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Global Travel Insurance Market to Grow thanks to Increasing Business Travel and Rising Tourism

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Published on : Jul 20, 2016

ALBANY, New York, July 20, 2016: ResearchMoz.us has announced the addition of the "Global Travel Insurance Market 2016-2020” report to its offering. This report is a detailed study on the global travel insurance market and presents information on the market for the forecast period from 2016 to 2020. It also provides a thorough review of the key trends influencing the development of this market. This report also encapsulates the prime outcomes of the Five Forces evaluation on the market for travel insurance. The opportunities and threats faced by the major vendors operating in this market have also been highlighted in this study. 

The report starts by presenting an introduction, including major market highlights and the definition of travel insurance. As per this study, the global travel insurance market is predicted to expand at an 11.60% CAGR from 2016 to 2020. Travel insurance refers to a short-term insurance scheme specially designed for travel-related expenses and emergencies. This type of insurance is particularly beneficial for international travelers, as it covers medical expenses and trip cancellation fees. A number of policies provided by companies also cover possible damage incurred on rented cars or equipment. A number of companies engaged in selling travel packages or air tickets provide customers travel insurance as an added service.

The report then analyzes the geographical segmentation of the market for travel insurance. Geographically, the market is segmented into Asia Pacific (APAC), the Americas, Europe, and the Middle East and Africa (EMEA). Amongst these, in 2015, EMEA represented a share of 36% due to the new partnerships taking place within the travel insurance market in this region. In addition, the increasing number of geriatrics who can afford travel expenses within EMEA has also raised the need for insurance coverage in this region. 

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Moving further, an impact analysis of drivers, challenges, and trends on the global travel insurance market has been presented. The increasing amount of business travel and the rising demand for tourism are fuelling the growth of the market. In addition, the introduction of economically priced airlines has raised the number of airport passengers, resulting in high gross travel insurance premiums. This will further augment the development of the global travel insurance market. Furthermore, the increasing insurance coverage on unconventional expenses is a major trend seen in this market. On the flip side, different nations have different healthcare-related laws; this factor may negatively impact the development of the global travel insurance market. 

In the following section of the report, the competitive landscape of the market has been presented. This section covers an overview of the key companies dominant in the market for travel insurance. Some of the companies mentioned in the report are CSA Travel Protection, Seven Corners, TravelSafe Insurance, AXA, USI Affinity, Allianz Global Assistance, ACE Asia Pacific, and American International Group Inc., among others.

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