The “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
The global travel insurance market grew at a CAGR of around 6% during 2014-2019. Looking forward, the global travel insurance market to continue its moderate growth during the next five years.
Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home.
Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.
The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth.
Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth.
Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience. They are now also offering coverage for the coronavirus disease (COVID-19) and extending the expiration period without adding extra charges in their policies.
However, due to lockdowns and travel restrictions imposed by governments of several countries to fight the pandemic, the market growth is being impacted negatively. It is expected to revive once normalcy is regained.
Key Questions Answered in This Report:
- How has the global travel insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global travel insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the insurance type?
- What is the breakup of the market based on the coverage?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global travel insurance market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Travel Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Insurance Type
6.1 Single-Trip Travel Insurance
6.2 Annual Multi-Trip Insurance
6.3 Long-Stay Travel Insurance
7 Market Breakup by Coverage
7.1 Medical Expenses
7.2 Trip Cancellation
7.3 Trip Delay
7.4 Property Damage
8 Market Breakup by Distribution Channel
8.1 Insurance Intermediaries
8.3 Insurance Companies
8.4 Insurance Aggregators
8.5 Insurance Brokers
9 Market Breakup by End User
9.1 Senior Citizens
9.2 Education Travelers
9.3 Business Travelers
9.4 Family Travelers
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
- Allianz SE
- American Express Company
- American International Group
- AXA SA
- Berkshire Hathaway Specialty Insurance Company
- Generali Group
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- Travel Insured International Inc. (Crum & Forster)
- USI Affinity (USI Insurance Services)
- Zurich Insurance Group AG.
For more information about this report visit https://www.researchandmarkets.com/r/b8lwpg
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Source: Global Newswire News