Global Travel Insurance Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “Travel Insurance Market By Insurance Cover, Distribution Channel & Users: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Travel Insurance market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Consistent growth in tourism sector is a prime factor for travel insurance to drives this market across the globe. Further, increasing tourist traffic increased incidences of losing luggage, and important documents as well as medical emergencies and natural disasters are expected to drive the travel insurance market. Moreover, countries like U.S., France, Belgium, Norway, Finland, and Poland required mandatory travel insurance to obtain visa which anticipated to drive the travel insurance market. On the other hand, government adopting various programs to generate awareness about travel insurance into society creating better opportunity for this market in number of countries.
However, lack of awareness and low penetration of insurance policies might hamper the growth of travel insurance market.
This report presents a detailed evaluation of travel insurance, which incorporates current industry situations such as market size, growth and demands, market outlook, major players with their key strategies which include investment, mergers and acquisitions, value chain analysis and porter’s evaluation. It covers the marketplace canvas and the boom opportunities in the coming years. The report has been made with an in-depth analysis along with vital inputs from the various industry professionals. The research is accomplished with both extensive primary and secondary data resources supported with either bottom up or top down approach.
The major growth factors for travel insurance market in Asia-Pacific region are increasing various types of travellers and backpackers from Western countries especially in Southeast Asia. However, compulsion for travel insurance to obtaining visas in North American and European countries is a key factor for this market in these regions. Moreover, Middle East and African government and travel agencies creating awareness about travel insurance benefit to grow this market in LAMEA.
Key Question Answered: • What will be the market size in 2025 and at what rate it will grow? • What trends, barriers, challenges are influencing its growth? • Who are the major key players in global travel insurance market and what are their strategies? • Which vertical industry is expected to show major growth? • What segment and region will lead the market and why?
The major companies profiled in the report include: CSA Travel Protection, USI Affinity, Seven Corners Inc., TravelSafe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, and InsureandGo.
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