Leading market research store ResearchAndMarkets.com has expanded its offering to include the Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027. The report gives both a comprehensive analysis of the industry’s market performance so far and a projection of its performance in the coming years. It also identifies key regional markets and market break-up based on insurance type, coverage, distribution channel, and the end user, among other factors.
In 2021, the global travel insurance market reached a value of US$13.9 billion, a number the publisher expects to increase more than twofold (US$31.3 billion) by 2027, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2021 to 2027. The report integrates COVID-19 as a major market contributor and analyses its impact on travel insurance.
While travel insurance generally covers accidental death, emergency medical care, the costs of lost or stolen belongings, and trip cancellation and interruption from the day of travel until the insured reaches back home, several companies now offer bespoke options depending on geographical location and requirements. Some also provide travel insurance with 24/7 emergency services such as replacing lost passports, rebooking a cancelled flight, or providing cash-wire assistance.
The report marks a substantial growth in the travel and tourism industry in recent years, attributable to inflating disposable incomes, the ready availability of online travel booking, and the prevalence of business travel and discounted package holidays. Many governments have made travel insurance documents mandatory while applying for a visa, further contributing to the market growth. The incorporation of digital tools such as application program interface (API), artificial intelligence, data analytics, and global position system (GPS) also improve distribution systems, provide better customer experience, and speed growth along.
The report also identifies key players in the competitive landscape of the market. Among them are Allianz SE, American Express, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance, Generali Group, Insure & Go (Mapfre SA), Seven Corners, Travel Insured International (Crum & Forster), USI Affinity (USI Insurance Services), and Zurich Insurance Group.