NEW YORK, Sept. 8, 2023 /PRNewswire/ — The travel insurance market is estimated to grow by USD 10.39 billion from 2022 to 2027, growing at a CAGR of 9.69%. The travel insurance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer travel insurance market are Allianz SE, American Express Co., American International Group Inc., Arch Capital Group Ltd., Assicurazioni Generali S.p.A., Aviva Insurance Ltd., AXA Group, Berkshire Hathaway Inc., British United Provident Association Ltd., Chester Perfetto Agency Inc., Chubb Ltd., Fairfax Financial Holdings Ltd., HanseMerkur Reiseversicherung AG, HDFC Ltd., MAPFRE S.A., Seven Corners Inc., SiriusPoint Ltd., Sun Life Financial Inc., The Goldman Sachs Group Inc., and Zurich Insurance Co. Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

Company Offering:

• Allianz SE – The company offers travel insurance through its subsidiary Allianz Travel.

• Aviva Insurance Ltd – The company offers travel insurance such as single-trip travel insurance, and annual multi-trip travel insurance.

• For details on companies and their offerings – Buy the report!

By Geography, the market is classified as North America, Europe, APAC, Middle East and Africa, and South America.

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. Every year, there are many people who go on holiday abroad in the region. The practice of extreme sports is a normal part of the population and dangerous at the same time. Therefore, to solve this problem, companies put in place specialized policies to reduce travel-related risks, such as weather delays, mechanical delays, and medical emergencies. In addition, the marketing and sale of these policies are mainly carried out by travel agents that sell more attractive and tailored design insurance products. In addition, companies are also using online platforms and channels that enhance visibility and drive sales for the region’s fast-growing tourism industry. Hence, these factors are expected to drive market growth during the forecast period.

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• Impactful driver- Growing tourism and business travels

• Key Trend – Insurance for unconventional expenses

• Major Challenges – The lack of awareness and delayed services

Market Segmentation

• By End-user, the market is classified into senior citizens, business travel, family travel, and others. The senior citizens segment is estimated to witness significant growth during the forecast period. Elderly people are increasingly demanding travel insurance that goes beyond basic insurance benefits and covers many different aspects of the health and age of the elderly. Additionally, travel insurance policies can even cover pre-existing health conditions at a higher rate and can cover people up to age 100. In additi

• on, the elderly can tailor their travel insurance package to suit their needs. This can help elderly people stay safe in situations like medical expenses abroad, theft of personal belongings, and more. However, premiums for people over 65 are increasing as they get older due to their increased susceptibility to illness, poor health, and accidents. Despite this limitation, they receive more benefits, such as additional emergency and medical insurance. Hence, these factors are expected to drive market growth during the forecast period.

Technavio Research experts have provided more insights on the market share of segments – View Sample Report

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-User

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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