Travel Insurance Global Market Report 2022
Major players in the travel insurance market are Allianz SE, American Express Company, American International Group Inc. , Assicurazioni Generali S. P. A, Atlas Travel Insurance, Aviva plc, Axa S. A. , Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc.
New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Travel Insurance Global Market Report 2022" - https://www.reportlinker.com/p06323474/?utm_source=GNW
, Saga Plc, Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc, Zurich Insurance, and Arch Capital Group Ltd.
The global travel insurance market is expected to grow from $16.05 billion in 2021 to $18.81 billion in 2022 at a compound annual growth rate (CAGR) of 17.2%. The travel insurance market is expected to grow to $32.61 billion in 2026 at a CAGR of 14.7%.
The travel insurance market consists of sales of travel insurance by entities (organizations, sole traders, and partnerships), which is a type of insurance that covers different risks while traveling.It covers medical expenses, flight cancellations, lost luggage, and other losses that a traveler can incur while traveling.
This is largely due to the fact that having these risks covered ensures an additional layer of protection against financial loss.
The main types of travel insurance are domestic and international.International travel insurance provides coverage for people who are traveling internationally.
The various insurance covers in travel insurance are single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance that are used by various end-users, including senior citizens, corporate travelers, family travelers, educational travelers, and other end-users. The coverage of travel insurance includes medical expenses, trip cancellation, trip delay, property damage, and others that are distributed by various channels, including insurance intermediaries, insurance companies, banks, insurance brokers, and other distribution channels.
Asia Pacific was the largest region in the travel insurance market in 2021. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The travel insurance market research report is one of a series of new reports that provides travel insurance market statistics, including travel insurance industry global market size, regional shares, competitors with a travel insurance market share, detailed travel insurance market segments, market trends and opportunities, and any further data you may need to thrive in the travel insurance industry. This travel insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rise in tourism is contributing to the growth of the travel insurance market.Travel insurance helps the tourism sector by providing financial help through certain packages that help travellers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage.
For instance, in 2019, according to the United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency, globally, 1.5 billion international tourist arrivals were recorded, a 4% increase compared to the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.
The incorporation of advanced technologies has emerged as the key trend gaining popularity in the travel insurance platform.Major companies operating in the travel insurance sector are focused on new technologies to strengthen their position in the market.
For instance, in May 2019, ICICI Lombard, an India-based insurance company, introduced the artificial intelligence (AI)-based cashless claims settlement process.Through ICICI Lombard’s AI-based cashless claims settlement, the complete claim authorization process has been automated.
The company has utilized various algorithms using Cognitive Computing along with Intelligent Character Recognition (ICR) and Optical Character Recognition (OCR) in this tech-enabled innovation.
In July 2021, Staysure Group, a UK-based travel insurance company, acquired Rock Insurance Group for an undisclosed amount.The acquisition is expected to further strengthen the position of Staysure Group as the market leader and would allow them to dominate across both the B2B and B2C arenas, offering quality policies to a much wider range of consumers.
Rock Insurance Group is a UK-based travel, gadget, and commercial insurance company.
The countries covered in the travel insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06323474/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001