It is estimated for the global Travel Insurance market to witness growth at a CAGR of 13.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 9.3% during the previous CAGR of 2018 to 2021. Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling.
Travel insurance is a financial instrument that provides coverage for unforeseen incidents that occur while on vacation. It usually includes coverage for travel cancellations, delays, medical crises, lost luggage, and other things. The coverage and cost of policies vary depending on parameters such as location, length, and the health of the traveler. Before purchasing, it is critical to understand the policy terms, exclusions, and limits. Travel insurance provides travelers with peace of mind and financial security, allowing them to deal with unexpected crises and emergencies while away from home. It is best to select a policy that meets your specific travel demands and interests.
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Global Travel Insurance Market- Growth Factors
The market for travel insurance is witnessing growth at a decent rate owing to the increasing disposable income of the people around the globe. The market is also witnessing a boom owing to the decreasing rate of the aircrafts for travel and also owing to the easier visa facilities around the globe. Various countries offer on arrival visa and this factor is attracting a lot of tourism to those countries and this factor is estimated to boost the growth of the market during the forecast period. Apart from this, various countries are attracting tourists from all over the globe by indentifying various attractive schemes for the international tourists and this factor is also estimated to boost the growth of the market during the forecast period. However, some disturbing factors such as the war scenarios are estimated to hamper the growth of the market during the forecast period.
Global Travel Insurance Market- Segmentation
The global travel insurance market is segmented based on insurance coverage type, distribution channel type and end users type.
Based on coverage type, the market is segmented into,
- Single-trip Travel Insurance
- Annual Multi-trip Travel Insurance
- Long-stay Travel Insurance
Based on distribution channel, the market is segmented into,
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
Based on end users type, the market is segmented into,
- Education Travelers
- Business Travelers
- Senior Citizens
- Family Travelers
- Others
Global Travel Insurance Market – Key Market players
Allianz; American International Group, Inc.; AXA; ASSICURAZIONI GENERALI S.P.A.; USI Insurance Services, LLC; battleface; Insure & Go Insurance Services Limited; Seven Corners Inc.; Travel Insured International; Zurich; Delphi Financial Group, Inc.; Ping An Insurance (Group) Company of China, Ltd. are the major players that are driving the growth of the market during the forecast period.
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