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Sep 8, 2020 11:26 AM ET

Travel Insurance Market (COVID19- UPDATED) Tremendous Growth by 2027 | Allianz Group, American International Group Inc.


iCrowd Newswire - Sep 8, 2020

The ‘ Travel Insurance market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview, Travel Insurance market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Travel Insurance market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence.

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Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance providers offer different plans by covering costs and losses associated with traveling.

Travel Insurance Market1

Further, several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers providing consumers with various options to compare products and prices, suggest suitable policies, and others. Moreover, international travel insurance is mandatory for tourists who visit countries such as Thailand, Cuba, Antarctica, Schengen countries, the U.S., and UAE.

Increased usage of smartphones and internet for online travel insurance purchases via direct airline sites, online travel agencies (OTAs), and company websites & applications are gaining momentum space and are contributing to the growth of the online travel insurance market. In addition, rise in tourism due to an increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others also drive the market growth.

With an increase in tourism, several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. However, lack of awareness toward travel insurance policies, low consumer experiences in terms of coverages, premium rates, and services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premium in the market.

On the contrary, technological developments such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS) among others are providing innovative opportunities for insurers in the market. The insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

The global travel insurance market is segmented on the basis of insurance cover, distribution channel, end user, and region. In terms of insurance cover, it is segmented into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Based on distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the global travel insurance market analysis are Allianz Group, American International Group Inc., Assicurazioni Generali S.P.A, AXA, Insure & Go Insurance Services Limited, Seven Corners Inc., Travel Insured International, TravelSafe Insurance., USI Insurance Services, Zurich Insurance Co. Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

– The study provides an in-depth analysis of the global travel insurance market along with the current & future trends to elucidate the imminent investment pockets.

– Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.

– Porter;s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.

– The quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.

Travel Insurance Market Key Segments

By Insurance Cover

– Single-Trip Travel Insurance

– Annual Multi-Trip Travel Insurance

– Long-Stay Travel Insurance

By Distribution Channel

– Insurance Intermediaries

– Insurance Companies

– Banks

– Insurance Brokers

– Insurance Aggregators

By End User

– Senior Citizens

– Education Travelers

– Business Travelers

– Family Travelers

– Others

Key Market Players

– Allianz Group

– American International Group Inc.

– Assicurazioni Generali S.P.A

– AXA

– Insure & Go Insurance Services Limited

– Seven Corners Inc.

– Travel Insured International

– TravelSafe Insurance.

– USI Insurance Services

– Zurich Insurance Co. Limited

Geographically, the following regions together with the listed national/local markets are fully investigated:
– APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
– Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
– North America (U.S., Canada, and Mexico)
– South America (Brazil, Columbia, Argentina, Rest of South America)
– MEA (Saudi Arabia, UAE, Egypt)

Impact of COVID-19 on the Global Market

The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The detailed research report is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status. Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.(*If you have any special requirements, please let us know and we will offer you the report as you want.)

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Furthermore, the years considered for the study are as follows:

Historical year – 2014-2019 | Base year – 2019 | Forecast period** – 2020 to 2027 [** unless otherwise stated]

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Key Points Covered in Travel Insurance Market Report: Study Explore COVID 19 Outbreak Impact Analysis

CHAPTER 1:INTRODUCTION

1.1.Report description

1.2.Key benefits for stakeholders

1.3.Key market segments

1.4.Research methodology

1.4.1.Secondary research

1.4.2.Primary research

1.4.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors

2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope

3.2.Key forces shaping the travel insurance market

3.3.Value chain analysis

3.3.1.Product design

3.3.2.Pricing & underwriting

3.3.3.Distribution

3.3.4.Administration & claims management

3.4.Market dynamics

3.4.1.Drivers

3.4.1.1.Rapid growth in tourism

3.4.1.2.Convenient shopping due to online comparison sites

3.4.1.3.Travel rule and regulations

3.4.2.Restraint

3.4.2.1.Lack of awareness regarding travel insurance policy

3.4.3.Opportunities

3.4.3.1.Expansion of products and services

3.4.3.2.New technological developments in the travel insurance industry

3.5.COVID-19 impact analysis on travel insurance market

3.5.1.Impact on travel & tourism industry

3.5.2.Impact on travel insurance market size

3.5.3.Change in travelers trends, preferences, and budget impact due to COVID-19

3.5.4.Framework for solving market challenges faced by travel insurance providers and policy adopters

