Travel Insurance Market 2021 – 2027 | Geography Insights and Recent Developments Analysis

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Travel Insurance Market by Competitive
Strategies, Regional Trends Analysis and
Forecast, 2021 - 2027
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• The travel insurance market is expected to
  observe substantial growth by 2027 driven by
  booming consumer interest in key regions across
  the globe. Moreover, increasing demand for travel
  insurance policies with COVID-19 coverage is
  slated to further propel market growth through
  the forecast period.
• Following the COVID-19 outbreak,
  government-imposed lockdown restrictions forced
  people to stay indoors, bringing leisure travel
  to a halt, which brought about a steep decline in
  travel and tourism activities. With successful
  vaccination drives and increasing governmental
  emphasis on economic recovery, the tourism
  industry is gradually regaining pre-COVID
  momentum, which has impelled the need for travel
  insurance policies among travelers.
• Additionally, industry players are focusing on
  providing attractive travel insurance policies to
  extend their consumer reach. As a result, rising
  availability of policies with wide-ranging
  coverage options, including COVID-19 coverage,
  has been favorable for industry expansion.
• For extensive analysis, the travel insurance
  market has been bifurcated in terms of type,
  trip, provider, end-use, and region. Based on
  provider, the market has further been segmented
  into banks, insurance company, and others.

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• The others provider segment is set to witness
  strong growth by 2027, expanding at a steady CAGR
  through the assessment timeframe. Growing number
  of intermediaries upgrading their offerings by
  integrating Global Distribution System (GDS) to
  enable transactions among travel service
  operators is projected to promote segmental
  expansion in the coming years.
• From the end-use perspective, the travel
  insurance market has been divided into corporate
  travelers, senior citizens, education travelers,
  family travelers, backpacker adventure
  travelers, and others. The senior citizens
  end-use segment held a notable share in the
  market in 2020 and is anticipated to grow at a
  stable pace over 2021-2027. Surging demand for
  travel insurance policies that offer coverage for
  pre-existing and specific age-related health
  issues is foreseen to spur segmental growth over
  the review timeline.
• The education travelers end-use segment is
  projected to observe considerable revenue growth
  by 2027, progressing at a solid CAGR over the
  analysis period. Rising number of students
  pursuing higher education in foreign countries is
  expected to boost segmental demand in the
  forthcoming years.
• The travel insurance industry share from the
  others end-use segment is estimated to see
  substantial growth through 2027. Mounting need
  for travel insurance policies that provide
  emergency medical repatriation expenses for any
  activity performed on the specific expedition is
  calculated to fuel segmental development over the
  following years.

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• Regional Analysis

• In the regional landscape, the Latin America
  travel insurance market is speculated to see
  robust growth by 2027, registering a sturdy CAGR
  through the forecast period. Growth of the
  tourism industry in LATAM is likely to stimulate
  regional market growth in the future.

• Competitive Analysis

• The key players operating in the travel insurance
  market include Allianz Partners, American Express
  Company, American International Group, Inc.
  (AIS), Arch Capital Group Limited, Aviva PLC, AXA
  Travel Insurance, Berkshire Hathaway Specialty
  Insurance, China Pacific Insurance, (Group) Co.,
  Ltd., Chubb Limited, Generali Group, Groupama
  Sigorta AS, HanseMerkur Reiseversicherung AG,
  InsureandGo, Ping An Insurance Company of China,
  Ltd., Seven Corners, Inc., Sompo Holdings, Inc.,
  Travelex Insurance Services Inc., and Zurich
  Insurance Group AG.

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