Travel Insurance
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<strong>Travel</strong> <strong>Insurance</strong><br />
Market<br />
Opportunities and Forecasts,<br />
2014 – 2021
<strong>Travel</strong> <strong>Insurance</strong> Market: Future and Growth<br />
Future and Growth of the Market<br />
• The global market is expected to garner $28,264 million by<br />
2022<br />
• Growing at a CAGR of 8.5% during the period 2016- 2022<br />
• Single trip travel insurance policy dominated the market in<br />
2015, accounting for around 71% of the overall market revenue<br />
• Annual multi trip travel insurance policies are expected to be<br />
the fastest growing policy type during the forecast period.<br />
• Business travelers segment is anticipated to grow at the fastest<br />
CAGR of 9.7% during the forecast period<br />
• <strong>Insurance</strong> aggregators is anticipated to be the fastest growing<br />
channel & is projected to register a CAGR of 11.5% during the<br />
forecast period
<strong>Travel</strong> <strong>Insurance</strong> Market:<br />
Factors Contributing to Market Growth<br />
Factors Contributing to Market Growth<br />
• Increased incidences of loss of luggage<br />
• Important documents<br />
• Medical emergencies<br />
• Natural calamities
<strong>Travel</strong> <strong>Insurance</strong> Market: Key Factors<br />
Key Factors<br />
• In 2015, Europe was the highest revenue-generating region,<br />
followed by Asia-Pacific.<br />
• Single trip travel insurance policies would continue to be the<br />
major revenue generating segment throughout the analysis<br />
period.<br />
• Family travelers occupied prominent share of the overall<br />
market revenue in 2015 and would continue to lead the market<br />
over 2016-2022.<br />
• <strong>Insurance</strong> intermediaries would be the highest- revenue<br />
generating market segment throughout 2014-2022
<strong>Travel</strong> <strong>Insurance</strong> Market:<br />
Segmentation of the Market<br />
BY INSURANCE<br />
COVER<br />
BY<br />
DISTRIBUTION<br />
CHANNEL<br />
BY USERS<br />
Single Trip <strong>Travel</strong> <strong>Insurance</strong><br />
Annual Multi-trip <strong>Travel</strong><br />
<strong>Insurance</strong><br />
Long-Stay <strong>Travel</strong> <strong>Insurance</strong><br />
<strong>Insurance</strong> Intermediaries<br />
<strong>Insurance</strong> Company<br />
Bank<br />
<strong>Insurance</strong> Broker<br />
<strong>Insurance</strong> Aggregator<br />
Senior Citizens (Above age of<br />
60 years)<br />
Education <strong>Travel</strong>er<br />
Backpackers<br />
Business <strong>Travel</strong>er<br />
Family <strong>Travel</strong>er<br />
Fully independent <strong>Travel</strong>er
<strong>Travel</strong> <strong>Insurance</strong> Market:<br />
Segmentation of the Market<br />
Geographically, the Market is Segmented into:<br />
• Europe leads the travel insurance market<br />
• <strong>Travel</strong> insurance market in LAMEA is anticipated to witness the<br />
fastest CAGR of over 10% during the forecast period<br />
• Asia-Pacific countries also exhibit prominent growth for travel<br />
insurance market during the forecast period<br />
• U.S, rest of Europe, <strong>Travel</strong> <strong>Insurance</strong> Market is vastly spreading<br />
worldwide
<strong>Travel</strong> <strong>Insurance</strong> Market: Key Players<br />
• CSA <strong>Travel</strong> Protection<br />
• USI Affinity<br />
• Seven Corners Inc.<br />
• <strong>Travel</strong> Safe<br />
• MH Ross<br />
• Allianz Global Assistance<br />
• <strong>Travel</strong> Insured International<br />
• AXA SA<br />
• AIG <strong>Travel</strong><br />
• InsureandGo.<br />
• Berkshire Hathaway Specialty <strong>Insurance</strong><br />
• <strong>Travel</strong>ex Group<br />
• Tokio Marine HCC Medical <strong>Insurance</strong> Services Group<br />
• Aviva PLC<br />
• American Express Company<br />
• <strong>Travel</strong> Insured International
Summary:<br />
<strong>Travel</strong>ling internationally is becoming easy with the increased aging population, growth in<br />
middle class, and improved infrastructure combined with technological advances and<br />
propelled demand for travel insurance. Low dependency ratio, rise in disposable income,<br />
more spare time, and rise in aspirations gave rise to Gen S travelers. A notable increase in<br />
the number of senior citizen travelers especially leisure travelers would have remarkable<br />
impact on travel insurance industry<br />
To know more about <strong>Travel</strong> <strong>Insurance</strong> Market, visit:<br />
https://www.alliedmarketresearch.com/travel-insurance-market<br />
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