Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Travel Insurance Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 24, 2021 (GLOBE NEWSWIRE) — The Global Travel Insurance Market is expected to grow at a CAGR of around 17.1% from 2020 to 2027 and reach the market value of over US$ 65,940.7 Mn by 2027.
The global travel insurance market is projected to experience significant double-digit growth during the forecast period from 2020 to 2027. The increasing number of travelers is the primary factor supporting the demand for travel insurance in the global market. The travel insurance market is also gaining growth due to companies that are selling travel packages along with travel insurance.
The global travel insurance market is segmented on the basis of insurance cover, application, end-user, and geography. On the basis of insurance cover, the market is bifurcated across single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Additionally, travel insurance has applications across domestic travel and outbound travel. The end-user of travel insurance includes senior citizens, education travelers, business travelers, family travelers, and adventure travel.
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Based on insurance cover, single-trip travel insurance is having a dominating share in the global travel insurance market. The cheaper cost of single-trip travel insurance is a major factor contributing to its dominance in the market. The preference of users on single trip travel insurance over multi or long-stay travel insurance is additionally maximizing its market value.
North America had a potential share (%) in terms of revenue in the travel insurance market. The presence of a large number of people investing in travel and tourism is supporting the regional market value. The major economy of the region US is contributing to the major revenue in the region. A 2016-2018 travel protection market study conducted by the US Travel Insurance Association shows, in 2018 Americans spent nearly $3.8 billion on all types of travel protection.
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Asia Pacific is anticipated to experience the fastest growth over the forecast period from 2020 to 2027. The increasing discretionary income which is supporting the increased spending power of people on traveling is driving the market value. The emerging tourism industry of the developing economies of the region is further prolife rating the market value.
Some of the leading competitors in the global travel insurance market include Allianz Group, American International Group Inc., Assicurazioni Generali S.P.A, AXA S.A., Insure & Go Insurance Services Limited, Seven Corners Inc., Travel Insured International, TravelSafe Insurance, USI Insurance Services, and Zurich Insurance Co. Limited. The major players are continuously making efforts to spread awareness about getting travel insurance across their existence. Additionally, they are making strategic development plans for the expansion of their share and market potential.
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Some of the key observations regarding the travel insurance industry include:
- Arch Insurance has introduced a new program in 2021 that allows its brokers to quickly price and purchase business travel account policies for U.S. companies with up to 250 business travelers. The new program is called Arch BTAExpress, it utilizes an underwriting and technology experience that lets its users get access to the simple design, pricing, and binding of BTA policies, and quotes usually delivered almost instantly.
- The uncertainty associated with the post-Covid-19 travel plans is advised to take travel insurance by considering the likely setbacks in the travel industry as happened earlier. UK has experienced a 109% surge in spending on holiday after the announcement of roadmap out of lockdown by the UK Prime Minister Boris Johnson. Bookings have aroused by 102% at travel agencies and 122% at airlines, according to the card data from Lloyds Bank. Buying travel insurance is essential as it will protect the cost of canceling a holiday. Moreover, many of the insurance providers are offering protection against corona virus-related cancellations, which will be a worthy investment if taking a staycation.
- Manulife Financial Corp. is offering COVID-19-related travel insurance from 2020 for Canadians who take international and domestic trips. The policy covers the emergency medical coverage that includes the corona virus and related conditions. It also covers the losses associated with the trip interruptions or cancellations in the event of quarantine. Moreover, the Manulife plan also includes emergency medical coverage up to $200,000 for COVID-19 and associated conditions after a positive test result, as well as emergency air transport to return home.
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