+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

Travel Insurance Market By Insurance Cover, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027

  • ID: 5118804
  • Report
  • April 2020
  • Region: Global
  • 258 pages
  • Allied Analytics LLP
1 of 5

Enquire about COVID-19 updates for this product.

Enquire Now

FEATURED COMPANIES

  • Allianz Group
  • AXA
  • Seven Corners Inc.
  • TravelSafe Insurance
  • USI Insurance Services
  • MORE
Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance providers offer different plans by covering costs and losses associated with traveling.

Further, several intermediaries in distribution channels such as insurance aggregators, banks, insurance brokers providing consumers with various options to compare products and prices, suggest suitable policies, and others. Moreover, international travel insurance is mandatory for tourists who visit countries such as Thailand, Cuba, Antarctica, Schengen countries, the U.S., and UAE.

Increased usage of smartphones and the internet for online travel insurance purchases via direct airline sites, online travel agencies (OTAs), and company websites & applications are gaining momentum space and are contributing to the growth of the online travel insurance market. In addition, a rise in tourism due to an increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others also drive market growth.

With an increase in tourism, several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. However, lack of awareness toward travel insurance policies, low consumer experiences in terms of coverages, premium rates, services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premium in the market.

On the contrary, technological developments such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS) among others are providing innovative opportunities for insurers in the market. The insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

The global travel insurance market is segmented on the basis of insurance cover, distribution channels, end user, and region. In terms of insurance cover, it is segmented into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Based on the distribution channels, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the global travel insurance market analysis are Allianz Group, American International Group, Inc., Assicurazioni Generali S.P.A, AXA, Insure & Go Insurance Services Limited, Seven Corners Inc., Travel Insured International, TravelSafe Insurance., USI Insurance Services, Zurich Insurance Co. Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits for Stakeholders:
  • The study provides an in-depth analysis of the global travel insurance market along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.
Key Market Segments:

By Insurance Cover
  • Single-Trip Travel Insurance
  • Annual Multi-Trip Travel Insurance
  • Long-Stay Travel Insurance
By distribution channels
  • Insurance Intermediaries
  • Insurance Companies
  • Banks
  • Insurance Brokers
  • Insurance Aggregators
By End User
  • Senior Citizens
  • Education Travelers
  • Business Travelers
  • Family Travelers
  • Others
By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
Key Market Players
  • Allianz Group
  • American International Group, Inc.
  • Assicurazioni Generali S.P.A
  • AXA
  • Insure & Go Insurance Services Limited
  • Seven Corners Inc.
  • Travel Insured International
  • TravelSafe Insurance.
  • USI Insurance Services
  • Zurich Insurance Co. Limite
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Allianz Group
  • AXA
  • Seven Corners Inc.
  • TravelSafe Insurance
  • USI Insurance Services
  • MORE
Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits for Stakeholders
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools & Models

Chapter 2: Executive Summary
2.1. Key Findings
2.1.1. Top Impacting Factors
2.1.2. Top Investment Pockets
2.2. Cxo Perspective

Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Forces Shaping Travel Insurance Market
3.2.1. Low Bargaining Power of Suppliers
3.2.2. High Bargaining Power of Buyer
3.2.3. Moderate Threat of Substitutes
3.2.4. Moderate Threat of New Entrants
3.2.5. High Competitive Rivalry
3.3. Value Chain Analysis
3.3.1. Product Design
3.3.2. Pricing & Underwriting
3.3.3. Distribution
3.3.4. Administration & Claims Management
3.4. Market Dynamics
3.4.1. Drivers
3.4.1.1. Rapid Growth in Tourism
3.4.1.2. Convenient Shopping Due to Online Comparison Sites.
3.4.1.3. Travel Rule and Regulations
3.4.2. Restraint
3.4.2.1. Lack of Awareness Towards Travel Insurance Policy
3.4.3. Opportunities
3.4.3.1. Expansion of Products and Services
3.4.3.2. New Technological Developments in the Travel Insurance Industry

Chapter 4: Travel Insurance Market, by Insurance Cover
4.1. Overview
4.2. Single Trip Travel Insurance
4.2.1. Key Market Trends, Growth Factors, and Opportunities
4.2.2. Market Size and Forecast, by Region
4.2.3. Market Analysis, by Country
4.3. Annual Multi-Trip Travel Insurance
4.3.1. Key Market Trends, Growth Factors, and Opportunities
4.3.2. Market Size and Forecast, by Region
4.3.3. Market Analysis by Country
4.4. Long-Stay Travel Insurance
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast, by Region
4.4.3. Market Analysis, by Country

