Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Travel Insurance Market size is expected to reach $60.7 billion by 2027, rising at a market growth of 28.2% CAGR during the forecast period.
The Annual Multi-Trip segment acquired maximum revenue in the Global Travel Insurance Market by Coverage Type 2020 thereby, achieving a market value of $36.1 billion by 2027. Travel restrictions have been eased following the COVID-19 pandemic, and the travel industry has regained its traction, which has contributed to the segment's growth. Furthermore, the multi-trip travel insurance category is predicted to provide travelers with adequate insurance coverage to guarantee that their yearly holidays go off without a hitch, boosting the market's growth.
The Insurance Intermediaries segment is leading the Global Travel Insurance Market by Distribution Channel 2020, thereby, achieving a market value of $20.5 billion by 2027. If an Insurance Mediator wants to engage in insurance distribution, including the provision of advice on insurance products, they must first register. An insurance intermediary can also perform specific tasks, such as assessing losses and aiding customers with claims within insurance contracts.
The Business Travelers segment is showcasing a CAGR of 27.2% during (2021 - 2027). It is because business travelers commuting during the pandemic required insurance coverage to cover for delays and cancellations. Numerous businesses purchase travel insurance to provide coverage to their personnel who travel internationally for business. Nowadays people are getting vaccinated, and government travel restrictions are being removed, thus business travel recovery is happening in stages around the world. Corporate travelers are getting more at ease returning to their regular work routines, which is assisting industry growth.
The Europe market dominated the Global Travel Insurance Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $22.1 billion by 2027. The North America market is estimated to witness a CAGR of 27.6% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 28.8% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/travel-insurance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
By Coverage Type
By Distribution Channel
By End User
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