Portland, OR -- (SBWire) -- 09/11/2017 --Allied Market Research recently published an in-depth report on the global Travel Insurance Market for the forecast period 2014–2022. The report presents a critical insight on the current market trends, the global opportunities, key driving factors and the limiting factors in the global travel insurance market. The top factors impacting the market, key winning strategies, and the most lucrative investment pockets, globally, are included within the scope of the study. The research methodology adopted includes intensive primary and secondary research carried out by core industry experts with the help of analyst tools and models. The information provided in the report is Crucial data, figures, tables, and charts are included to add credibility to the report.
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According to the expert analysis by Allied Market Research, the global travel insurance market is expected to garner $28,264 million by 2022, exhibiting a compound annual growth rate of 8.5% in the forecast period. Porter's Five Forces Analysis evaluates the influence of buyers, suppliers, new entrants, substitutes, and the competitive rivalry among the players in the market. The rise in globalization and tourism has propelled the growth of the global insurance market. Travel insurance gives the users added benefits of easy trip cancellations, loss of baggage or travel documents, and many others. The travel rules and regulations imposed by the concerned authorities have also led to the implementation of travel policies in the travel and tourism sector. However, there is a lack of awareness among the consumers who view the travel insurance as an unwanted additional expense. This has led to low penetration of travel insurance policies in the global market.
The report segments the travel insurance market-based on insurance cover, users, distribution channel, and by geography. Based on the type of insurance cover, the policies offered are single trip insurance policies, annual multi-trip insurance policies, and long stay insurance policies. The users taking the benefits of the travel insurance policies include senior citizens, education travelers, business travelers, backpackers, family travelers, and fully independent travelers. The major buyers of long-duration travel insurance policies are senior citizens owing to their increased travels for medical treatment and leisure purposes. Travel insurance policies are distributed via different channels such as insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. The report analyzes the presence of the travel insurance market across the regions of North America, Europe, Asia-Pacific, and LAMEA. LAMEA provides the highest number of growth opportunities for the travel insurance market.
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The dominant players in the global travel insurance market include major brands such as CSA Travel Protection, USI Affinity, Seven Corners Inc., TravelSafe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, and InsureandGo.
Key points to be considered:
- The quantitative and qualitative analysis provides the stakeholders a critical insight of the global travel insurance market.
- Europe garnered the maximum market share of the global travel insurance market in 2015.
- Based on the type of end users, family travelers will continue to dominate the global market.
- The forecast period will witness maximum growth through the insurance intermediaries.
- LAMEA is anticipated to show the highest CAGR of 10% in the forecast period owing to an increase in the number of travel policies from countries in Latin America and the Middle East.
Travel Insurance Market – Analysis and Industry Forecasts, 2014–2022
The rise in globalization and tourism has propelled the growth of the global travel insurance market.