Travel Insurance Market Worldwide Industry Details by Top Manufacture, Price, Supply-Demand, Recent Trends, Share, Development Trend and End User Analysis, Outlook

Travel Insurance Market Worldwide Industry Details by Top Manufacture, Price, Supply-Demand, Recent Trends, Share, Development Trend and End User Analysis, Outlook

The travel insurance market is expected to observe substantial growth by 2027 driven by booming consumer interest in key regions across the globe. Moreover, increasing demand for travel insurance policies with COVID-19 coverage is slated to further propel market growth through the forecast period.

Following the COVID-19 outbreak, government-imposed lockdown restrictions forced people to stay indoors, bringing leisure travel to a halt, which brought about a steep decline in travel and tourism activities. With successful vaccination drives and increasing governmental emphasis on economic recovery, the tourism industry is gradually regaining pre-COVID momentum, which has impelled the need for travel insurance policies among travelers.

Additionally, industry players are focusing on providing attractive travel insurance policies to extend their consumer reach. As a result, rising availability of policies with wide-ranging coverage options, including COVID-19 coverage, has been favorable for industry expansion.

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For extensive analysis, the travel insurance market has been bifurcated in terms of type, trip, provider, end-use, and region. Based on provider, the market has further been segmented into banks, insurance company, and others.

The others provider segment is set to witness strong growth by 2027, expanding at a steady CAGR through the assessment timeframe. Growing number of intermediaries upgrading their offerings by integrating Global Distribution System (GDS) to enable transactions among travel service operators is projected to promote segmental expansion in the coming years.

From the end-use perspective, the travel insurance market has been divided into corporate travelers, senior citizens, education travelers, family travelers, backpacker & adventure travelers, and others. The senior citizens end-use segment held a notable share in the market in 2020 and is anticipated to grow at a stable pace over 2021-2027. Surging demand for travel insurance policies that offer coverage for pre-existing and specific age-related health issues is foreseen to spur segmental growth over the review timeline.

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The education travelers end-use segment is projected to observe considerable revenue growth by 2027, progressing at a solid CAGR over the analysis period. Rising number of students pursuing higher education in foreign countries is expected to boost segmental demand in the forthcoming years.

The travel insurance industry share from the others end-use segment is estimated to see substantial growth through 2027. Mounting need for travel insurance policies that provide emergency medical repatriation expenses for any activity performed on the specific expedition is calculated to fuel segmental development over the following years.

In the regional landscape, the Latin America travel insurance market is speculated to see robust growth by 2027, registering a sturdy CAGR through the forecast period. Growth of the tourism industry in LATAM is likely to stimulate regional market growth in the future.

Table Of Content

Chapter 1   Methodology and Scope

1.1    Scope & definitions

1.2    Methodology and forecast parameters

1.3    Impact of COVID-19

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    Latin America

1.3.5    MEA

1.4    Data sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Travel insurance industry 3600 synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Type trends

2.1.4    Trip trends

2.1.5    Provider trends

2.1.6    End-use trends

Chapter 3   Travel Insurance Industry Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional outlook    North America    Europe    Asia Pacific    Latin America    MEA

3.2.3    Industry value chain    Research and development    Marketing

3.2.4    Competitive landscape    Distribution network    Business growth

3.3    Industry ecosystem analysis

3.3.1    License providers

3.3.2    Travel insurance service provider

3.3.3    Technology providers

3.3.4    Third-party payment issuers/providers

3.3.5    Value-Added Resellers (VARs)

3.3.6    Service providers

3.3.7    Research & Development (R&D)

3.3.8    System integrators

3.3.9    Advertising & marketing

3.3.10    End-use landscape

3.3.11    Distribution channel analysis    Bancassurance    Insurance agents/brokers    Comparison websites/aggregators    Online distribution    Cross selling and add-ons

3.3.12    Vendor matrix

3.4    Technology and innovation landscape

3.4.1    IoT, AI and machine learning

3.4.2    Blockchain

3.4.3    Geo-location and GPS

3.4.4    Data analytics

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

3.6    Industry impact forces

3.6.1    Growth drivers    High cost of medical treatment overseas    Increasing spending on travel protection plans in North America    Mandatory travel insurance policies in North America & Europe    Development of international trade and overseas business expansion in Asia Pacific    Growth in the tourism industry in Latin America    The flourishing business tourism industry in the MEA

3.6.1    Industry pitfalls and challenges    Decline in international traveling activities due to the pandemic    Lack of consumer experiences in terms of coverage and premium rates

3.7    Growth potential analysis

3.8    Porter’s analysis

3.8.1    Supplier power

3.8.2    Buyer power

3.8.3    Threat of new entrants

3.8.4    Threat of substitutes

3.8.5    Internal rivalry

3.9    PESTEL analysis

3.9.1    Political

3.9.2    Economic

3.9.3    Social

3.9.4    Technological

3.9.5    Environmental

3.9.6    Legal