Travel insurance market projected to reach $124.8 billion globally by 2031 at a CAGR of 24.7%: Allied Market Research – Insurance News Net | CarTailz

Increasing tourism due to factors such as rising disposable income, ease of online travel booking, vacation packages and robust vacation insurance is driving the growth of the global travel insurance market.

  • The travel and tourism industry has been hit hard due to the strict lockdown measures imposed by government agencies around the world. This in turn had a negative impact on the global travel insurance market, particularly in the early stages.
  • However, the market has now picked up again.

Single trip travel insurance segment set to dominate by 2031 –

After coverage, the single trip travel insurance segment held the largest share in 2021, accounting for around three-fifths of the global travel insurance market. This is due to the fact that if the traveler plans to participate in winter sports, rock climbing, bungee jumping and diving abroad, bespoke covers are offered with additional premium costs. These are the most appropriate guidelines for family travelers who prefer to go on vacation once or twice a year. At the same time, the long-term travel insurance segment would show the fastest CAGR of 28.7% throughout the forecast period. Long-stay travel insurance offers lucrative coverage compared to traditional travel insurance, covering things like medical expenses, missing luggage, and the need to postpone or cancel a trip.

The insurance intermediary segment to hold the lion’s share

By distribution channel, the insurance intermediary segment contributed the highest share in 2021, generating almost a third of the global travel insurance market. This is because insurance intermediaries are adding value to their business by integrating software such as GDS, a global distribution system that facilitates transactions between service providers in the travel industry such as airlines, hotels, car rental companies and travel agencies. However, the insurance aggregators segment would cite the fastest CAGR of 27.9% from 2022 to 2031. This is attributed to insurance aggregators collecting data on different policies from insurance companies and uploading it to a single online portal. People interested in insurance policy can visit this portal and compare products, prices and conditions of different insurance companies and make the best choice.

The family traveler segment retains its dominance –

By end-consumer, the family traveler segment generated the largest share in 2021, holding more than a quarter of the global travel insurance market, driven by increasing intergenerational family travel trends. At the same time, the business traveler segment would show the fastest CAGR of 28.1% by 2031 as domestic and international travel for companies to purchase raw materials from suppliers increases rapidly.

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Asia Pacific has the main share in 2021

By region, the market across Asia Pacific contributed the largest share in 2021, accounting for almost two-fifths of the global travel insurance market. The same region would also report the fastest CAGR of 28.1% throughout the forecast period. Rising awareness of the significant benefits of travel insurance in developing countries presents great opportunities for market growth across the region.

Key players in the industry –

  • Assicurazioni Generali SPA
  • Aviva
  • Zurich
  • Travel protection only
  • American International Group, Inc.
  • PassCard
  • Trailfinder Ltd.
  • stay safe
  • AXA

The report analyzes these major players in the global travel insurance market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance and product portfolio, etc.

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