Travel insurance market size to reach USD 40 billion by now
Dallas, Texas, May 13, 2021 (GLOBE NEWSWIRE) – According to the report published by Adroit Market Research, the global travel insurance market was pegged at $ 21 billion in 2019 and is expected to bring in $ 40 billion by 2028 in due to the increasing levels of tourism in the world. Global tourist arrivals reached around 13 billion in 2018.
Tourism has become the most important component of international trade in services, constituting 25% of the total share. Thus, the growth of tourism has prompted travel insurance companies to capitalize on the growing demand for travel insurance. The growing awareness among young travelers of the need to secure their travel against medical and non-medical contingencies is a major factor in the growth of the global travel insurance industry.
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Insurers are increasing their value-added services to differentiate their products from their competitors and maintain better relationships with customers. Recent market trends include the use of data analysis to predict risks and formulate accurate contingency plans. For example, insurers can monitor weather conditions and notify their clients in advance, so they can plan their trips accordingly. These travel insurance industry trends are predominantly adopted by travel insurance providers located in the U.S. The U.S. travel insurance market size is expected to exceed $ 10 billion by the end of 2028.
On the basis of type, the medical expense segment is expected to experience the highest growth during the forecast period. Coverage for medical expenses is crucial as it covers the costs of emergency treatment as well as any other overhead costs that arise at the time of travel. Uncertainty while traveling abroad can present health risks and as a result, many countries have made travel insurance mandatory to issue a VISA.
Geographically, Asia-Pacific held the largest share of the global travel insurance market. This has been attributed to strong demand for corporate travel insurance in countries like China, Japan and Korea. The growing segment of travelers in countries like India offers huge opportunities for insurance companies and travel agencies. However, in terms of growth rate, Latin America is expected to show the highest growth of 8.8% during the forecast period. Travel insurance is gaining popularity in several developing countries in Europe. UK travel insurance market share is expected to decline due to the drop in the number of travelers.
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Companies such as Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., China Life Insurance Company Limited., MAPFRE Insurance Company Inc., Prudential Financial Inc. and Chubb Limited, among others, have a wider presence on the global market.
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Travel Insurance Market by Type
Chapter 6 Travel Insurance Market by Distribution Channel
Chapter 7 Travel Insurance Market by Application
Chapter 8 Travel Insurance Market by Trip
Chapter 9 Travel Insurance Market by Region
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles
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