Articles

Travel Insurance Market 2019, Global Market Size, Demand Forecasts, Industry Trends and Updates

by Agastya Bellamkonda Business Consulting
Travel Insurance policies are meant to cover the losses that can occur while travelling domestically or abroad. This insurance provides peace of mind to the travellers as these policies mark them secure irrespective of their holiday destination.
The increase in this industry owes to the rapidly increasing tourism sector. The global travel insurance market was USD 20.19 billion in 2018 and is estimated to reach USD 32.51 billion by 2025 at a CAGR of 7.04% during the forecast period.

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Growth by Region
Asia Pacific region will be the fastest-growing market during the forecasted period. After Asia-pacific regions, North America, Europe, Latin America and the Middle East are likely to follow.
By End-User
The report highlights the growth based on end-users. Here are some kinds covered.
● Backpackers
● Education Traveller
● Senior Citizens
● Fully Independent Traveller
● Business Traveller
● Family Travellers
By Distribution Channel
Business happens through multiple avenues and the following are covered in the report.
● Insurance Intermediaries
● Insurance Company
● Banks
● Insurance Broker
● Insurance Aggregator
Some other segmentations include: Component, Insurance Coverage
Drivers vs Constraints
Factors leading to the growth of the market are an increase in the tourism sector. In the present world, owing to media and Television a large number of people are exposed to the places which earlier was out of people’s reach. The travel shows have inspired people of every age group to travel and explore the world. The users of travel insurance policies are senior citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers etc.
Key Companies Mentioned
● CSA Travel Protection
● USI Affinity
● Seven Corners Inc.
● Travel safe
● MH Ross
● Allianz Global Assistance
● Travel Insured International
● AXA SA
● AIG Travel
● American Express Company
● Aviva PLC
● Travel Insured International
● Berkshire Hathaway Speciality Insurance
● InsurreandGo
● Travelex Group
Industry Structure and Updates
July 2017- AIG Travels announced that its customers will now be able to customize their travel insurance policy as per their needs.
December 2017- Sterling Holidays had partnered with Digit to offer travel insurance. They will be offering free door to door travel insurance to their customers.
December 2017- Yonder Travel Insurance had partnered with AXA to offer three new travel insurance plans: Silver, Gold & Platinum.

About Agastya Bellamkonda Freshman   Business Consulting

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Joined APSense since, July 5th, 2019, From Hyderabad, India.

Created on Jul 30th 2019 05:43. Viewed 114 times.

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