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Travel-Insurance-Market : Market Size, Market Share, Vendors and Key Regions Analysis

Added: (Fri Apr 13 2018)

Pressbox (Press Release) - Global Travel Insurance Market was valued at USD 24.09 billion in the year 2017. Global Travel Insurance market is further estimated to grow at a CAGR of 5.64 % from 2018 to reach USD 33.47 billion by the year 2023.
AIG Travel Guard (U.S), AXA SA (France), Generali Global Assistance (U.S), USI Affinity (U.S), Travel Safe (U.S), Allianz Global Assistance (U.S) and Berkshire Hathaway (U.S.) are some of the key players in the Global Travel Insurance market. Better global reach at operational level is the main reason the key players are holding substantial market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
North America region holds the highest market share in 2017 and Europe and Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing travel & tourism market. At country level U.S., U.K, Japan & Australia holds the notable market share and is projected to grow strongly in the coming.
Drivers:
Growth in tourism market
Enhanced travel options and advance technological access
Restraints:
Low penetration of insurance policies
Opportunities:
Changing holiday purchasing patterns
The rise of low-cost airlines
Challenges:
The rise in travel to non-traditional destinations
The popularity of the ‘staycation’ as a cheaper alternative
The segmentation are done on the basis of Type of insurance, by user, by distribution channel and by region. On the basis of types of insurance, the global Travel Insurance market is sub segmented Annual multi-trip insurance policies, Single trip insurance policies and long stay insurance policies of which the Annual multi-trip insurance policies segment is expected to hold the highest market share during the forecast period due to rising popularity and high demand.

The segmentation done on the basis of users includes senior citizens, business travelers, education travelers, backpackers, family travelers, fully independent travelers of which the family travelers segment is expected to hold the highest market share during the forecast period. On the basis of distribution channel the market is segmented insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator and others of which insurance aggregator is expected to grow at the highest CAGR during the forecasted period due to increasing internet usage globally.

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Key Benefits for Stakeholders
Travel Insurance service providers
Travel agents and holiday package providers
Research and Consulting organization
Insurance Underwriting Agencies
End use industries
Regulatory bodies, policy actors and consumers.

By Insurance
Annual multi-trip insurance policies
Single trip insurance policies
Long stay insurance policies
By Users

Senior citizens
Business Travelers
Education Travelers
Backpackers
Family travelers
Fully independent travelers

By Distribution Channel
Insurance Intermediaries
Insurance Company
Bank
Insurance Broker
Insurance Aggregator
Others

By Region
North America
Europe
Asia-Pacific
RoW

Key Market Players
AIG Travel
AXA SA
Allianz Global Assistance
Munich RE
Generali
CSA Travel Protection
USI Affinity
Seven Corners Inc.
American Express Company
Berkshire Hathaway Specialty Insurance
Travel safe
(A brief overview of 13 companies is also provided)

For More Technical Insights https://www.genesismarketinsights.com/viewreport/179/25/Travel-Insurance-Market

Detailed customization is also available for you. Further, if the report listed above does not meet with your key requirements. Our customized research report will analytically cover the required market information you need which will help you to plan your business decisions.

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