Brand Story
24 Mar 2023, 10:29 GMT+10
As per the report published by The Brainy Insights, the global travel insurance market is expected to grow from USD 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030. Europe region emerged as the largest market for the global travel insurance market, with a 34.2% share of the market revenue in 2021. The European region currently dominates the travel insurance market due to the growing travel and tourism within the region; the European Union trade block is providing the necessary push to the tourism sector of this region by making cross-border travel and intra-regional travel hassle-free. The Asia Pacific region is expected to grow during the forecast period following the increase in business travels in the region spearheaded by India & China. Business travelers contribute significantly to the travel insurance market.
Request a Sample Copy of the Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/12707
Travel Insurance Market Size by Type (Single Trip Travel Insurance, Multiple Trip Travel Insurance & Extended Trip Travel Insurance), End-User (Family Travelers, Business Travelers, Education Travelers, Senior Citizens, Adventure Travelers & Others), Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Allianz, AXA, American International Group Inc., American Express Company, Generali Group, Zurich Insurance Group AG, Chubb Ltd., Travel Insured International, Assicurazioni Generali S.P.A, and Travel Safe Insurance, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. The single trip travel insurance segment dominated the market, with a market share of around 48% in 2021. The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the education travelers segment is expected to grow at the fastest CAGR of 19.3%. The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. In 2021, the insurance intermediaries segment dominated the market, accounting for around 39% of global revenue. As the name suggests, insurance intermediaries are intermediate individuals/institutions between the customer and the insurance company. The dominance of this segment can be attributed to the ability of insurance intermediaries that help in establishing a connective link with the consumer, retaining consumer trust, and acting as marketing agents for insurance policies.
Increasing use of Artificial intelligence, data analytics, application programming interface, machine learning, and the global positioning system enables the market players to offer customized and quality services to the clients/consumers. The incorporation of these technologies will allow the market players to exploit the insurance market by targeting specific travel insurance needs of consumers.
Procure Complete Report (230 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/buy-now/12707/single
About the report:
The global travel insurance market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
Get more information: https://www.thebrainyinsights.com
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected]
Get a daily dose of Memphis Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Memphis Sun.
More InformationBEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....