New York, Aug. 26, 2022 (GLOBE NEWSWIRE) — According to a report published by Next Move Strategy Consulting, the global travel insurance market generated 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 research provides a detailed analysis of changing market trends of based on driving forces and opportunities. Furthermore, the research analyzes the major segments and their sub-segments with the help of tabular and graphical representation.
Covering a comprehensive analysis in more than 300 pages, accompanied by 175 tables and 145 figures, the report aims to help key players, investors and startups create steps to adopt to achieve sustainable growth and gain advantage competitive. The report also discusses the Covid-19 pandemic and its impact on the travel insurance market size.
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|Report coverage||The details|
|Market size in 2021||17.58 billion dollars|
|Market size in 2030||58.93 billion dollars|
|number of pages||312|
|Segments covered||Insurance coverage, distribution channel, end user and geography.|
|leader||The growth of the travel and tourism industry with wide coverage in relation to various destinations around the world|
|Ease of booking flights, accommodation and hotels|
|OppORTuNiTy||Introduction of blockchain technology in the insurance sector|
|Increase in the number of corporate travelers|
The research provides a comprehensive analysis of the driving forces, restraining factors and opportunities of the global travel insurance market. The growth of the travel and tourism industry with wide coverage in relation to various destinations worldwide and ease in booking flights, accommodation and hotels is driving the growth of the global travel insurance market. In addition, the introduction of online platforms that provide reasonable modern accommodation services such as Airbnb and The Plum Guide worldwide attract tourists across the globe. This, in turn, complements the growth of the market. However, strict government regulations related to visa policies and the outbreak of highly infectious diseases such as monkeypox across the world restrain the growth of the market.
Highlighting the opportunities for key players to increase their share of the travel insurance market in the coming years, the Principal Analyst for Consumer Goods at Next Move Strategy Consulting, stated: “The adoption of blockchain technology in the insurance sector will bring transformation in the travel insurance industry. Moreover, the increase in the number of corporate travelers creates new opportunities in the coming years.”
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The report provides a detailed segmentation of the global travel insurance market based on insurance coverage, end user, distribution channel and geography. Based on insurance coverage, the report classifies the market into single trip travel insurance, multi-trip annual travel insurance and long stay travel insurance. On the basis of distribution channel, the research further segments the market into insurance brokers, banks, insurance aggregators, insurance companies, insurance brokers, etc. By end user, the report further segments the market into senior citizens, educational travelers, backpackers, business travelers, family travelers and fully independent travelers.
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Based on geography, the report segments the global travel insurance market into North America, Europe, Asia Pacific and RoW. Europe held the highest share in 2021 and will maintain its dominance throughout the forecast period. This is due to the large number of international travelers in countries such as Spain, France and Italy and the strict government regulations that made travel medical insurance compulsory for foreign travellers. On the other hand, North America is projected to grow steadily throughout the forecast period. This is due to the rapid growth in the adoption of corporate travel insurance and the ease of availability of domestic travel insurance plans in the region.
The report provides a detailed analysis of each region and its respective countries based on segments and sub-segments. Tables and figures are used to represent the analysis and improve the 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 scenario.
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