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US$ 66.0 Bn Between (2017–2021)|Travel Insurance Market Growth To Be Driven Majorly By Europe Market

MarketResearch.biz announces publication of its most recently generated research report titled, “Global Travel Insurance Market by Type (Single Trip, Annual Multi-trip, and Long Stay), By Application (Senior Citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers), and by Region/Country – Global Forecast to 2026.”, which offers a holistic view of the global travel insurance market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2017–2021) is projected to be US$ 66.0 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.

Travel insurance plans are designed to cover costs and losses and reduce the risks associated with unexpected events encountered while traveling. It is a useful method to protect those traveling domestically or abroad.

Global Travel Insurance Market: Market Dynamics

Rising tourism is a major factor driving growth of the global travel insurance market. In addition, increasing business travelers is another factor further fueling growth of the global travel insurance market. Moreover, increasing terrorist attacks globally is further boosting demand for travel insurance in the global market.

A major factor restraining growth of the global travel insurance market is low penetration in some underdeveloped and developing countries, owing to lack of awareness in this countries. Changing travel pattern across the globe coupled with increasing disposable income are expected to create opportunities for major service and policy providers in the global market over the forecast period.

A current trend in the market is that people are taking more frequent but shorter breaks instead of just one traditional summer holiday. Rising popularity of such breaks coupled with continuously reducing air fares is expected to boost demand for multi-trip policies to cover several trips a year. This factor is expected to create lucrative opportunities for key players in the market.

Global Travel Insurance Market: Market Forecast

The comprehensive research report comprises a complete forecast of the global travel insurance market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global travel insurance market is expected to expand at a moderate CAGR of 4.7% during the forecast period.

Global Travel Insurance Market: Segmental Snapshot

The market report has been segmented on the basis of type, application, and region/country. The types segment includes single trip, annual multi-trip, and long stay. The application segment includes senior citizens, education travelers, backpackers, business travelers, and family travelers. The regions/countries covered in the analysis are North America, Europe, China, Japan, Middle East & Africa, India, South America, and Rest of the World.

By type: The annual multi-trip segment accounted for highest revenue share contribution as compared to other type segment, and is expected to maintain its dominance over the forecast period. The annual multi-trip segment is expected to register a CAGR of over 5.0% between 2017 and 2026.

By application: The business travelers segment accounted for highest revenue share in the global market in 2017, and is projected to continue contributing the highest revenue share as compared to that of other application segments by 2026. The business travelers segment is projected to register highest CAGR of over 5% during the forecast period.

By region/country: The China travel insurance market is expected to register highest CAGR of over 5.0% in terms of revenue during the forecast period. The market in Europe accounted for major revenue share in the global travel insurance market in 2016, and is expected to witness significant growth over the forecast period.

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Global Travel Insurance Market: Competitive Analysis

The research report on the global travel insurance market includes profiles of some of major companies such as CSA Travel Protection, USI Affinity, Seven Corners Inc., TravelSafe Insurance, MH Ross, Allianz Global Assistance, Travel Insured International, AXA, American International Group, Inc., Insure & Go Insurance Services Limited, Berkshire Hathaway Specialty Insurance, Travelex Group, Tokio Marine HCC Medical Insurance Services Group, Aviva plc, American Express Company, Munich RE, Groupama, MAPFRE ASSISTANCE, Sompo Japan Nipponkoa Insurance Inc., Ping An Insurance Company of China, Ltd., and Starr Companies.

The Global Travel Insurance Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global travel insurance market for 2017–2026.