The Travel Insurance market is estimated to record a CAGR of around 26.1% during the forecast period
Evolve Businesses Intelligence has published a research report on the Travel Insurance Market, 2021–2030. The dental digital treatment software market is projected to exhibit a CAGR of around 26.1% during the forecast period of 2022 to 2030.
has recognized the following companies as the key players in the travel insurance market are ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali S.P.A., AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., Trip Mate Inc.
Market Highlights
The travel insurance market is projected to be valued at USD 119.31 Billion by 2030, recording a CAGR of around 26.1% during the forecast period. Travel insurance ensures the safety and protection of travelers while traveling domestically or internationally for business or pleasure. It is considered necessary for a carefree journey. This type of insurance provides basic protection such as health and transport insurance on repatriation, as well as protection against lost checked baggage, trip cancellations, and other potential casualties. Travel insurance helps travelers prepare for unprecedented events that could negatively impact their journey. Travel insurance provides financial protection against expenses or losses incurred as a result of unforeseen circumstances while traveling within the country or abroad. This usually includes the cost of property loss or theft, medical emergencies, accidental death, and travel cancellation or termination costs. It is valid from the day of travel until the arrival of the insured at the place of residence.
The COVID-19 pandemic posed a significant threat to the travel insurance market. The COVID19 pandemic has negatively impacted the travel insurance market. Additionally, the fear of the COVID19 pandemic after it emerged in early 2020, allowed travel insurance providers to offer COVID19-related coverage that could cover testing and screening costs. Translate. Growing travel demand in the wake of COVID19-related lockdowns eases the travel insurance industry forward.
Segmental Analysis
The travel insurance market has been segmented based on the coverage type, distribution channel, and region.
By coverage type, the travel insurance market is segmented based on a single trip and an annual multi-trip. The meeting segment dominates the market. The multi-annual travel insurance segment dominates the travel insurance market and is forecast to post the highest growth and this segment is expected to maintain this trend over the forecast period.
Based on distribution channels, the travel insurance market is segmented based on Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators.
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Regional Analysis
The travel insurance market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The European region is projected to dominate the travel insurance market. Mandatory rules and regulations imposed by the government have encouraged consumers to purchase travel insurance as a prerequisite for visa issuance, which is expected to boost the growth of the market. European travel insurance. The growth of the Asia-Pacific travel insurance market is due to the increase in the number of older travelers traveling mainly in groups or families with a focus on safe travel. In addition, the growing number of family and business travelers is expected to drive strong demand for travel insurance in the region. The travel insurance market in North America has been consistently growing. The Middle East is predicted to develop at an accurate rate. In Latin America, the number of startups in finance and insurance has increased significantly in recent quarters.
