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Travel insurance market
Travel insurance market size
Global Travel Insurance Market 2022-2026 The analyst has been tracking the travel insurance market and it is set to grow at $9.88 bn by 2022-2030.
– Prakash Thoras
SUITE N202, NEW YORK, United States, Sept. 15, 2022 /EINPresswire.com/ — According to Zion Market Research analysts, the global travel insurance market will exceed $17.16 billion in 2020 and is expected to reach $55.21 billion. By 2028, growing at a CAGR of 16.5% from 2021 to 2028.
Major Companies in Travel Insurance Market American Express Company, Allianz Partners, American International Group, Inc., InsureandGo, China Pacific Insurance, (Group) Co., Ltd., Chubb Limited, Travelex Insurance Services Inc., Generali Group, HanseMerkur Reiseversicherung AG, Ping An Insurance Company of China, Ltd., Seven Corners, Inc. and Zurich Insurance Group AG among others.
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This review “Travel Insurance Market Segmented by Insurance Coverage (Single Trip Insurance, Annual Travel Insurance, Long Trip Insurance), By End Users (Business Travelers, Senior Citizens, Educational Travelers & Others), By Distribution Channel (Insurance Companies, Banks & Others): Global Industry Outlook, Comprehensive Analysis and Forecast, 2020 – 2028.
It has boosted tourism to spur growth globally.
The increase in tourism globally has increased the demand for the overall travel insurance market. Rising disposable incomes, wider coverage for holidays and easy booking have boosted the market demand. Travelers prefer travel insurance to mitigate against uncertain events such as canceled flights, accidents, health issues, lost luggage, theft, and natural disasters.
Also, technological advances such as geo-location, artificial intelligence, blockchain and big data have created huge opportunities for insurers in the market. As a result of these technological advances, travel insurance platforms are expected to increase productivity in order to offer the covers without any problems during the purchase. The digital transformation has enabled the companies to create a highly personalized experience for the customers.
International travel insurance market
With a large pool of participants, the global travel insurance industry is proving to be a highly competitive business landscape, finds a new research report from Zion Market Research (ZMR). American Express Company, Allianz Partners and American International Group, Inc. These players in the travel insurance market are focusing on innovation, as well as incorporating advanced technologies into their existing products. In the coming years, they are expected to adopt partnerships and mergers and acquisitions as their key strategy for business development, according to travel insurance market research.
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The number of foreign travelers who support the dominance of North America in the region will increase
Regionally, North America is leading the global travel insurance market and is expected to maintain its dominant position in the coming years, according to Travel Insurance Market Research. This high growth is due to low dependency ratios, rising disposable incomes and increased travel among baby boomers. Digitization of distribution channels has also paved the way for higher demand for travel insurance packages. The increase in the number of outbound travelers in the region has led to a high demand for this market in this region.
The complete “Travel Insurance Market by Insurance Coverage (Single Trip Insurance, Annual Travel Insurance, Long Trip Insurance), By End Users (Business Travelers, Senior Citizens, Educational Travelers & Others), By Distribution Channel (Insurance Companies, Banks & Others): Global Industry Outlook, Comprehensive Analysis and Forecast, 2020 – 2028.
Analysis of the impact of Covid-19
The global impact of COVID-19 has had a negative impact on the travel insurance market. There has been a significant slowdown in the travel industry due to lockdowns around the world. As the overall amount of travel has seen a significant decline, the number of people purchasing travel insurance covers has also decreased significantly. As the lockdowns are lifted and people travel in some countries, the travel insurance market is expected to gradually increase in demand.
growth factors
The increase in tourism globally has increased the demand for the overall travel insurance market. Rising disposable incomes, wider coverage for holidays and easy booking have boosted the market demand. Travelers prefer travel insurance to mitigate against uncertain events such as canceled flights, accidents, health issues, lost luggage, theft, and natural disasters.
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in the region
North America
US
Canada
Europe
France
Great Britain
Spain
Germany
Italy
The rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
The rest of Latin America
Middle East and Africa
GCC
south africa
The rest of the Middle East and Africa
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Prakash Thoras
Zion market research
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