contagious diseases like monkeypox across the globe will limit the growth of the market.
Highlighting the opportunities for leading players to increase their travel insurance market share in the coming years, lead consumer goods analyst at Next Move Strategy Consulting said, “The introduction of blockchain technology in the insurance sector will revolutionize travel insurance. Industry. Additionally, the increase in the number of corporate travelers will create new opportunities in the coming years.
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The report provides detailed segmentation of the global travel insurance market based on insurance coverage, end user, distribution channel, and geography. By insurance cover, the report segments the market into single trip insurance, annual multi-trip travel insurance and long-term travel insurance. On the basis of distribution channel, the research further segments the market into insurance intermediaries, bank, insurance aggregator, insurance company, insurance broker and others. By end user, the report further segments the market into seniors, education traveler, backpackers, business traveler, family traveler and fully independent traveler.
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On the basis of geography, the report segments the global travel insurance market into North America, Europe, Asia-Pacific, and ROW. Europe will account for the largest share in 2021 and will maintain its dominance throughout the forecast period. This is due to the large number of international travelers and strict government guidelines in countries such as Spain, France and Italy where travel medical insurance is mandatory for foreign travelers. On the other hand, North America is projected to grow steadily throughout the forecast period. This is due to the rapid growth of corporate travel insurance and the ease of access to domestic travel insurance plans in the region.
The report provides detailed analysis of each region and its countries based on segments and sub-segments. Tables and figures are used to represent analysis and improve overall understanding of the market.
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The report provides a detailed analysis of the key players in the global travel insurance market. These players include Allianz Group, American Express Company, Zurich Insurance Group, Axa SA, American International Group, Inc., Seven Corners, Inc., Berkshire Hathaway Specialty Insurance, Travel Insured International, Inc., USI Insurance Services and Genarali Group. The report also provides detailed analysis of each player to highlight the competitive landscape.
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about us:
Next Move Strategy Consulting is a leading market research firm committed to providing its clients with the latest research reports that are systematically analyzed. The research industry is flooded with many organizations, and what sets Continuity apart from the rest is its high-quality research and obsession with turning data into knowledge by identifying each segment and providing data-driven research recommendations. Information gathered from over 500 million websites, paid databases, industry magazines and consulting together with industry experts in various industry sectors. High-quality customized research reports combined with actionable insights and end-to-end customer service help our clients take critical business decisions that enable them to evolve and stay competitive in the industry.
We are serving more than 1,000 clients worldwide, including 90% of Fortune 500 companies in ten years. Our analysts are constantly monitoring various high growth markets and identifying hidden opportunities in each sector or industry. We offer one of the industry’s best quality syndicated as well as custom research reports across 10 different industry verticals. We are committed to providing high quality research solutions based on your business needs. Our industry-class delivery solutions, from pre-consultation to post-sales services, deliver an excellent customer experience and ensure sound strategic decision-making for businesses.
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