Chapter 5: Travel Insurance Market, by Distribution Channel
5.1. Overview
5.2. Insurance Intermediaries
5.2.1. Key Market Trends, Growth Factors, and Opportunities
5.2.2. Market Size and Forecast, by Region
5.2.3. Market Analysis, by Country
5.3. Insurance Companies
5.3.1. Key Market Trends, Growth Factors and Opportunities
5.3.2. Market Size and Forecast, by Region
5.3.3. Market Analysis, by Country
5.4. Banks
5.4.1. Key Market Trends, Growth Factors and Opportunities
5.4.2. Market Size and Forecast, by Region
5.4.3. Market Analysis, by Country
5.5. Insurance Brokers
.5.1. Key Market Trends, Growth Factors and Opportunities
5.5.2. Market Size and Forecast, by Region
5.5.3. Market Analysis, by Country
5.6. Insurance Aggregators
5.6.1. Key Market Trends, Growth Factors and Opportunities
5.6.2. Market Size and Forecast, by Region
5.6.3. Market Analysis, by Country

Chapter 6: Travel Insurance Market, by End-user
6.1. Overview
6.2. Senior Citizens
6.2.1. Key Market Trends, Growth Factors and Opportunities
6.2.2. Market Size and Forecast, by Region
6.2.3. Market Analysis, by Country
6.3. Education Travelers
6.3.1. Key Market Trends, Growth Factors and Opportunities
6.3.2. Market Size and Forecast, by Region
6.3.3. Market Analysis, by Country
6.4. Business Travelers
6.4.1. Key Market Trends, Growth Factors, and Opportunities
6.4.2. Market Size and Forecast, by Region
6.4.3. Market Analysis, by Country
6.5. Family Travelers
6.5.1. Key Market Trends, Growth Factors and Opportunities
6.5.2. Market Size and Forecast, by Region
6.5.3. Market Analysis, by Country
6.6. Others
6.6.1. Key Market Trends, Growth Factors and Opportunities
6.6.2. Market Size and Forecast, by Region
6.6.3. Market Analysis, by Country

