The global market was valued at $14021.5 million in 2014 and is likely to garner $32709.3 million by 2025, growing at a CAGR of 8.5% during the forecast period according to Progressive Markets’ report, “Travel Insurance Market cover (annual multi-trip travel insurance, single trip travel insurance, and long stay travel insurance) users (backpackers, education traveler, senior citizens, fully independent traveler, business traveler, and family travelers)-Global Industry Opportunity 2017-2025.”
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The report is a comprehensive study on the global travel insurance market. It covers aspects such as market size by segment and region, market share, market trends, market dynamics, Porter’s analysis, market segmentation, market forecast, research methodology used, and information about the major market players. The information provided in the report is a result of an extensive research of the overall travel insurance market. The research methodology which has been used to collect and validate data, is provided in terms of primary and secondary research.
The travel insurance market report is a useful source of guidance for market players, investors, stakeholders, and new entrants to understand the overall market scenario. The study offers a quantitative analysis to assist investors and stakeholders determine new opportunities for growth. An extensive analysis of the market along with the current trends and projections for the future help identify the prolific investment zones. Competitive scenario helps determine the business strategies adopted by the market players in various regions. The market study in various geographical areas is provided to gain an understanding of the market and determine strategies for expansion.
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A summary of the global travel insurance market is provided based on the key findings, market attractiveness and trends analysis, and competitive landscape. Market landscape is provided based on the growth drivers, Porter’s Analysis, and market share analysis. The essential driving and restraining factors influence the progress of the market. The Porter’s Five Forces Analysis (PFFA) is offered in the study based on the bargaining power of buyers, bargaining power of suppliers, the threat of new entrants, threat from substitutes, and industrial rivalry. This analysis helps assess the level of competition prevailing in the market and devise strategies for business growth. Market share analysis is provided to help determine how well the players are doing in the market as compared to their competitors.
The report offers a comprehensive analysis of the market dynamics, i.e. the drivers and restraints affecting the growth of the travel insurance market. Factors that are propelling the growth of the industry include the rise in tourism, rise in globalization, and travel rules & regulations. In addition, new technological developments create new opportunities in the global market. On the other hand, the low penetration rate of insurance policies impedes the growth in the industry.
The report offers a detailed analysis of the travel insurance market based on its segmentation. It provides guidance to investors and market players about the potential possessed by each segment. The market is segmented by insurance cover, distribution channels, users, and geography. Based on insurance cover, the market is further bifurcated into annual multi-trip travel insurance, single trip travel insurance, and long stay travel insurance. Based on distribution channels, the market is divided into insurance intermediaries, banks, insurance company, insurance aggregator, insurance brokers, and others. The insurance company segment garnered $2440.9 million in 2017 and is expected to grow at a CAGR of 8.9% during the period 2018-2025. The insurance aggregator segment is likely to grow at a CAGR of 11.4% during the forecast period. By users, the market is classified as backpackers, education traveler, senior citizens, fully independent traveler, business traveler, and family travelers. The backpackers segment is expected to grow at a CAGR of 9.3% while the business traveler segment is likely to grow at a CAGR of 9.6% during the forecast period. Geographically, the market analysis has been covered for the regions such as North America, Europe, Asia-Pacific, and LAMEA. In LAMEA, the market study covers Latin America, Middle East, and Africa.
The key players in the global travel insurance market are expanding the scope of their business operations in the emerging economies by including innovative solutions in their product offerings. The report includes a detailed competitive analysis of the major market players such as CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, InsureandGo, and others.
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