Travel insurance plans are designed to cover costs and losses and reduce the risks associated with unexpected events encountered while traveling. It is a useful method of protection for those traveling domestically or abroad.
Global Travel Insurance Market Dynamics:
Increasing business travelers and increasing tourism are major factors driving growth of the global Travel Insurance Market . According to the United Nations World Tourism Organization (UNWTO) Barometer, the number of international tourists grew by 3.9% to reach a total of 1.2 Bn in 2016 as compared to 2015 numbers. It is further expected to reach 1.8 Bn by 2030. Moreover, according to, The Global Business Travel Association (GBTA), around 79% business travelers purchased corporate travel insurance plans for medical emergencies and 60% opted for travel insurance plan for luggage protection in 2015. Increasing uncertain events and terrorist attacks globally are other factors expected to further boost demand for travel insurance in the global market. Travel insurance policies consider terrorism as a coverable reason. Travel insurers are providing benefits in various scenarios involving acts of terror, including scenario in which a terrorist attack occurs at a destination within 30 days of scheduled arrival.
Analysis By Segmentation:
The annual multi-trip type segment in the global travel insurance market is estimated to account for majority revenue share in 2017, and this segment is projected to be valued at US$ 5,155.1 Mn in 2017.
The business travellers application segment is expected to be largest segment with a revenue US$ 3,229.4 Mn in 2017, and is expected to continue its dominance over the forecast period.
The travel insurance market in Europe is estimated to account for major revenue share of US$ 5,384.0 Mn in 2017, while the market in China is expected to register a highest CAGR in next ten years. The market in North America accounts for second-highest revenue share in the global market, in 2017.
Key players operating in the global travel insurance market include CSA Travel Protection, USI Affinity, Seven Corners Inc., TravelSafe Insurance, MH Ross, Allianz Global Assistance, Travel Insured International, AXA, American International Group, Inc., Insure & Go Insurance Services Limited, Berkshire Hathaway Specialty Insurance, Travelex Group, Tokio Marine HCC Medical Insurance Services Group, Aviva plc, American Express Company, Munich RE, Groupama, MAPFRE ASSISTANCE, Sompo Japan Nipponkoa Insurance Inc., Ping An Insurance Company of China, Ltd., and Starr Companies.
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