know about this Global travel insurance market will generate USD 58.93
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New York, August 26, 2022 (GLOBE NEWSWIRE) — According to the report published by Next Move Strategy Consulting, the global travel insurance market generated USD 17.58 billion in 2021 and is expected to reach USD 58.93 billion by 2030, with a CAGR of 14.6% between 2022 and 2030. The research provides a detailed analysis of the changing trends of the market based on the forces drivers and opportunities. In addition, the research analyzes the main segments and their sub-segments with the help of tabular and graphical representations.
Covering a comprehensive analysis in more than 300 pages, accompanied by 175 tables and 145 figures, the report aims to help major players, investors and startups map out the next steps to achieve sustainable growth and competitive advantage. The report also analyzes the Covid-19 pandemic and its impact on the size of the travel insurance market.
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|Market size in 2021||$17.58 billion|
|Market size in 2030||$58.93 billion|
|Number of pages||312|
|Covered segments||Insurance coverage, distribution channel, end user and geography.|
|drivers||Growth of the travel and tourism industry with wide coverage in various destinations around the world.|
|Ease of booking flights, accommodation and hotels|
|Opportunities||The introduction of blockchain technology in the insurance sector|
|Increase in the number of corporate travelers|
The research offers an extensive analysis of the driving forces, restraining factors, and opportunities of the global travel insurance market. The growth of the travel and tourism industry with extensive coverage regarding various destinations across the world and the ease in booking flights, accommodation and hotels drive the growth of the global travel insurance market. Also, the introduction of online platforms offering reasonable modern accommodation services like Airbnb and The Plum Guide around the world attracts tourists from all over the world. This, in turn, complements the growth of the market. However, strict government regulations regarding visa policies and the outbreak of highly infectious diseases like monkeypox around the world restrict the growth of the market.
Highlighting the opportunities that allow major players to increase their travel insurance market share in the coming years, Next Move Strategy Consulting’s Lead Consumer Goods Analyst said: “The introduction of blockchain technology in the insurance industry will bring about a transformation in the travel insurance sector”. industry. In addition, the increase in the number of corporate travelers creates new opportunities in the coming years”.
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The report offers detailed segmentation of the global travel insurance market based on insurance coverage, end user, distribution channel, and geography. Based on insurance coverage, the report classifies the market into single-trip travel insurance, multi-trip annual travel insurance, and long-term travel insurance. On the basis of distribution channel, the research further segments the market into insurance intermediaries, bank, insurance aggregator, insurance company, insurance broker, and others. By end user, the report further divides the market into seniors, education travelers, backpackers, business travelers, family travelers, and fully independent travelers.
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Based on geography, the report divides the global travel insurance market into North America, Europe, Asia-Pacific, and the rest of the world. Europe had the highest turnout in 2021 and will maintain its dominance throughout the forecast period. This is due to the large number of international travelers in countries such as Spain, France and Italy and the strict government regulations that make travel medical insurance mandatory for foreign travelers. On the other hand, North America is projected to grow steadily during the forecast period. This is due to the rapid increase in the adoption of corporate travel insurance and the ease of availability of domestic travel insurance plans in the region.
The report provides a detailed analysis of each region and their respective countries based on segments and sub-segments. Tables and figures are used to represent the analysis and enhance the overall understanding of the market.
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The report offers a detailed analysis of the major players in the global travel insurance market. These players include Allianz Group, American Express Company, Zurich Insurance Group, Axa SA, American International Group, Inc., Seven Corners, Inc., Berkshire Hathaway Specialty Insurance, Travel Insured International, Inc., USI Insurance Services, and Genarali Group. The report also offers a detailed analysis of each player to highlight the competitive landscape.
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