BANGALORE, India, Nov. 4, 2020 /PRNewswire/ — A New Travel Insurance Market Research Report published on Valuates Reports in Insurance category. The report contains segmentation 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). It also covers Global Opportunity Analysis and Industry Forecast to 2027.
The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.
The major factor driving the growth of the travel insurance market size is increased tourism due to the rise in disposable income, easy online travel bookings, package holidays, comprehensive holiday coverage, and others.
The report focuses on the growth prospects, restraints, and trends of the travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as suppliers’ bargaining power, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and buyers’ bargaining power on the travel insurance market.
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TRENDS INFLUENCING THE TRAVEL INSURANCE MARKET SIZE
Increased tourism has resulted in many incidents, such as cancellations of flights, loss of baggage & essential documents, and medical emergencies. To mitigate these risks, consumers are opting for travel insurance, which in turn is driving the travel insurance market size.
The growing globalization has reinforced the travel industry. This, in turn, is expected to be the key driver for the growth of the travel insurance market size. The aging population buys the most travel insurance, especially foreign vacations, which boosts the travel insurance industry’s revenue.
The growth of the travel insurance market size is driven by convenient options for travel insurance purchases through online comparison-shopping websites such as direct airline sites and online travel agencies (OTAs), and others.
With the support of technologies such as geo-location, application program interface (API), artificial intelligence ( AI), data analytics, and global positioning system ( GPS), among others, insurers are expected to improve existing travel insurance distribution networks. As a result, these trends are expected to generate prospects for the travel insurance industry in the coming years.
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TRAVEL INSURANCE MARKET SHARE ANALYSIS
Europe is expected to hold the largest travel insurance market share during the forecast period. In order to reduce the risk associated with the rise in tourist traffic, higher incidences of baggage loss, essential documents, medical emergencies and natural disasters, more travelers are purchasing travel insurance in the European region.
On the other hand, Asia Pacific is expected to grow rapidly during the forecast period. Due to the rise in the number of senior citizens traveling and an increase in business travel spending, As travel has become an accepted feature of academic, business