Global travel insurance market size expected to grow by USD 99 billion

New York, U.S., Oct. 13, 2022 (GLOBE NEWSWIRE) — The Global travel insurance market size is expected to grow from USD 13.3 billion in 2021 to USD 99.0 billion by 2030 at a CAGR of 25% during the forecast period. according to the latest research report from Spherical Insights & Consulting. Asia-Pacific is expected to experience the fastest growth over the forecast period.

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The travel industry has grown rapidly due to the proliferation of budget and luxury accommodations in recent years. And with the growing number of people traveling for leisure, the need for travel insurance is growing rapidly. According to the World Health Organization (WHO), about 1.5 billion people travel every year, which is expected to increase in the coming years. Travel insurance helps travelers prepare for an unprecedented event that could negatively affect their trip. Moreover, after the outbreak of the COVID-19 pandemic, the need for travel insurance has increased rapidly. It started covering Covid-19 testing and quarantine costs. Moreover, the growing tourism demand is expected to propel the growth of the market. Additionally, stringent government policies related to travel are expected to further fuel the growth of the travel insurance market. However, there are very few insurance policies that cover travel. This is expected to limit the market growth over the forecast period. There are advancements in new technologies to help facilitate people’s travel experience, which is expected to provide growth opportunities for the market over the forecast period. Deaths due to the Covid-19 pandemic also posed challenges for the market growth during the forecast period as several insurance companies were not ready to cover the death under their insurance policies. ‘insurance. People in developing and underdeveloped countries are still hesitant to spend money on insurance that hinders market growth.

Browse key industry information spread across 190pages with 137 market data tables and The figures & graphics of the report”Global travel insurance market size, and analysis of the impact of COVID-19, by type of coverage (annual multi-trip travel insurance and one-way travel insurance), by distribution channel (insurance brokers, insurance companies, banks, insurance aggregators and insurance intermediaries) and by end User (Family Travelers, Study Travelers, Business Travelers, Elderly and others) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), analysis and forecasts 2021 – 2030” in detail along with the table of contents

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This research report categorizes the Travel Insurance market based on various segments and regions and forecasts the revenue growth and analysis trends in each of the submarkets. The report analyzes the key growth drivers, opportunities and challenges influencing the Travel Insurance market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been included in order to draw the competitive landscape of the market. The report strategically identifies and profiles key market players and analyzes their core competencies in each sub-segment of the Travel Insurance market.

Based on the type of coverage, the global travel insurance market is categorized into multi-trip annual travel insurance and single trip travel insurance. The multi-trip annual travel insurance segment will account for the largest revenue in the market as travel restrictions were eased after the outbreak of the Covid-19 pandemic. Additionally, the travel and tourism industry is growing rapidly which is propelling the growth of the segments. Additionally, the multi-trip travel insurance segment provides travelers with appropriate insurance coverage that ensures that their annual vacations run smoothly and without health issues.

Based on region, the global travel insurance market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Europe should be the biggest market. This is mainly due to the growing demand for travel and tourism from the European region. Furthermore, the rapid economic growth in the region coupled with the increasing benefits given by travel insurance companies to frequent travelers is expected to drive the market growth in the region. Mandatory European government rules and regulations require consumers to purchase travel insurance services as a mandatory service before obtaining a VISA. Additionally, the increase in tourism and the travel industry has caused several incidents with consumers, such as trip cancellations, medical emergencies, and loss of luggage and important documents, which increases the need for travel insurance in the region.

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Asia-Pacific Market is expected to grow at the fastest CAGR between 2021 and 2030, driven by growing demand from an increasing number of organizations promoting business travel to employees with travel insurance. Additionally, the travel and tourism industry is growing rapidly in several Asia-Pacific countries, such as India, Pakistan, Bangladesh, China, etc., which propels the growth of the market in the region. Furthermore, growing awareness about the benefits of travel insurance among consumers in the region is expected to propel the growth of the market over the forecast period.

Key companies and recent developments: The report also provides elaborate analysis focusing on current business news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This helps to assess the overall competition in the market. Companies covered: Zurich Insurance Group Ltd, Arch Capital Group Ltd., Aviva PLC, Berkshire Hathaway Specialty Insurance, China Pacific Insurance Co., Ltd., Chubb Limited, Assicurazioni Generali Group, Groupama Sigorta AS, American International Group Inc., InsureandGo HanseMerkur Insurance Group, Ping An Insurance Company of China, Ltd., Seven Corners Inc. (USA), SOMPO Holdings, Inc., American Express, Travelex Insurance Services Inc., Allianz Partners and others.

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