The global travel insurance market is segmented on the basis of insurance cover, distribution channels, users, and geography.
Portland, OR -- (SBWIRE) -- 02/15/2018 -- The Travel Insurance Market share is expected to generate $28,264 million by 2022, growing at a CAGR of 8.5% during 20162022. In 2015, Europe leads the travel insurance industry, followed by Asia-Pacific.
A series of unusual events of natural disasters and terrorist attacks in 2015, such as Ebola epidemic, Nepal earthquake, and the Paris attack has increased the usage of travel insurance policies. Moreover, factors, such as growth in tourism, the rise in globalization, and trade practices have made travel insurance industry more attractive.
Travel insurance provides an extensive range of benefits for events, such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to a medical condition or hijack, and loss of travel documents. However, it is considered as an unrequired expense by a large pool of travelers. Lack of awareness and guidance is a major factor that refrains travelers from opting for travel insurance.
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The global travel insurance market is segmented on the basis of insurance cover, distribution channels, users, and geography. Based on insurance cover, the market is classified into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance. Insurance policies are sold through different distribution channels, such as insurance intermediaries, insurance company, banks, insurance brokers, insurance aggregator, and others. Users who opt for travel insurance policies are backpackers, senior citizens, education traveler, business traveler, fully independent traveler, and family travelers. The market has further been analyzed across geographical regions namely North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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Japan, Australia, U.S., and European countries, such as Italy, Greece, Germany, Portugal, and Finland among others are witnessing an increase in senior citizen (above the age of 60) population along with an increase in the percentage of travelers within this population group. The prime factors behind this surge in Gen S travelers include low dependency ratio, rise in disposable income, more spare time, and rise in aspirations. Visiting friends and relatives is also another factor that supplements the increase in a number of travelers.
Travel Insurance Market Key Segments:
By Insurance Cover
-Single Trip Travel Insurance
-Annual Multi-Trip Travel Insurance
-Long-Stay Travel Insurance
By Distribution Channel
-Senior Citizens (Above age of 60 years)
-Fully independent Traveler