Global Travel Insurance Industry was valued at USD 24.10 Billion in the year 2017. Global Travel Insurance Industry is further estimated to grow at a CAGR of 5.65% from 2019 to reach USD 37.64 Billion by the year 2025.
Major market players in Travel Insurance Industry are AIG Travel, AXA SA, Allianz Global Assistance, Munich RE, Generali, CSA Travel Protection, USI Affinity, Seven Corners Inc., American Express Company, Berkshire Hathaway Specialty Insurance, Travel safe, and a brief overview of 13 companies is also provided in the report. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
North America region holds the highest Industry share in 2017 and Europe and Asia Pacific region is considered as the fastest growing Industry in the forecasted period due to growing travel & tourism Industry. At a country level, U.S., U.K, Japan & Australia holds the notable Industry share and is projected to grow strongly in the coming.
SWOT Analysis of Travel Insurance Industry:
Growth in the tourism Industry
Enhanced travel options and advance technological access
Low penetration of insurance policies
Changing holiday purchasing patterns
The rise of low-cost airlines
The rise in travel to non-traditional destinations
The popularity of the ‘staycation’ as a cheaper alternative
The segmentation is done on the basis of Type of insurance, by User, by Distribution Channel, and by Region. On the basis of types of insurance, the global Travel Insurance Industry is sub-segmented Annual multi-trip insurance policies, Single trip insurance policies and long stay insurance policies of which the Annual multi-trip insurance policies segment is expected to hold the highest Industry share during the forecast period due to rising popularity and high demand.
Travel Insurance Industry Segmentation:
By Distribution Channel