September 13th, 2022
Travel Insurance Market size was valued at USD 22.24 billion in 2020 and expected to grow to USD 110.52 billion at a compound annual growth rate (CAGR) of 17.6%. Travel insurance protects you from unexpected costs and risks while you're on the road. It serves as a safety net in scenarios such as trip cancellation due to medical emergencies, baggage loss, medical evacuation or hijacking, and loss of travel papers, to name a few. Travel insurance provides financial protection for expenses or losses incurred as a result of unforeseen circumstances while travelling domestically or internationally. It usually covers the costs of lost or stolen items, emergency medical treatment, unexpected death, and travel cancellation and interruption. It kicks in on the day of travel and lasts till the insured returns home. Several firms now offer travel insurance with emergency services such as replacing lost passports, cash wire help, and rebooking cancelled flights that are available 24 hours a day, seven days a week. They also provide customisation options based on geographic area and the needs of covered persons.
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Key Market Insights from the report:
Global Travel Insurance Market size was valued at USD 22.24 billion in 2020 and expected to grow to USD 110.52 billion at a compound annual growth rate (CAGR) of 17.6%. The global travel insurance market is segmented on the basis of insurance cover, application and region.
Based on Insurance Cover, Global Travel Insurance Market is segmented into Single Trip, Annual Multi-Trip and Long Stay.
Based on Application, Global Travel Insurance Market is segmented into Senior Citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers.
By Region, the Global Travel Insurance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Travel Insurance Market:
The key players of the global travel insurance market include Allianz SE, Munich Reinsurance America Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., and China Life Insurance Company Limited.
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