Travel Insurance Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand
Category: #business  By Rahul Varpe  Date: 2021-08-03
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Travel Insurance Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

The global travel insurance market is gathering momentum and it is expected to record notable growth over the forthcoming years. With increased domestic as well as international travel worldwide, travel insurance has become a necessary precaution today which helps ensure that the travelers and their trip costs are protected before and during travels.

On the basis of trip, the travel insurance industry is segmented into single, multiple, and extended trips. The extended trip segment is likely to witness substantial growth in the future, due to a strong demand for travel insurance policies that cover expenses in case a trip gets extended due to unexpected circumstances, such as medical emergencies, weather cancellation, or airline cancellation.

In terms of the service provider, the travel insurance market is classified into banks and others. The other segment is expected to witness a robust demand over the next few years. This segment includes brokers and insurance aggregators that enable customers to figure out the best suited insurance policy among all plans available in the market.

Considering the end-users, the travel insurance industry is bifurcated into family travelers, corporate travelers, backpacker & adventure travelers, education travelers, and senior citizens, among others. The demand for travel insurance policies among education travelers is expected to witness a sharp rise in the coming years. This can be attributed to the uptick in the number of international students pursuing education in foreign countries.

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From a regional frame of reference, the travel insurance market in Asia Pacific countries is estimated to record a remarkable growth in the near future, with rapid expansion of the tourism sector in India, Australia, Taiwan, and South Korea.

The rapid spread of the novel coronavirus pandemic during 2020 and subsequent travel restriction have significantly disrupted the industry trends. In order to contain the spread of the virus, governments had imposed lockdown and travel restrictions prohibiting local as well as international travel.

However, numerous countries have undertaken active measures to resume travel activities in a safe manner. As a result, various insurance providers have introduced travel insurance policies with proper COVID-19 coverage for international travelers while traveling amidst the pandemic.

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For instance, America Visitor Insurance had introduced a range of insurance options with complete coverage for COVID-19 and related illnesses for travelers to choose from. Customers can compare these options using the company's Visitor's insurance for COVID-19 tool depending on factors such as traveler's age, duration of travel, and maximum required coverage along with the need for pre-existing conditions for COVID-19 coverage.

Table of Contents

Chapter 1 Methodology & Scope

  • 1.1 Scope & definitions
  • 1.2 Methodology & forecast parameters
  • 1.3 Data sources
    • 1.3.1 Secondary
    • 1.3.2 Primary

Chapter 2 Executive Summary

  • 2.1 Travel insurance industry 360 degree synopsis, 2017 - 2027
    • 2.1.1 Business trends
    • 2.1.2 Regional trends
    • 2.1.3 Type trends
    • 2.1.4 Trip trends
    • 2.1.5 Provider trends
    • 2.1.6 End-use trends

Chapter 3 Travel Insurance Industry Insights

  • 3.1 Industry segmentation
  • 3.2 Impact of coronavirus (COVID-19) pandemic
    • 3.2.1 Global outlook
    • 3.2.2 Regional outlook
      • 3.2.2.1 North America
      • 3.2.2.2 Europe
      • 3.2.2.3 Asia Pacific
      • 3.2.2.4 Latin America
      • 3.2.2.5 MEA
    • 3.2.3 Industry value chain
      • 3.2.3.1 Research and development
      • 3.2.3.2 Marketing
      • 3.2.3.3 Supply
    • 3.2.4 Competitive landscape
      • 3.2.4.1 Strategy
      • 3.2.4.2 Distribution network
      • 3.2.4.3 Business growth
  • 3.3 Industry ecosystem analysis
    • 3.3.1 License provider
    • 3.3.2 Travel insurance provider
    • 3.3.3 Technology provider
    • 3.3.4 Service provider
    • 3.3.5 Third party payment issuers/provider
    • 3.3.6 Advertising & marketing
    • 3.3.7 Service provider
    • 3.3.8 Distribution channel analysis
    • 3.3.9 End-use landscape
    • 3.3.10 Vendor matrix
  • 3.4 Technological & innovation landscape
    • 3.4.1 IoT, AI and machine learning
    • 3.4.2 Geo-location and GPS
    • 3.4.3 Data analytics
  • 3.5 Regulatory landscape
    • 3.5.1 North America
    • 3.5.2 Europe
    • 3.5.3 Asia Pacific
    • 3.5.4 South America
    • 3.5.5 MEA
  • 3.6 Industry impact forces
    • 3.6.1 Growth drivers
      • 3.6.1.1 Increasing spending on travel protection plans in North America
      • 3.6.1.2 Mandatory travel insurance policies in North America & Europe
      • 3.6.1.3 Development of international trade and overseas business expansion in Asia Pacific
      • 3.6.1.4 Growth in tourism industry in Latin America & MEA
      • 3.6.1.5 Flourishing travel & tourism industry in the MEA
    • 3.6.2 Industry pitfalls & challenges
      • 3.6.2.1 Decline in international travelling activities due to coronavirus pandemics
      • 3.6.2.2 Lack of consumer experiences in terms of its coverages and premium rates
  • 3.7 Growth potential analysis
  • 3.8 Porter's analysis
    • 3.8.1 Supplier power
    • 3.8.2 Buyer power
    • 3.8.3 Threat of new entrants
    • 3.8.4 Threat of substitutes
    • 3.8.5 Internal rivalry
  • 3.9 PESTEL analysis
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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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