Booming Tourism Industry and Burgeoning Air Traffic Spurs Demand for Travel Insurance


Published Date : May 22, 2017

Albany, New York, May 22, 2017: MarketResearchReports.biz has announced the addition of a report, titled “Global Travel Insurance Market 2016-2020,” to its vast depository. The report provides a detailed reports of all the important aspects, including market dynamics, competitive scenario, and geographical segmentation and serves as a reliable source of information regarding global travel insurance market. The data has been provided for the period between 2016 and 2020, keeping 2015 as the base year.

The findings of the report indicate that the global market for travel insurance is expected to register a remarkable CAGR of 12% from 2016 to 2020. The tourism industry worldwide is witnessing tremendous growth, thanks to the rising disposable income of the people around the world. Besides this, with the increasing liberalization and trade relations, the frequency of business trips is also increasing. The rise in travel is, nowadays, being increasingly accompanied by travel insurance to address the risk of loss incurred during traveling. This trend is expected to have a high impact on the growth of the global travel insurance market in the coming years as well. Moreover, the increasing air traffic is also working in favor of the global market.

However, the increasing cases of fraudulence are limiting the market from realizing its utmost potential. In addition, insurance companies often fail to ship the policies on time, which in turn negatively impacts the growth of the market. The trend of unconventional expenses being insured is offering ample growth opportunities to the market. Market players are adding different features to their policies. These features prevent customers from making additional expenses on health and incur inconvenience. The advantages offered by such features are luring in customers to opt for travel insurance.

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On the basis of geography, the market is fragmented into Europe, the Middle East, and Africa (EMEA), Asia Pacific (APAC), and Americas. EMEA accounted for the leading share of 36% of the market in 2015. The emergence of new channels and partnerships in the travel insurance industry in the region is fuelling the competitive and distribution dynamics of the market. The rising number of aged people with high spending power is driving the demand for travel insurance in the region.

The global travel insurance market holds immense potential, which is attracting new players to venture into the arena. The existing players in the market are forming collaborations or tie-ups with travel agents to boost their outreach and capture the addressable market. The leading players in the market are Travel Safe, Seven Corners, CSA Travel Protection, and USI Affinity. Some other prominent participants in the global travel insurance market are InsureandGo, MH Ross, Allianz Global Assistance, and Travel Insured International.

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