Albany, NY -- (SBWIRE) -- 01/18/2017 -- Travel insurance covers the expense, such as trip cancellation, cancellation due to the medical emergency, resulting from unexpected events during domestic and international travel. Some of these policies also pay for damage to rented equipment, such as car, or for ransom in case of kidnapping. Many online companies that sell flight tickets or tour packages offer travel insurance at an additional cost to its customers.

Travel insurance is a hard-selling product. Regulatory authorities and governments of several countries worldwide have made travel insurance mandatory, which will likely increase the uptake of these products during the forecast period and expand business and increase profitability of travel insurance providers. Growing market and evolving demand have pushed the insurance companies to develop and customize products to suit client needs, making the market highly competitive for the local and international private travel insurance companies that offer competitive pricing for their products.

The global travel insurance market to grow at a CAGR of 11.6% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global travel insurance market for 2016-2020. To calculate the market size, the report considers the total gross premium generated from EMEA, APAC, and the Americas.

The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA

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Technavio's report, Global Travel Insurance Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
- CSA Travel Protection
- Seven Corners
- TravelSafe Insurance
- USI Affinity

Other prominent vendors
- ACE Asia Pacific
- Allianz Global Assistance
- American International Group Inc.
- AXA

Market driver
- Growing tourism and business travels
- For a full, detailed list, view our report

Market challenge
- Different healthcare laws in different countries
- For a full, detailed list, view our report

Market trend
- Insurance for unconventional expenses
- For a full, detailed list, view our report

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Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

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