Insurance

Travel insurance market expected to grow by $9.88 billion between 2022 and 2026, accelerating at a CAGR of 9.23% – InsuranceNewsNet

travel insurance market

Travel insurance market size

Travel insurance market size

Global Travel Insurance Market 2022-2026 Analyst is monitoring the travel insurance market and it is poised to grow by $9. 88 billion over the period 2022-2030

The global travel insurance market represented $17.16 billion in 2020 and is expected to reach $55.21 billion by 2028, growing at a CAGR of 16.5% from 2021 to 2028.”

–Prakash Torase

ROOM N202, NEW YORK, UNITED STATES, September 15, 2022 /EINPresswire.com/ — According to analysts at Zion Market Researchthe Global Travel insurance market represented more than $17.16 billion in 2020 and is expected to reach $55.21 billion by 2028, growing at a CAGR of 16.5% from 2021 to 2028.

The big companies of Travel insurance market are American Express Company, Allianz Partners, American International Group, Inc. (AIS), AXA travel insurance, Arch Capital Group Limited, Aviva PLC, Sompo Holdings, Inc., Berkshire Hathaway Specialty InsuranceGroupama Sigorta AS, InsureandGo, China Pacific Insurance, (Group) Co., Ltd., Chubb Limited, Travelex Insurance Services Inc., Generali Group, HanseMerkur Reiseversicherung AG, Ping An Insurance Company of China, Ltd., Seven Corners, Inc.and Zurich Insurance Group Ltd among others.

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This review is based on a report by Zion Market Researchtitled “Travel Insurance Market by Insurance Coverage (Single trip travel insuranceAnnual Travel Travel insurance, Long trip travel insurance), by End-Users (Business Travelers, Seniors, Education Travelers and Others), by Distribution Channel (Insurance Companies, Banks and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020- 2028. »

Increase in tourism globally to drive growth

The rise in tourism globally has increased the overall demand for the travel insurance market. Rising disposable income, extended holiday coverage and booking facilities have increased market demand. To mitigate uncertain events such as canceled flights, accidents, health issues, lost luggage, theft, and natural disasters, travelers opt for travel insurance.

Moreover, due to technological advancements such as geolocation, artificial intelligence, blockchain and big data, insurers have had considerable opportunities in the market. Due to these technological developments, travel insurance platforms are expected to improve productivity to deliver covers seamlessly at the point of purchase. Digital transformation has also enabled businesses to create highly personalized experiences for customers.

Global travel insurance market

With the presence of a large number of participants, the world Travel insurance displays a highly competitive business landscape, find new research report by Zion Market Research (ZMR). American Express Company, Allianz Partners and American International Group, Inc. (AIS), AXA travel insurance are among the main suppliers of Travel insurance market around the world. These players through Travel insurance aggressively focus on innovation, as well as the inclusion of advanced technologies in their existing products. In the coming years, they are also expected to adopt partnerships and mergers and acquisitions as their key strategy for business development, says the Travel insurance market research.

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Increase in outbound travelers to the region Support North American dominance

At the regional level, North America was at the head of the world Travel insurance market and is expected to maintain its dominant position in the coming years, says the Travel insurance market research. This strong growth is due to the low dependency ratio, the increase in disposable income and the increase in travel among baby boomers. The digitalization of distribution channels has also paved the way for increased demand for travel insurance packages. The increase in the number of outbound travelers in the region has made the demand for this market strong in this region.

Browse the entire “Travel Insurance Market by Insurance Coverage (Single trip travel insuranceAnnual Travel Travel insurance, Long trip travel insurance), By End-Users (Business Travelers, Senior Citizens, Education Travelers and Others), By Distribution Channel (Insurance Companies, Banks and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.

COVID-19 Impact Analysis
The global impacts of COVID-19 have negatively impacted the travel insurance market. Due to the restricted closures around the world, there has been a significant decline in the travel industry. As the overall travel rate has dropped significantly, the number of people purchasing travel insurance has also dropped significantly. As the containment measures are lifted and people travel to certain countries gradually, the travel insurance market is also expected to see considerable demand.

Growth factors
The rise in tourism globally has increased the overall demand for the travel insurance market. Rising disposable income, extended holiday coverage and booking facilities have increased market demand. To mitigate uncertain events such as canceled flights, accidents, health issues, lost luggage, theft, and natural disasters, travelers opt for travel insurance.

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By region

North America
The WE
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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Prakash Torase
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