Travel Insurance Market Industry Outlook, Size
Global Travel Insurance Market size was valued at USD 18.50 Bn. in 2021 and the total Travel Insurance revenue is expected to grow by 16 % from 2022 to 2029, reaching nearly USD 21 Bn.
Travel Insurance Market Overview:
The Travel Insurance market research provides a comprehensive perspective of the competition, including the market share and company profiles of the top players in the global industry. The scope of the research covers a thorough examination of the Travel Insurance Market, as well as the causes for variances in the industry's growth in a variety of sectors.
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Market Scope:
Top-down and bottom-up approaches are used to validate the market size and estimate the market size by different segments. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). The percentage splits, market shares, and segment breakdowns are computed using weights assigned to each segment based on usage rate and average sale price. To determine the country-wise splits of the overall market and its sub-segments, the percentage adoption or usage of the given market Size in the relevant area or nation is employed.
Segmentation: The market is segmented by end-user, including sectors for business travellers, senior citizens, families, and others who are travelling for education. The other sub-segment likewise includes people and groups. The senior citizen category, which brought in USD 5,805.5 million in revenue in 2021, is anticipated to expand at a CAGR of 13.9% over the course of the projected year.
Key Players:
Secondary research is used to identify market leaders, while primary and secondary research is used to establish market revenue. Secondary research comprised a review of the leading manufacturers' annual and financial reports, whilst primary research included thorough interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then validated using primary sources.
The biggest players in the Travel Insurance market are as follows:
- • American International Group, Inc.
• ASSICURAZIONI GENERALI S.P.A.
• USI Insurance Services, LLC
• battleface
• Insure & Go Insurance Services Limited
• Seven Corners Inc.
• Travel Insured International
• Zurich
• Delphi Financial Group, Inc.
• Ping An Insurance (Group) Company of China, Ltd.
• Allianz Group
• Munchener-Ruck-Gruppe
• Talanx Konzern
• R+V Konzern
• Generali Deutschland AG
• AXA Konzern AG
• Bayern
• Huk-Coburg
• Signal Iduna
• Travelex Insurance Services Inc.
• Berkshire Hathaway Travel Protection
Regional Analysis:
Individual market influencing components and changes in market legislation that affect current and future market trends are also covered in the Travel Insurance market study's regional overview. Current and future trends are investigated in order to analyze the overall market potential and find profitable patterns in order to get a more firm footing. The geographical market evaluation is based on the current environment and anticipated trends.
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COVID-19 Impact Analysis on Travel Insurance Market:
End-user industries where Travel Insurance are utilized saw a decline in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, and the United States, as well as Spain, France, and India, due to a pause in operations. This resulted in a significant drop in the revenues of enterprises in these industries, as well as in demand for Travel Insurance manufacturers, affecting the Travel Insurance market's growth in 2020. End-user business demand for Travel Insurance has plummeted as a result of lockdowns and an increase in COVID-19 events throughout the world.
Key Questions Answered in the Travel Insurance Market Report are:
- In 2021, which segment accounted for the most share of the Travel Insurance market?
- What is the competitive landscape of the Travel Insurance market?
- What are the key factors influencing Travel Insurance market growth?
- In the Travel Insurance market, which region has the most market share?
- What will be the CAGR of the Travel Insurance market during the forecast period (2022-2027)?
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