The Travel Insurance Market to grow by USD 10.39 billion from 2022 to 2027, The market is fragmented due to the presence of prominent companies like Allianz SE, and American Express Co. and American International Group Inc.

NEW YORK, Sept. 8, 2023 /PRNewswire/ — The travel insurance market is estimated to grow by USD 10.39 billion from 2022 to 2027, growing at a CAGR of 9.69%. The travel insurance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer travel insurance market are Allianz SE, American Express Co., American International Group Inc., Arch Capital Group Ltd., Assicurazioni Generali S.p.A., Aviva Insurance Ltd., AXA Group, Berkshire Hathaway Inc., British United Provident Association Ltd., Chester Perfetto Agency Inc., Chubb Ltd., Fairfax Financial Holdings Ltd., HanseMerkur Reiseversicherung AG, HDFC Ltd., MAPFRE S.A., Seven Corners Inc., SiriusPoint Ltd., Sun Life Financial Inc., The Goldman Sachs Group Inc., and Zurich Insurance Co. Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

Company Offering:

Allianz SE – The company offers travel insurance through its subsidiary Allianz Travel.
Aviva Insurance Ltd – The company offers travel insurance such as single-trip travel insurance, and annual multi-trip travel insurance.
For details on companies and their offerings – Buy the report!

By Geography, the market is classified as North America, Europe, APAC, Middle East and Africa, and South America.

North America is estimated to contribute 38% to the growth of the global market during the forecast period. Every year, there are many people who go on holiday abroad in the region. The practice of extreme sports is a normal part of the population and dangerous at the same time. Therefore, to solve this problem, companies put in place specialized policies to reduce travel-related risks, such as weather delays, mechanical delays, and medical emergencies. In addition, the marketing and sale of these policies are mainly carried out by travel agents that sell more attractive and tailored design insurance products. In addition, companies are also using online platforms and channels that enhance visibility and drive sales for the region’s fast-growing tourism industry. Hence, these factors are expected to drive market growth during the forecast period.

Download a sample report to get more insights on the market share of various regions and the contribution of the segments.

Impactful driver- Growing tourism and business travels
Key Trend – Insurance for unconventional expenses
Major Challenges – The lack of awareness and delayed services

Market Segmentation

By End-user, the market is classified into senior citizens, business travel, family travel, and others. The senior citizens segment is estimated to witness significant growth during the forecast period. Elderly people are increasingly demanding travel insurance that goes beyond basic insurance benefits and covers many different aspects of the health and age of the elderly. Additionally, travel insurance policies can even cover pre-existing health conditions at a higher rate and can cover people up to age 100. In additi
on, the elderly can tailor their travel insurance package to suit their needs. This can help elderly people stay safe in situations like medical expenses abroad, theft of personal belongings, and more. However, premiums for people over 65 are increasing as they get older due to their increased susceptibility to illness, poor health, and accidents. Despite this limitation, they receive more benefits, such as additional emergency and medical insurance. Hence, these factors are expected to drive market growth during the forecast period.

Technavio Research experts have provided more insights on the market share of segments – View Sample Report

Related Reports:

The trade finance market size is estimated to grow at a CAGR of 5.01% between 2022 and 2027. The market size is forecast to increase by USD 14,706.45 million. This trade finance market report extensively covers market segmentation by type (traditional trade finance, supply chain finance, and structured trade finance), end-user (importers and exporters, banks and financiers, and insurers and export credit agencies), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving the trade finance market growth is the growing number of exports.

The Global Wealth Management Market size is estimated to grow at a CAGR of 7.02% between 2022 and 2027. The market size is forecast to increase by USD 325.56 billion. This wealth management market report extensively covers market segmentation by business segment (human advisory, hybrid advisory, and robo advisory), end-user (banks, trading and exchange firms, investment management firms, brokerage firms, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). One of the key factors driving the wealth management market growth is the rising demand for alternative investment support from the government.

Travel Insurance Market Scope
Report Coverage	Details
Historic period	2017-2021
Growth momentum & CAGR	Accelerate at a CAGR of 9.69%
YoY growth 2022-2023 (%)	8.67
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Key countries	US, Canada, China, Germany, and the UK

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-User

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact US:

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com