Chapter 7: Travel Insurance Market, by Region
7.1. Overview
7.1.1. Market Size and Forecast, by Region
7.2. North America
7.2.1. Key Market Trends, Growth Factors, and Opportunities
7.2.2. Market Size and Forecast, by Insurance Cover
7.2.3. Market Size and Forecast, by Distribution Channel
7.2.4. Market Size and Forecast, by End-user
7.2.5. Market Analysis, by Country
7.2.5.1. U. S.
7.2.5.1.1. Market Size and Forecast, by Insurance Cover
7.2.5.1.2. Market Size and Forecast, by Distribution Channel
7.2.5.1.3. Market Size and Forecast, by End-user
7.2.5.2. Canada
7.2.5.2.1. Market Size and Forecast, by Insurance Cover
7.2.5.2.2. Market Size and Forecast, by Distribution Channel
7.2.5.2.3. Market Size and Forecast, by End-user
7.2.5.3. Mexico
7.2.5.3.1. Market Size and Forecast, by Insurance Cover
7.2.5.3.2. Market Size and Forecast, by Distribution Channel
7.2.5.3.3. Market Size and Forecast, by End-user
7.3. Europe
7.3.1. Key Market Trends, Growth Factors and Opportunities
7.3.2. Market Size and Forecast, by Insurance Cover
7.3.3. Market Size and Forecast, by Distribution Channel
7.3.4. Market Size and Forecast, by End-user
7.3.5. Market Analysis, by Country
7.3.5.1. UK
7.3.5.1.1. Market Size and Forecast, by Insurance Cover
7.3.5.1.2. Market Size and Forecast, by Distribution Channel
7.3.5.1.3. Market Size and Forecast, by End-user
7.3.5.2. Germany
7.3.5.2.1. Market Size and Forecast, by Insurance Cover
7.3.5.2.2. Market Size and Forecast, by Distribution Channel
7.3.5.2.3. Market Size and Forecast, by End-user
7.3.5.3. France
7.3.5.3.1. Market Size and Forecast, by Insurance Cover
7.3.5.3.2. Market Size and Forecast, by Distribution Channel
7.3.5.3.3. Market Size and Forecast, by End-user
7.3.5.4. Italy
7.3.5.4.1. Market Size and Forecast, by Insurance Cover
7.3.5.4.2. Market Size and Forecast, by Distribution Channel
7.3.5.4.3. Market Size and Forecast, by End-user
7.3.5.5. Spain
7.3.5.5.1. Market Size and Forecast, by Insurance Cover
7.3.5.5.2. Market Size and Forecast, by Distribution Channel
7.3.5.5.3. Market Size and Forecast, by End-user
7.3.5.6. Netherlands
7.3.5.6.1. Market Size and Forecast, by Insurance Cover
7.3.5.6.2. Market Size and Forecast, by Distribution Channel
7.3.5.6.3. Market Size and Forecast, by End-user
7.3.5.7. Rest of Europe
7.3.5.7.1. Market Size and Forecast, by Insurance Cover
7.3.5.7.2. Market Size and Forecast, by Distribution Channel
7.3.5.7.3. Market Size and Forecast, by End-user
7.4. Asia-Pacific
7.4.1. Key Market Trends, Growth Factors and Opportunities
7.4.2. Market Size and Forecast, by Insurance Cover
7.4.3. Market Size and Forecast, by Distribution Channel
7.4.4. Market Size and Forecast, by End-user
7.4.5. Market Analysis, by Country
7.4.5.1. China
7.4.5.1.1. Market Size and Forecast, by Insurance Cover
7.4.5.1.2. Market Size and Forecast, by Distribution Channel
7.4.5.1.3. Market Size and Forecast, by End-user
7.4.5.2. Japan
7.4.5.2.1. Market Size and Forecast, by Insurance Cover
7.4.5.2.2. Market Size and Forecast, by Distribution Channel
7.4.5.2.3. Market Size and Forecast, by End-user
7.4.5.3. India
7.4.5.3.1. Market Size and Forecast, by Insurance Cover
7.4.5.3.2. Market Size and Forecast, by Distribution Channel
7.4.5.3.3. Market Size and Forecast, by End-user
7.4.5.4. Australia
7.4.5.4.1. Market Size and Forecast, by Insurance Cover
7.4.5.4.2. Market Size and Forecast, by Distribution Channel
7.4.5.4.3. Market Size and Forecast, by End-user
7.4.5.5. Rest of Asia-Pacific
7.4.5.5.1. Market Size and Forecast, by Insurance Cover
7.4.5.5.2. Market Size and Forecast, by Distribution Channel
7.4.5.5.3. Market Size and Forecast, by End-user
7.5. LAMEA
7.5.1. Key Market Trends, Growth Factors and Opportunities
7.5.2. Market Size and Forecast, by Insurance Cover
7.5.3. Market Size and Forecast, by Distribution Channel
7.5.4. Market Size and Forecast, by End-user
7.5.5. Market Analysis, by Country
7.5.5.1. Latin America
7.5.5.1.1. Market Size and Forecast, by Insurance Cover
7.5.5.1.2. Market Size and Forecast, by Distribution Channel
7.5.5.1.3. Market Size and Forecast, by End-user
7.5.5.2. Middle East
7.5.5.2.1. Market Size and Forecast, by Insurance Cover
7.5.5.2.2. Market Size and Forecast, by Distribution Channel
7.5.5.2.3. Market Size and Forecast, by End-user
7.5.5.3. Africa
7.5.5.3.1. Market Size and Forecast, by Insurance Cover
7.5.5.3.2. Market Size and Forecast, by Distribution Channel
7.5.5.3.3. Market Size and Forecast, by End-user

Chapter 8: Competitive Landscape
8.1. Introduction
8.1.1. Market Player Positioning, 2019
8.1.2. Top Winning Strategies

Chapter 9: Company Profiles
9.1. Allianz Group
9.1.1. Company Overview
9.1.2. Company Snapshot
9.1.3. Operating Business Segments
9.1.4. Product Portfolio
9.1.5. Business Performance
9.1.6. Key Strategic Moves and Developments
9.2. American International Group, Inc.
9.2.1. Company Overview
9.2.2. Company Snapshot
9.2.3. Operating Business Segments
9.2.4. Product Portfolio
9.2.5. Business Performance
9.2.6. Key Strategic Moves and Developments
9.3. Axa
9.3.1. Company Overview
9.3.2. Company Snapshot
9.3.3. Operating Business Segments
9.3.4. Product Portfolio
9.3.5. Business Performance
9.3.6. Key Strategic Moves and Developments
9.4. Assicurazioni Generali S. P. A.
9.4.1. Company Overview
9.4.2. Company Snapshot
9.4.3. Product Portfolio
9.4.4. Business Performance
9.4.5. Key Strategic Moves and Developments
9.5. Insure & Go Insurance Services Limited
9.5.1. Company Overview
9.5.2. Company Snapshot
9.5.3. Product Portfolio
9.6. Seven Corners Inc..
9.6.1. Company Overview
9.6.2. Company Snapshot
9.6.3. Product Portfolio
9.6.4. Key Strategic Moves and Developments
9.7. Travel Insured International
9.7.1. Company Overview
9.7.2. Company Snapshot
9.7.3. Product Portfolio
9.7.4. Key Strategic Moves and Developments
9.8. Travelsafe Insurance
9.8.1. Company Overview
9.8.2. Company Snapshot
9.8.3. Product Portfolio
9.9. Usi Insurance Services
9.9.1. Company Overview
9.9.2. Company Snapshot
9.9.3. Product Portfolio
9.10. Zurich Insurance Co. Limited
9.10.1. Company Overview
9.10.2. Company Snapshot
9.10.3. Operating Business Segments
9.10.4. Product Portfolio
9.10.5. Business Performance
9.10.6. Key Strategic Moves and Developments
Note: Product cover images may vary from those shown
3 of 5

