Travel Insurance Market Dynamics :
The demand for the Travel Insurance market is driven by the concerns of the people, towards personal health and the environment. The changing dietary habits of people and the awareness about the issues in the conventionally farmed foods is expected to impact positively changing consumers’ preference towards Travel Insurance. According to a UN report, around 200,000 people lose their lives every year due to the toxic effects of pesticides in food products. This factor also results in changing consumers’ focus on Travel Insurance products.
Travel Insurance Market : size was valued at USD 18.50 Bn. in 2021 and the total Travel Insurance revenue is expected to grow by 16 % from 2022 to 2029, reaching nearly USD 21 Bn.
Market Scope:
Top-down and bottom-up approaches are used to validate the market size and to estimate the market size by different segments. The market estimations in the report are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). The percentage splits, market shares, and breakdowns of the segments are derived based on weights assigned to each of the segments on their utilization rate and average sale price. The country-wise splits of the overall market and its sub-segments are based on the percentage adoption or utilization of the given market Size in the respective region or country.
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Segmentation :
Based on Insurance Coverage, The market is divided into three sections based on insurance coverage: single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The single-trip travel insurance segment dominated the market with a share of 60.1% and is expected to grow at the fastest CAGR of 16.0% during the forecast period. The growth of the single-trip travel insurance segment can be attributed to factors such as baggage loss, emergency dental treatment costs, personal liability cover, fire cover, trip interruption or cancellation, missed flight connection, and many other services. Moreover, the annual multi-trip travel insurance segment is expected to grow at a CAGR of 15.3% during the forecast period. The increasing demand among business people, travellers, and other groups who make multiple trips per year can be attributed to the segment’s growth.
Key Players:
• Munchener-Ruck-Gruppe
• Talanx Konzern
• R+V Konzern
• Generali Deutschland AG
• AXA Konzern AG
• Bayern
• Huk-Coburg
• Signal Iduna
• Travelex Insurance Services Inc.
• Berkshire Hathaway Travel Protection
Primary and secondary research are used to locate industry giants, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth consultation with various opinion leaders and industry professionals such as experienced front-line employees, CEOs, and marketing professionals. Secondary research included a summary of the renowned manufacturers’ annual and financial reports. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data. The following are a few companies working in the Travel Insurance industry.
Regional Analysis:
The Travel Insurance study delves into the geographic analysis, which is further subdivided into sub-regions and nations. This portion of the research includes profit estimates as well as market share data for each nation. This section of the research goes through each region’s and country’s share and growth rate during the projected time period.
After examining political, economic, social, and technological aspects impacting the Travel Insurance market in various areas, the research delivers a definitive PESTEL analysis for all five regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
Key Questions Answered in the Travel Insurance Market Report are:
- What is the market potential for Travel Insurance ?
- Which regional market will emerge as a leader in the next years?
- Which application category will see rapid growth?
