Growth in the domestic market, owing to the rise in the purchasing power of the middle-class population, boosts the economic growth in LAMEA.
Portland, OR -- (SBWIRE) -- 08/11/2017 -- Travel insurance minimizes the risks during travel and intends to cover losses experienced by trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. Within LAMEA, Travel Insurance Market in Latin America is expected to grow the highest notable CAGR of 10.9% during the forecast period of 2016 - 2022, owing to a significant increase in the number of outbound travelers. In 2014, 16.7% of the total outbound travelers have booked their trips online, thus creating a growth opportunity for the travel insurance market. As per the United Nations World Tourism Organization (UNWTO) statistics, the number of outbound travelers in the MENA (Middle East and North Africa) region is expected to reach 81 million by 2013.
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Furthermore, growth in domestic market, owing to the rise in the purchasing power of the middle-class population, boosts the economic growth in LAMEA. This in turn, has a positive effect on domestic traveling, which is growing at a steady rate, creating several opportunities for the travel insurance market. However, lack of familiarity with insurance and assistance benefits impedes the market growth.
In 2015, Latin America accounted for the highest share within the LAMEA travel insurance market. At present, the penetration level of travel insurance in Latin America is nearly 10% thus, possessing significant growth potential. Moreover, economic factors and prior investment in tourism are expected to drive the travel insurance industry in Latin America. However, highly unregulated travel insurance policies across various countries in Latin America create a major challenge for the insurance service providers to develop their business in this region.
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The market is segmented on the basis of distribution channel, insurance cover, end user, and geography. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Based on insurance cover, it is categorized into single trip, annual multi-trip, and long stay. Based on end user, it is divided into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. Geographically, it is analyzed across Latin America, Middle East, and Africa. The key players profiled in the report include The April Group (France), Zurich Insurance Group (Switzerland), Allianz Group (Germany), MAPFRE U.S.A. Corp. (U.S.), Travel Ace Assistance (Brazil), HSBC Bank Middle East Limited (Middle East), RSA Group Plc. (U.K.), Collinson Group Limited (UK), Middle East Insurance Co. (Middle East), and AXA Cooperative Insurance (Middle East).