FEATURED COMPANIES

  • Allianz Group
  • AXA
  • Seven Corners Inc.
  • TravelSafe Insurance
  • USI Insurance Services
  • MORE
According to the report titled, 'Travel Insurance Market By Insurance Cover,Distribution Channel, and End User: Opportunity Analysis and Industry Forecast, 2020-2027', the global travel insurance market size was valued at $19.24billion in 2019, and projected to reach $37.0 billion by 2027, growing at a CAGR of 8.6% from 2020 to 2027.

Travel insurance provides coverage for risks associated, such as injury or death, loss of luggage, delays, and others, while traveling. The premiums vary according to the plans and coverages such as trip cancellation, loss of luggage & travel documents, medical expenses and emergency medical evacuations, and others. Further, significant increase in tourism, innovative technologies, development in travel rules & regulations, and others are some of the lucrative factors that boost the market growth.

Increased usage of smartphones and internet for online travel insurance purchases via direct airline sites, online travel agencies (OTAs), and company websites & applications are gaining momentum space and are contributing to the growth of the online travel insurance market. In addition, rise in tourism due to increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others drive the market growth.

With an increase in tourism, several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. However, lack of awareness toward travel insurance policies, low consumer experiences in terms of coverages, premium rates, and services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premium in the market.

On the contrary, technological developments such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), among others, are providing lucrative opportunities for insurers in the market. The insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

On the basis of insurance cover, the single trip travel insurance segment dominated the travel insurance industry in 2019 and is projected to maintain its dominance during the forecast period. Single trip travel insurance provides customized offerings & covers a combination of eventualities, including trip cancellation, injury & illness, public liability, emergency repatriation, loss of baggage, and others. In addition, the growth of this insurance cover is expected to gain momentum space due to its best suited policies for family travelers preferring vacation once or twice a year, thus expected to grow at a significant CAGR during the forecast period.

The insurance intermediariessector dominated the travel insurance market industry in 2019 and is projected to maintain its dominance during the forecast period, owing tointermediaries directly deal with a range of hotel chains and flight operators for providing better customer services in the market. Moreover, majority of travel bookings are made via core travel agent and tour operator involved in this intermediary. As a result, travel intermediaries providing travel insurance & assistance services; thereby, representing a significant travel insurance market growth in the segment during the forecast period.

Furthermore, the insurance aggregators segment is expected to grow at a significant CAGR during the forecast period, owing to aggregators in the distribution channel offering an online comparison-shopping sites, allowing consumers to easily compare product in terms of coverages, carriers, features, amount of premiums, and others. In addition, it provides sufficient information about the products by bringing together plans from several travel insurance companies in the market.

By region, the globaltravel insurance market was dominated by Asia-Pacific in 2019 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region include rise in number of senior citizens across countries such as Australia, Japan, China, and India. In addition, government of various countries such as Japan, Malaysia, Australia, and Thailand are focusing on formulating regulations that mandate the travel insurance for all international travelers; thereby, becoming major travel insurance market trend in the region.

Key Findings of the Study:

By insurance cover, the single trip travel insurance segment led the travel insurance market size in terms of revenue in 2019.
By distribution channel, the insurance aggregators segmented accounted for the highest travel insurance market share in 2019.
By region, Asia-Pacific generated the highest revenue in 2019.

The key players profiled in the travel insurance market analysis are Allianz Group, American International Group Inc., Assicurazioni Generali S.P.A, AXA, Insure and Go Insurance Services Limited,Seven Corners Inc.,Travel Insured International,TravelSafe Insurance,USI Insurance Services, and Zurich Insurance Co. Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Note: Product cover images may vary from those shown
4 of 5
  • Allianz Group
  • American International Group Inc.
  • Assicurazioni Generali S.P.A
  • AXA
  • Insure and Go Insurance Services Limited
  • Seven Corners Inc.
  • Travel Insured International
  • TravelSafe Insurance
  • USI Insurance Services
  • Zurich Insurance Co. Limited
Note: Product cover images may vary from those shown
5 of 5

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

Loading
LOADING...

Adroll
adroll