Travel Insurance Market to Reach $28,264 Million, Globally, by 2022

Travel Insurance Market

Opportunities and Forecasts, 2014 – 2021

Travel Insurance Market: Future and Growth

Future and Growth of the Market • The global market is expected to garner $28,264 million by 2022 • Growing at a CAGR of 8.5% during the period 2016- 2022 • Single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue • Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.

• Business travelers segment is anticipated to grow at the fastest CAGR of 9.7% during the forecast period • Insurance aggregators is anticipated to be the fastest growing channel & is projected to register a CAGR of 11.5% during the forecast period

Travel Insurance Market: Factors Contributing to Market Growth

Factors Contributing to Market Growth • Increased incidences of loss of luggage

• Important documents • Medical emergencies • Natural calamities

Travel Insurance Market: Key Factors

Key Factors • In 2015, Europe was the highest revenue-generating region, followed by Asia-Pacific.

• Single trip travel insurance policies would continue to be the major revenue generating segment throughout the analysis period.

• Family travelers occupied prominent share of the overall market revenue in 2015 and would continue to lead the market over 2016-2022.

• Insurance intermediaries would be the highest- revenue generating market segment throughout 2014-2022

Travel Insurance Market: Segmentation of the Market

BY INSURANCE COVER

BY DISTRIBUTION CHANNEL

BY USERS

Insurance Intermediaries

Senior Citizens (Above age of 60 years)

Single Trip Travel Insurance Insurance Company

Education Traveler Backpackers

Annual Multi-trip Travel Insurance

Bank Business Traveler Insurance Broker

Family Traveler

Long-Stay Travel Insurance Insurance Aggregator

Fully independent Traveler

Travel Insurance Market: Segmentation of the Market

Geographically, the Market is Segmented into: • Europe leads the travel insurance market

• Travel insurance market in LAMEA is anticipated to witness the fastest CAGR of over 10% during the forecast period • Asia-Pacific countries also exhibit prominent growth for travel insurance market during the forecast period • U.S, rest of Europe, Travel Insurance Market is vastly spreading worldwide

Travel Insurance Market: Key Players • • • • • • • • • • • • • • • •

CSA Travel Protection USI Affinity Seven Corners Inc. Travel Safe MH Ross Allianz Global Assistance Travel Insured International AXA SA AIG Travel InsureandGo. Berkshire Hathaway Specialty Insurance Travelex Group Tokio Marine HCC Medical Insurance Services Group Aviva PLC American Express Company Travel Insured International

Summary: Travelling internationally is becoming easy with the increased aging population, growth in middle class, and improved infrastructure combined with technological advances and propelled demand for travel insurance. Low dependency ratio, rise in disposable income, more spare time, and rise in aspirations gave rise to Gen S travelers. A notable increase in the number of senior citizen travelers especially leisure travelers would have remarkable impact on travel insurance industry

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