Travel Insurance Market Industry Outlook, Size, Growth Factors and Forecast 2030

Travel Insurance Market: size was valued at USD 21.46 Bn. in 2022 and the total Travel Insurance revenue is expected to grow by 16 % from 2022 to 2029, reaching nearly USD 21 Bn.

Travel Insurance Market Overview

The report serves as a comprehensive guide for investors, stakeholders, and market followers of the Travel Insurance Market. It offers an in-depth analysis of the market size, segmentation, drivers, and restraints. Factors that are expected to impact the industry positively or negatively are also included, providing decision-makers with a clear understanding of the Travel Insurance industry’s future outlook.

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Travel Insurance Market Report Scope and Research Methodology

The research for this report employs a combination of primary and secondary research methods to provide a detailed and accurate analysis of the Travel Insurance Market. The bottom-up approach is utilized to estimate the market size, while secondary research is used to identify key players in the market. Primary research involves conducting interviews with significant opinion leaders and industry experts, including business owners and marketing specialists. Secondary research involves a thorough review of the annual and financial reports of top manufacturers to calculate their market revenues.

Travel Insurance Market Regional Insights :

The research includes a global-level regional analysis, providing a comprehensive understanding of the dominant market share and penetration in different regions. It also highlights emerging regions expected to become major markets for Travel Insurance . The report encompasses a competitive analysis, focusing on growth models, new strategies, and technologies adopted by key players in the market.

Travel Insurance Market Segmentation :

Considering Insurance Coverage Based on insurance coverage, the market is split into three segments: long-stay travel insurance, yearly multi-trip travel insurance, and single-trip travel insurance. With a market share of 60.1%, the single-trip travel insurance segment led the market and is predicted to expand at the quickest rate of 16.0% CAGR over the projection period. Single-trip travel insurance is becoming more and more popular due to a variety of reasons, including lost luggage, expensive emergency dental care, fire insurance, personal liability coverage, trip interruption or cancellation, missing connections, and many more services. Furthermore, throughout the course of the forecast period, the annual multi-trip travel insurance segment is anticipated to rise at a CAGR of 15.3%. The rising demand from frequent travellers, business travellers, and other groups.

The market is separated into insurance aggregators, banks, insurance brokers, insurance firms, and insurance intermediaries based on the distribution channels. With 34.8% of total revenue in 2021, the insurance firms segment led the market and is predicted to continue in that position for the duration of the projection. The expansion of this market sector may be ascribed to various variables, including raising the level of risk consolidation among multiple policyholders and basing premiums on the probability that a particular event will transpire and lead to a typical financial loss. Furthermore, throughout the course of the forecast period, the banks' segment is anticipated to have the highest CAGR of 18.0%. The market expansion in this segment is being driven by rising insurance sales and underwriting by banks in areas like Europe, Asia, and Australia.

Travel Insurance Market Key Players :

• American International Group, Inc. • ASSICURAZIONI GENERALI S.P.A. • USI Insurance Services, LLC • battleface • Insure & Go Insurance Services Limited • Seven Corners Inc. • Travel Insured International • Zurich • Delphi Financial Group, Inc. • Ping An Insurance (Group) Company of China, Ltd. • Allianz Group • Munchener-Ruck-Gruppe • Talanx Konzern • R+V Konzern • Generali Deutschland AG • AXA Konzern AG • Bayern • Huk-Coburg • Signal Iduna • Travelex Insurance Services Inc. • Berkshire Hathaway Travel Protection

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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