Global Travel Insurance Market Size was valued at around USD 11.01 billion in the year 2017, and is anticipated to witness a steep rise by generating an estimated revenue of US$ XXXX over the forecast period. According to latest study conducted by our analysts and industry experts, global travel insurance market is expected to grow at a CAGR of 8.3% during the forecast period, i.e. 2017-2025.

Along with time, the meaning of travel insurance has changed dynamically. Travel insurance in the recent few years has gain immense popularity due to various benefits offered by it such as cancellation protection against a planned trip, protection against terrorist attacks, natural calamities at the destination location, and others.

Global Travel Insurance Market Size, Share By Application in 2017

Travel Insurance Market Dynamics

Travel insurance market was valued at around USD 11.01 billion in the year 2017, and it is expected to expand crucially during the forecast period, due to escalating tourism industry in the world. Rising number of security conscious population in developed economies such as US, UK, and others, who opt for travel insurance before planning a trip is boosting the growth of travel insurance market. Furthermore, rising governmental support to travel insurance agencies and presence of a large number of travel insurance companies and agencies across the globe will aid the growth of the market during the forecast period.

Compulsion of having travel insurance to get the VISA in some countries such as Belgium, Finland, U.S, Poland, and others is further boosting the growth of travel insurance market. Rising competition among global travel insurance vendors has led to the launch of lucrative travel insurance schemes which is boosting the growth of the market. However, higher charge needs to be paid by travellers on buying insurance for abroad travelling can hinder the growth of travel insurance market.

Travel Insurance Market: Secondary Research

To recognize and collect authentic and market-oriented information crucial for the research study, several secondary sources have been approached and referred. Press releases, white papers, companies annual reports, investor presentations, and articles present on trustworthy websites, databases, and certified publications are some of the significant secondary research sources that have been used to prepare the report. The data collected as secondary data have been obtained from various reliable journals and associations such as Smart Ticketing Alliance, Association of Professional Social Compliance Auditors (APSCA), General Service Administration (US), Department of Transportation (US), and Association for Intelligent Transport Systems to reach to the market numbers or size. The data obtained through secondary sources has been validated through primary research.

Travel Insurance Market: Primary Research

For conducting primary research, several primary sources of the demand as well as supply sides have been approached and interviewed for obtaining quantitative and qualitative information crucial for the report. Vice Presidents, CEOs, technology directors, Product Managers, Marketing Directors and other executives of giant market players and organizations operating in travel insurance market are included as primary sources of the supply side.

After performing comprehensive engineering of travel insurance market (which includes market size estimations, calculations regarding market statistics, market forecasting, data triangulation, and market breakdown), detailed and vast primary research has been carried out to collect information along with verifying and validating the significant and critical market numbers arrived at.

Travel Insurance Industry: Segment Analysis 

Among end-users, family travellers segment had the major revenue share in the year 2015 and is expected to show steady growth during the forecast period. Business traveler segment is projected to grow at a faster pace during the forecast period, due to expansion in overseas business and trade, escalating international tourism and trade and rising travel expense of business travellers due to rise in multi-national companies.

Among insurance cover type, forsingle trip segment accounted for the larger market share in the year 2015 -2017 due to escalation in number of family travelers, rise in affordability of yearly city breaks, rising abroad trips, and escalation in seasonal holidays.

Regional Analysis of Travel Insurance Market

Europe is anticipated to hold the major market share in the global travel insurance market, owing to well-developed tourism sector in the region, coupled with compulsion on travel insurance in many European countries. Asia Pacific is anticipated to be the fastest growing region in global the market due to rising trade in the region, which is escalating the number of business travellers.

Travel Insurance Market Size, Share Analysis By Region 2017-2025

Development of tourism sector in Asia is also one of the prominent reasons for the anticipated growth of travel insurance industry in the region, during the forecast period. Furthermore, escalation in number of senior citizens travellers and education travellers in Asia is expected to impact the travel insurance market in Asia Pacific positively.

Travel Insurance Industry: Objectives Of The Study

1. To forecast the market size of travel insurance market, along with describing and defining the market, in terms of volume and revenue.

2. Market analysis and forecast of travel insurance industry on the basis of region, substrate and application or end-use industry.

3. To analyze and elaborate significant factors that will have major impact on the growth of travel insurance market, such as drivers, restraints, challenges and opportunities.

4. Regional analysis of travel insurance market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.

5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.

6. To provide detailed analysis of competitive and strategic developments in the travel insurance industry like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

7. Analysis of market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

8. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

Bottom-up and top-down are two main approaches that were taken into account to anticipate and validate the market size of travel insurance market, and to reach the anticipated market size of several dependent submarkets. The research and study involved massive utilization of secondary data sources, several directories, private and government websites, and authentic databases, to collect or gather market-oriented as well as technical information for the study of travel insurance industry commercially.

Key Players Operating in Travel Insurance Market

Major players operating in global travel insurance market include Atlas Travel Insurance Services Ltd., American Express Company, Allianz SE, Prudential Financial Inc., MAPFRE Insurance Company Inc., Chubb Limited, Munich Reinsurance America Inc., Ping An Insurance Company of China Ltd., Travelex Insurance Services, and Bajaj Finserv Limited.

Global Travel Insurance Market Report Offer You!

Global travel insurance market Size report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.

The global industry report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.

Why You Should Choose us?
• We offer the best industry research services.
• Our panel of experts has tremendous experience in their respective fields
• We use advanced analytical tools to provide highly personalized industry intelligence research.
• We provide easy-to- use information.
• Qualitative and Quantitative market research
• Market size assessment across various segments
• Potential early warning signals posed by existing market players
• Providing benchmark metrics by comparing an organization across the industry
• Competitive assessment which may impact business and product evaluation
• Insights about government or legal changes that might impact market statistics
• Operational cost optimization strategies