Yahoo Finance 
World Travel Insurance Market Report 2022
Travel Insurance Market
Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Travel Insurance Market by Insurance Cover, by Distribution Channel, and by End User: Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Travel Insurance Market size was valued at USD 17.58 billion in 2021 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.6% from 2022-2030.
Until the Covid-19 pandemic struck, the global tourism industry was on the rise with increasing globalization, multinational events and concerts.
This trend had been interrupted in 2020, but with the rollout of vaccines at the global level, it is expected that the industry will gradually recover from beginning of 2022. The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are some factors expected to boost the demand of travel insurance market throughout the forecast period.
Other factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future.
On the other hand, introduction of targeted and customized insurance policies along with increasing expenditure on travel at a global level is expected to create numerous opportunities for the travel insurance market players in the near future.
Geographical Analysis:
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Competitive Landscape:
The travel insurance market, which is highly competitive and fragmented, consists of various market players.
Some of the major market players include
Allianz Travel (Allianz)
Zurich Insurance Group
American Express Company
American International Group Inc.
Berkshire Hathaway Specialty Insurance
Seven Corners Inc.
USI Insurance Services
AXA Travel Insurance
Travel Insured International
Genarali Group
Market Dynamics
Drivers
Introduction of Value-Added Services
Travel Rules and Regulations
Increasing Demand from Corporate Travelers
Increase in Popularity of Travel Insurance After Pandemic
Easy Access to Insurance Policies
Restraints
Decease in Travel Due to Covid-19
Opportunities
Technological Developments in the Travel Insurance Industry
KEY SEGMENTS:
Global Travel Insurance Market - By Insurance Cover
Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance
Global Travel Insurance Market - By Distribution Channel
Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators
Global Travel Insurance Market - By End User
Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Others
Global Travel Insurance Market - By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
RoW
Latin America
Middle East
Africa
For more information about this report visit https://www.researchandmarkets.com/r/b4w4ip
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
