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Travel Insurance Market By Insurance (Annual Multi-Trip Insurance Policies, Single Trip Insurance Policies, Long Stay Insurance Policies) By Users (Senior Citizens, Business Travelers, Education Travelers, Backpackers) By Distribution Channel (Insurance Intermediaries, Insurance Company, Bank) - Global Size Analysis and Industry Forecast, 2018-2023.

 Consumer Goods

Report Overview

GLOBAL TRAVEL INSURANCE MARKET was valued at USD 24.09 Billion in the year 2017. Global Travel Insurance Market is further estimated to grow at a CAGR of 5.64% from 2018 to reach USD 33.47 Billion by the year 2023.

AIG Travel Guard (U.S), AXA SA (France), Generali Global Assistance (U.S), USI Affinity (U.S), Travel Safe (U.S), Allianz Global Assistance (U.S) and Berkshire Hathaway (U.S.) are some of the key players in the Global Travel Insurance market. Better global reach at an operational level is the main reason the key players are holding substantial market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

North America region holds the highest market share in 2017 and Europe and Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing travel & tourism market. At a country level, U.S., U.K, Japan & Australia holds the notable market share and is projected to grow strongly in the coming.

Drivers:

            Growth in the tourism market

            Enhanced travel options and advance technological access

Restraints:

            Low penetration of insurance policies

Opportunities:

            Changing holiday purchasing patterns

            The rise of low-cost airlines

Challenges:

            The rise in travel to non-traditional destinations

            The popularity of the ‘staycation’ as a cheaper alternative

The segmentation is done on the basis of Type of insurance, by User, by Distribution Channel, and by Region. On the basis of types of insurance, the global Travel Insurance market is sub-segmented Annual multi-trip insurance policies, Single trip insurance policies and long stay insurance policies of which the Annual multi-trip insurance policies segment is expected to hold the highest market share during the forecast period due to rising popularity and high demand.

The segmentation done on the basis of users includes senior citizens, business travelers, education travelers, backpackers, family travelers, fully independent travelers of which the family travelers segment is expected to hold the highest market share during the forecast period. On the basis of a distribution channel, the market is segmented insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator and others of which insurance aggregator is expected to grow at the highest CAGR during the forecasted period due to increasing internet usage globally.

Key Benefits for Stakeholders

Travel Insurance service providers

Travel agents and holiday package providers

Research and Consulting organization

Insurance Underwriting Agencies

End-use industries

Regulatory bodies, policy actors, and consumers.

By Insurance

Annual multi-trip insurance policies

Single trip insurance policies

Long stay insurance policies

By Users

Senior citizens

Business Travelers

Education Travelers

Backpackers

Family travelers

Fully independent travelers

By Distribution Channel

Insurance Intermediaries

Insurance Company

Bank

Insurance Broker

Insurance Aggregator

Others

By Region

North America

Europe

Asia-Pacific

RoW

Key Market Players

AIG Travel

AXA SA

Allianz Global Assistance

Munich RE

Generali

CSA Travel Protection

USI Affinity

Seven Corners Inc.

American Express Company

Berkshire Hathaway Specialty Insurance

Travel safe

(A brief overview of 13 companies is also provided)

Research Methodology:

Genesis Market Insights follows in-depth Research Methodology focused on reducing deviation in the collected data. GMI offers the most precise evaluations and projection for the market numbers. GMI engages following Market Engineering techniques –

  1. Raw Market Data is collected and compared with the Existing in-house Data on a broad front.
  2. Both Bottom-Up and Top-Down approaches are analyzed for segmenting and estimating measurable aspects of the market.
  3. To avoid bias, we filter the collected data collected from authenticated sources.
  4. GMI has a well proven Statistical Modeling System for estimates and forecasts.
  5. Further, the report findings are validated with the Industry Expert Panel on face to face or telephonic interviews.
  6. Panelists are approached from Leading Enterprises across the value chain including manufacturers, suppliers, technology providers, domain experts and buyers so as to validate a thorough and balanced market overview.

Detailed customization is also available for you. Further, if the report listed above does not meet your key requirements. Our customized research report will analytically cover the required market information you need which will help you to plan your business decisions.

Table Of Content

1. Introduction

1.1 Market Vision

       1.1.1 Market Definition

       1.1.2 Market Scope

1.2 Limitations

1.3 Stakeholders

2. Research Methodology

2.1. Research Process

       2.1.1. Secondary Research

             2.1.1.1. Key Data from Secondary Research

       2.1.2. Primary Research

             2.1.2.1. Key Data from Primary Research

             2.1.2.2. Breakdowns of Primary Interviews

2.2. Market Size Estimation

       2.2.1. Bottoms-Up Approach

       2.2.2. Top-Down Approach

       2.2.3. Annual Revenue Process

2.3. Data Triangulation 

2.4. Research Assumptions 

       2.4.1. Assumption

3. Executive Summary

4. Market Overview

4.1. Introduction

4.2. Drivers

4.3. Restraints

4.4. Opportunities

4.5. Challenges

4.6. Regulations

4.7. Supply Chain/Value Chain Analysis

4.8. Patent & Standards

5. Industry Trends

5.1. Introduction

5.2. Porter’s Five Forces Analysis

       5.2.1. Threat of New Entrants

       5.2.2. Threat of Substitutes

       5.2.3. Bargaining Power of Buyers

       5.2.4. Bargaining Power of Suppliers

       5.2.5. Intensity of Competitive Rivalry

6. Travel Insurance Market, By Insurance

6.1 Annual multi-trip insurance policies

6.2 Single trip insurance policies

6.3 Long stay insurance policies

7. Travel Insurance Market, By Users

7.1 Senior citizens

7.2 Business travelers

7.3 Education travelers

7.4 Backpackers

7.5 Family travelers

7.6 Fully independent travelers

8. Travel Insurance Market, By Distribution Channel

8.1 Insurance Intermediaries

8.2 Insurance Company

8.3 Bank

8.4 Insurance Broker

8.5 Insurance Aggregator

8.6 Others

9. Geographical Analysis

9.1. Introduction

9.2. North America

       9.2.1. U.S.

       9.2.2. Canada

       9.2.3. Mexico

9.3. Europe

       9.3.1. U.K.

       9.3.2. Germany

       9.3.3. France

       9.3.4. RoE

9.4. Asia Pacific

       9.4.1. South Korea

       9.4.2. China

       9.4.3. Japan

       9.4.4. RoAPAC

9.5. RoW

       9.5.1. Latin America

       9.5.2. Middle East and Africa

10. Company Profiles

(Business Overview, Financial Overview, Product write Up, Recent Developments)

10.1 AIG Travel

10.2 AXA SA

10.3 Allianz Global Assistance

10.4 Munich RE

10.5 Generali

10.6 CSA Travel Protection

10.7 USI Affinity

10.8 Seven Corners Inc.

10.9 InsureandGo.

10.10 American Express Company

10.11 Berkshire Hathaway Specialty Insurance

10.12 Travel Safe

(A brief overview of 13 companies is also provided.)

11. Competitive Analysis

11.1. Introduction

11.2. Market Positioning of Key Players

11.3 Competitive Strategies Adopted by Leading Players

        11.3.1. Investments & Expansions

        11.3.2. New Product Launches

        11.3.3. Mergers & Acquisitions

        11.3.4. Agreements, Joint Ventures, and Partnerships

12. Appendix

12.1. Questionnaire

12.2. Available Customizations 

12.3. Upcoming Events (Trade Fair, Exhibitions, Conferences)

Summary

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