3.5.5.Economic impact on travel insurers

3.5.6.Key player strategies to tackle negative impact in the industry

3.5.7.Opportunity analysis for travel insurance policy providers

CHAPTER 4:TRAVEL INSURANCE MARKET, BY INSURANCE COVER

4.1.Overview

4.2.Single-trip travel insurance

4.2.1.Key market trends, growth factors, and opportunities

4.2.2.Market size and forecast, by region

4.2.3.Market analysis, by country

4.3.Annual multi-trip travel insurance

4.3.1.Key market trends, growth factors, and opportunities

4.3.2.Market size and forecast, by region

4.3.3.Market analysis, by country

4.4.Long-stay travel insurance

4.4.1.Key market trends, growth factors, and opportunities

4.4.2.Market size and forecast, by region

4.4.3.Market analysis, by country

CHAPTER 5:TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1.Overview

5.2.Insurance intermediaries

5.2.1.Key market trends, growth factors, and opportunities

5.2.2.Market size and forecast, by region

5.2.3.Market analysis, by country

5.3.Insurance companies

5.3.1.Key market trends, growth factors, and opportunities

5.3.2.Market size and forecast, by region

5.3.3.Market analysis, by country

5.4.Banks

5.4.1.Key market trends, growth factors, and opportunities

5.4.2.Market size and forecast, by region

5.4.3.Market analysis, by country

5.5.Insurance brokers

5.5.1.Key market trends, growth factors, and opportunities

5.5.2.Market size and forecast, by region

5.5.3.Market analysis, by country

5.6.Insurance aggregators

5.6.1.Key market trends, growth factors, and opportunities

5.6.2.Market size and forecast, by region

5.6.3.Market analysis, by country

CHAPTER 6:TRAVEL INSURANCE MARKET, BY END USER

6.1.Overview

6.2.Senior citizens

6.2.1.Key market trends, growth factors, and opportunities

6.2.2.Market size and forecast, by region

6.2.3.Market analysis, by country

6.3.Education travelers

6.3.1.Key market trends, growth factors, and opportunities

6.3.2.Market size and forecast, by region

6.3.3.Market analysis, by country

6.4.Business travelers

6.4.1.Key market trends, growth factors, and opportunities

6.4.2.Market size and forecast, by region

6.4.3.Market analysis, by country

6.5.Family travelers

6.5.1.Key market trends, growth factors, and opportunities

6.5.2.Market size and forecast, by region

6.5.3.Market analysis, by country

6.6.Others

6.6.1.Key market trends, growth factors, and opportunities

6.6.2.Market size and forecast, by region

6.6.3.Market analysis, by country

CHAPTER 7:TRAVEL INSURANCE MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Introduction

8.1.1.Market player positioning, 2019

8.1.2.Top winning strategies

CHAPTER 9:COMPANY PROFILES

9.1.ALLIANZ GROUP

9.1.1.Company overview

9.1.2.Company snapshot

9.1.3.Operating business segments

9.1.4.Product portfolio

9.1.5.Business performance

9.1.6.Key strategic moves and developments

9.2.AMERICAN INTERNATIONAL GROUP, INC.

9.2.1.Company overview

9.2.2.Company snapshot

9.2.3.Operating business segments

9.2.4.Product portfolio

9.2.5.Business performance

9.2.6.Key strategic moves and developments

9.3.AXA

9.3.1.Company overview

9.3.2.Company snapshot

9.3.3.Operating business segments

9.3.4.Product portfolio

9.3.5.Business performance

9.3.6.Key strategic moves and developments

9.4.ASSICURAZIONI GENERALI S.P.A.

9.4.1.Company overview

9.4.2.Company snapshot

9.4.3.Product portfolio

9.4.4.Business performance

9.4.5.Key strategic moves and developments

9.5.INSURE & GO INSURANCE SERVICES LIMITED

9.5.1.Company overview

9.5.2.Company snapshot

9.5.3.Product portfolio

9.6.SEVEN CORNERS INC.

9.6.1.Company overview

9.6.2.Company snapshot

9.6.3.Product portfolio

9.6.4.Key strategic moves and developments

9.7.TRAVEL INSURED INTERNATIONAL

9.7.1.Company overview

9.7.2.Company snapshot

9.7.3.Product portfolio

9.7.4.Key strategic moves and developments

9.8.TRAVELSAFE INSURANCE

9.8.1.Company overview

9.8.2.Company snapshot

9.8.3.Product portfolio

9.9.USI INSURANCE SERVICES

9.9.1.Company overview

9.9.2.Company snapshot

9.9.3.Product portfolio

9.10.ZURICH INSURANCE CO. LIMITED

9.10.1.Company overview

9.10.2.Company snapshot

9.10.3.Operating business segments

9.10.4.Product portfolio

9.10.5.Business performance

9.10.6.Key strategic moves and developments

……..and view more in complete table of Contents

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