Travel Insurance Market 2021 – 2027 | Geography Insights and Recent Developments Analysis - PowerPoint PPT Presentation

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

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


1
Travel Insurance Market by Competitive
Strategies, Regional Trends Analysis and
Forecast, 2021 - 2027
2
  • 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.

3
  • 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.

4
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908
5
  • 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.

6
Latest Research Report On Travel Insurance Market
_at_ https//www.gminsights.com/industry-analysis/tra
vel-insurance-market
Request for a Sample Copy of this Report _at_
https//www.gminsights.com/request-sample/detail/4
908
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.com/roc/4908
7
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