The Latin America, Middle East and Africa Travel Insurance Market is expected to witness market growth of 31.3% CAGR during the forecast period (2021 2027).
Market expansion will be aided by easy access to internet travel reservations and affordable package trips. Online travel reservation platforms work with insurance companies to give personalized service, foreign help claims aid, and reduced package trips. The rise of the travel insurance sector is being fueled by government measures to promote international tourism. International travelers have been encouraged to obtain travel insurance as a need for VISA applications as a result of the government's necessary laws and regulations.
There has been a growth in the number of adventure travelers around the world who are interested in visiting new places and participating in recreational and sports activities in their spare time. Several travel insurance firms provide tailored coverage for such activities. Many market competitors offer travel insurance plans tailored to senior adults that provide more coverage for age-related health issues also which are pre-existing. To avoid delays on their journey, travel insurance firms give a specialized hotline number for older persons.
The travel and tourism sector contributed a roughly huge amount to the UAE's GDP in 2019, accounting for a decent share of the total GDP. The total amount spent by overseas tourists in 2019 was a big amount of figure. The number of hotels in the UAE has expanded by 2020, with an increase in the total capacity of the hotel rooms. With over 150 nationalities as residents, Dubai is becoming one of the world's most enlightened and multicultural cities. Dubai has recently evolved from a port to a logistical hub, a significant worldwide financial center, and a popular tourism destination. Dubai is strategically placed between numerous countries and is only a few hours away by plane from Africa, Europe, and South Asia. As a result, Dubai has attracted a large number of expats, international visitors, and travellers.
The Brazil market dominated the LAMEA Travel Insurance Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $1,209.8 million by 2027. The Argentina market is estimated to grow at a CAGR of 32% during (2021 - 2027). Additionally, The UAE market is expected to exhibit a CAGR of 31% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
Market expansion will be aided by easy access to internet travel reservations and affordable package trips. Online travel reservation platforms work with insurance companies to give personalized service, foreign help claims aid, and reduced package trips. The rise of the travel insurance sector is being fueled by government measures to promote international tourism. International travelers have been encouraged to obtain travel insurance as a need for VISA applications as a result of the government's necessary laws and regulations.
There has been a growth in the number of adventure travelers around the world who are interested in visiting new places and participating in recreational and sports activities in their spare time. Several travel insurance firms provide tailored coverage for such activities. Many market competitors offer travel insurance plans tailored to senior adults that provide more coverage for age-related health issues also which are pre-existing. To avoid delays on their journey, travel insurance firms give a specialized hotline number for older persons.
The travel and tourism sector contributed a roughly huge amount to the UAE's GDP in 2019, accounting for a decent share of the total GDP. The total amount spent by overseas tourists in 2019 was a big amount of figure. The number of hotels in the UAE has expanded by 2020, with an increase in the total capacity of the hotel rooms. With over 150 nationalities as residents, Dubai is becoming one of the world's most enlightened and multicultural cities. Dubai has recently evolved from a port to a logistical hub, a significant worldwide financial center, and a popular tourism destination. Dubai is strategically placed between numerous countries and is only a few hours away by plane from Africa, Europe, and South Asia. As a result, Dubai has attracted a large number of expats, international visitors, and travellers.
The Brazil market dominated the LAMEA Travel Insurance Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $1,209.8 million by 2027. The Argentina market is estimated to grow at a CAGR of 32% during (2021 - 2027). Additionally, The UAE market is expected to exhibit a CAGR of 31% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Coverage Type
- Annual Multi-Trip
- Single-Trip
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Family Travelers
- Business Travelers
- Senior Citizens
- Education Travelers
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Assicurazioni Generali SpA
- American International Group, Inc.
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
Unique Offerings from the publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. LAMEA Travel Insurance Market by Coverage Type
Chapter 5. LAMEA Travel Insurance Market by Distribution Channel
Chapter 6. LAMEA Travel Insurance Market by End User
Chapter 7. LAMEA Travel Insurance Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Assicurazioni Generali SpA
- American International Group, Inc.
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
Methodology
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