According to a new report published by
Growth in tourism is the prime factor that drives the travel insurance market. According to UNWTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach a total of 1,184 million, with
Summary of the Travel Insurance Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/travel-insurance-market
In addition, there are several countries, where travel insurance is mandatory for obtaining
In order to analyze the world travel insurance market, it is segmented based on insurance cover, users, distribution channel, and geography. Travel insurance cover is available for single trip, annual multi-trip, and long stay trips. Among the mentioned policies, single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of year-round city breaks, increase in family travelers, shopping trips abroad, and winter sun holidays. Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.
User segment comprises senior citizens, education travelers, family travelers, business travelers, backpackers, and fully independent travelers. In 2015, family travelers occupied a prominent share of the overall market revenue, followed by senior citizens. In addition, business travelers segment is anticipated to grow at the fastest CAGR of 9.7% during the forecast period, owing to increased international trade, overseas business expansion, and increase in business travel expenditure.
Travel insurance policies are sold through insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. In 2015, across all regions, traditional channel encompassing insurance intermediaries consisting of tour operators and travel agents accounted for around half of the overall sale of travel insurance policies and is projected to lead the market during the forecast period. Insurance aggregators is anticipated to be the fastest growing channel owing to the widening usage of internet worldwide. The segment is projected to register a CAGR of 11.5% during the forecast period.
From a growth perspective, travel insurance market in LAMEA is anticipated to witness the fastest CAGR of over 10% during the forecast period, on account of increase in demand of travel insurance policies from Latin American and
Key Findings of Travel Insurance Market
- In 2015,
Europewas 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.
Key players profiled in this report are CSA Travel Protection,
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