According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global travel insurance market grew at a CAGR of around 6% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2020-2025.
Travel insurance offers financial protection against losses and expenses incurred while traveling. It includes costs for medical expenses, flight cancellations, and lost luggage and travel documents. Presently, there is an increase in the demand for travel insurance services on account of the burgeoning travel and tourism sector.
Increasing internet penetration, easy availability of online travel bookings and discounted holiday packages are among the significant factors fueling the growth of the travel insurance market. Moreover, the rising number of intermediaries, such as banks, insurance brokers, and insurance aggregators, is providing a variety of options to compare suitable policies and prices, which is bolstering the market growth. Furthermore, leading players are incorporating digital tools, such as data analytics, artificial intelligence (AI), application program interface (API) and global positioning system (GPS), to improve distribution systems. Besides this, the outbreak of coronavirus disease (COVID-19) pandemic has increased individuals who are investing in travel insurance policies to secure their future travels. This is anticipated to drive the travel insurance market further in the coming years.
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Travel Insurance Market 2020-2025 Competitive Analysis and Segmentation:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global travel insurance market on the basis of insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
Breakup by Coverage:
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Region:
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Key highlights of the report:
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