Global Travel Insurance Market Size & Share to 2027

Travel insurance is mainly designed to cover the cost and losses associated with travelling. Travel insurance is useful protection for those travelling domestically or internationally. It is specialized form of insurance intended to cover financial default, medical expenses, and other sources of financial loss during travelling.

Market Drivers

Increase in tourism which led to several incidences like trip cancellers, loss of luggage and important documents, and medical emergencies is the key driving factor for market which is expected to boost the global travel insurance market growth. Furthermore, increase in disposable income, easy online travel bookings, extensive coverage of holidays, package holidays, and others positively contribute the market growth. Also, convenient options offered to customers for travel insurance purchases through online comparison shopping sites like direct airline sites and online travel agencies, company websites and applications will fuel the market growth over the forecast period. In addition to that, travel insurance providers offer various plans by covering costs and losses depending on coverage in the policy which is expected to propel the global travel insurance market growth.

Market Restraints

However, lack of awareness regarding travel insurance policies, and low consumer experiences in terms of coverage are major restraining factors which are expected to hinder the global travel insurance market growth during this analysis period.

Market segmentation

Global Travel Insurance Market is segmented into insurance cover such as Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance, by distribution channel such as Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Further, market is segmented into end user such as Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others.

Also, Global Travel Insurance Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as 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 , and Zurich Insurance Co. Limited

Market Taxonomy

By Insurance Cover

• Single-Trip Travel Insurance
• Annual Multi-Trip Travel Insurance
• Long-Stay Travel Insurance

By Distribution Channel

• 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
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Travel Insurance Market?
• What will be the growth rate from 2019 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?