Turismo
Travel Insurance Market to Reach $124.8 Bn, Globally, by 2031 at 24.7% CAGR: Allied Market Research
Increased tourism due to factors such as rise in disposable income, easy online travel bookings, package vacations, and robust holiday coverage drive the growth of the global travel insurance market. On the other hand, lack of awareness regarding travel insurance among people impede the growth to some extent. However, technological advancements such as geo-location, application program interface (API), artificial intelligence (AI), data mining, and global positioning system (GPS), among others have paved the way for lucrative opportunities in the industry.
By insurance cover, the single-trip travel insurance segment held the major share in 2021, garnering around three-fifths of the global travel insurance market. This is owing to the fact that customized coverages with extra premium cost are offered when the traveler is planning to take part in winter sports, climbing, bungee jumping, and diving while abroad. These are best-suited policies for family travelers who prefer to go on a vacation once or twice a year. The long-stay travel insurance segment, at the same time, would showcase the fastest CAGR of 28.7% throughout the forecast period. This is because long-stay travel insurance provides lucrative coverages compared to that of conventional travel insurance policies, covering things such as medical costs, missing luggage, and having to postpone or cancel a trip.
By distribution channel, insurance intermediaries segment contributed to the highest share in 2021, generating nearly one-third of the global travel insurance market. This is due to the fact that insurance intermediaries are upgrading their businesses by integrating software such as GDS, a global distribution system that facilitates transactions between service providers in the travel industry such as airlines, hotels, car rental companies, and travel agencies. The insurance aggregators segment, however, would cite the fastest CAGR of 27.9% from 2022 to 2031. This is attributed to the fact that insurance aggregators collect data on various policies of insurance companies and upload it on a single online portal. Individuals interested in taking an insurance policy can visit this portal and compare products, prices, and terms of conditions offered by different insurance companies and make the best choice.
By end-user, the family travelers segment generated the major share in 2021, holding more than one-fourth of the global travel insurance market, owing to increasing intergenerational travel trends among families. The business travelers segment, simultaneously, would portray the fastest CAGR of 28.1% by 2031, due to rapid increase in national and international traveling for businesses to purchase raw materials from suppliers.
https://www.alliedmarketresearch.com/purchase-enquiry/1610
By region, the market across Asia-Pacific contributed to the major share in 2021, accounting for nearly two-fifths of the global travel insurance market. The same region would also cite the fastest CAGR of 28.1% throughout the forecast period. Rise in awareness related to significant advantages of travel insurance among developing nations presents high opportunities for the market growth across the region.
The report analyzes these key players in the global travel insurance market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
– https://bit.ly/3Aw1omb
:
Commercial Insurance Market By Type (Commercial Motor Insurance, Commercial, Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Insurance Aggregators Market by Enterprise Size (Large Enterprise, SMEs), by Insurance Type (Life Insurance, Automotive Insurance, Health Insurance, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031
Health Insurance Market by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021-2028
Europe Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Regional Opportunity Analysis and Industry Forecast, 2020-2027
Critical Illness Insurance Market by Application (Cancer, Heart Attack, Stroke, Others), by Premium Mode (Monthly, Quarterly, Half Yearly, Yearly), by End User (Individual, Businesses): Global Opportunity Analysis and Industry Forecast, 2021-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of " " and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
+1-800-792-5285, +1-503-894-6022
+44-845-528-1300
+852-301-84916
+91-20-66346060
+1(855)550-5975
help@alliedmarketresearch.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/travel-insurance-market-to-reach-124-8-bn-globally-by-2031-at-24-7-cagr-allied-market-research-301685098.html