Global Travel Insurance Market 2022 Featuring Seven Corners, USI Insurance Services, Assicurazioni Generali, American International Group, Allianz Group, AXA, & Zurich - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Travel Insurance Market Size, Share & Industry Trends Analysis Report By Coverage Type, By Distribution Channel, By End User, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Travel Insurance Market size is expected to reach $60.7 billion by 2027, rising at a market growth of 26.3% CAGR during the forecast period.

The COVID-19 pandemic brought the world to a halt, with unforeseeable and unexpected implications affecting global economies, people's lives, communities, and livelihoods too, and the risk of layoffs and global recession was at an all-time high.

Additionally, the travel and tourist industry has endured severe economic slowdowns as a result of harsh travel restrictions and quarantine regulations around the world. As per a report published by the World Tourism Organization (UNWTO) in January 2021, international visitors in 2020 fell dramatically from the previous year of 2019. The worldwide travel insurance market was affected by such causes.

The tourism and hotel industries, on the other hand, are expected to recoup clients quickly once travel restrictions are eased. More than half of Americans said they planned to travel soon, as per a study done by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) in February 2021.

Market driving Factors:

Expansion of the Tourism industry

In the last decade, the tourist industry across the world has seen consistent development. There are many countries in the world, which are becoming travel hub and gaining more popularity among millennials. Increased package holidays, disposable income, broad media coverage of various holiday types, and easy internet travel bookings have all contributed to the tourism industry's expansion.

In addition, there are many students who are shifting to other countries for further studies and programs, along with that, several universities and colleges are also offering scholarship programs, which are attracting students from the world. As the tourist industry expands, more cases of crucial documents, lost luggage, natural disasters, and medical issues are reported.

Travel Rule and Regulations

In terms of VISA policy, each country has its unique set of rules and regulations for tourists of different nationalities. But, governments are increasingly requiring travelers to purchase travel insurance to receive a VISA. Travel health insurance is required to visit nations such as France, the United States, Luxembourg, Belgium, Finland, Norway, and Poland, among others.

Because of the high medical expenditures and hospitalization fees in visiting countries, this provision exists to ensure that tourists are sufficiently covered in the event of medical crises. Travel health insurance makes sure that passengers are treated medically until they return home for additional treatment.

Marketing Restraining Factor:

It Can Be Expensive

The cost of purchasing travel insurance is one of the primary disadvantages. Because a travel insurance plan covers so many things, it can be quite costly. However, because people may never use it, many individuals consider it a waste of money and time. There are many people who find that the peace of mind outweighs the cost.

Furthermore, without insurance, people may be forced to pay a large sum of money for unforeseen expenses such as medical treatment for illnesses and injuries. Most travel insurance policies only cover unexpected medical expenditures incurred during the trip and do not cover the pre-existing medical conditions. Those that do usually come with a significant price rise.

Key Market Players

• Seven Corners, Inc.
• USI Insurance Services, LLC
• Assicurazioni Generali SpA
• American International Group, Inc.
• Allianz Group
• AXA SA
• Zurich Insurance Group Ltd.

Scope of the Study

By Coverage Type

• Annual Multi-Trip
• Single-Trip

By Distribution Channel

• Insurance Intermediaries
• Insurance Companies
• Banks
• Insurance Brokers
• Insurance Aggregators

By End User

• Family Travelers
• Business Travelers
• Senior Citizens
• Education Travelers
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

For more information about this report visit https://www.researchandmarkets.com/r/yc93dk