Global Travel Insurance Market (2022 to 2027) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Travel Insurance Market- Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The global travel insurance market reached a value of USD 13.9 Billion in 2021.

Companies Mentioned

• Travelex
• Allianz
• InsureMy Trip
• AIG
• HTH
• Axa
• Seven Corners Inc
• Travel Safe Insurance
• Trip Mate
• Nationwide
• Travel Guard

Key Market Trends

Increasing Demand for Travel Insurance

Travel companies and industry experts always advise travellers to purchase travel insurance, less cautious travellers historically ignore this advice. The pandemic's tumultuous journey over the last two years has made the travel industry unpredictable.

The cancellation and abandonment of trips are now commonplace whilst a need for medical assistance is now a genuine possibility. There is now a general acceptance from travellers that when they book their holiday, there is a certain probability that they could experience these issues and will need to make a claim.

Consumer sentiment also suggests that travel insurance is a 'must have' purchase in today's marketplace. With many travellers stung by the pandemic's impact on previous holiday plans, travel insurance can alleviate the stress of such issues and ensure tourists are not left out-of-pocket due to unforeseen circumstances. The continuance of the pandemic will ensure that claims for medical expenses, quarantine and cancellations will be required for many tourists.

Expansion of Tourism Industry

In the last decade, the tourist industry across the world has seen consistent development. There are many countries in the world, which are becoming travel hub and gaining more popularity among millennials. Increased package holidays, disposable income, broad media coverage of various holiday types, and easy internet travel bookings have all contributed to the tourism industry's expansion.

In addition, there are many students who are shifting to other countries for further studies and programs, along with that, several universities and colleges are also offering scholarship programs, which are attracting students from the world. As the tourist industry expands, more cases of crucial documents, lost luggage, natural disasters, and medical issues are reported.

In 2021, the Asia Pacific travel insurance market accounted for about 25% of the revenue share impelled by increasing government investments in tourism projects. The government intends to develop measures for a full-fledged inbound recovery while boosting travel demand, depending on the situation with the coronavirus and the recovery of the travel industry.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Porter's Five Force Analysis

4.5 Insights into Technological Advancements in the Industry

4.6 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION

5.1 By Type

5.1.1 Single-Trip Travel Insurance

5.1.2 Annual Multi-Trip Travel Insurance

5.2 By Distribution Channel

5.2.1 Insurance Companies

5.2.2 Insurance Intermediaries

5.2.3 Banks

5.2.4 Insurance Brokers

5.2.5 Others

5.3 By End User

5.3.1 Senior Citizens

5.3.2 Education Travelers

5.3.3 Family Travelers

5.3.4 Others

5.4 By Geography

5.4.1 North America

5.4.2 Europe

5.4.3 Latin America

5.4.4 Asia-Pacific

5.4.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Market Concentration Overview

6.2 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER AND ABOUT US

For more information about this report visit https://www.researchandmarkets.com/r/hagduo