COVID-19 Impact on Global Travel Insurance market – 2020-2026
Summary:
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.
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 country level U.S., U.K, Japan & Australia holds the notable market share and is projected to grow strongly in the coming.
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 North America witnessing the highest inbound travel. With the growing tourist traffic, increased incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences, more number of travelers is opting for travel insurance.
In addition, there are several countries, where travel insurance is mandatory for obtaining VISA. For instance, to visit countries, such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland among others, travel health insurance is a must.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Travel Insurance 3900 market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
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Understanding the segments helps in identifying the importance of different factors that aid the
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 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.
Market growth
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Travel Insurance market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Travel Insurance market in terms of both revenue and volume.
Players, stakeholders, and other participants in the global Travel Insurance market will be able to gain the upper hand as they use the report as a powerful resource. For this version of the report, the segmental analysis focuses on sales (volume), revenue and forecast by each application segment in terms of sales and revenue and forecast by each type segment in terms of revenue for the period 2015-2026.
Sales and Pricing Analyses
Readers are provided with deeper sales analysis and pricing analysis for the global Travel Insurance market. As part of sales analysis, the report offers accurate statistics and figures for sales and revenue by region, by each type segment for the period 2015-2026.
In the pricing analysis section of the report, readers are provided with validated statistics and figures for the price by players and price by region for the period 2015-2020 and price by each type segment for the period 2015-2020.
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Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
The segmentation are 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 subs 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 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.
Regional and Country-level Analysis
The report offers an exhaustive geographical analysis of the global Travel Insurance market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India and Central & South America. It also covers key countries (regions), viz, U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, U.A.E, etc.
The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
Competition Analysis
In the competitive analysis section of the report, leading as well as prominent players of the global Travel Insurance market are broadly studied on the basis of key factors. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by player for the period 2015-2020.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Travel Insurance market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best The
Table of Content: COVID-19 Impact on Global Travel Insurance market 2026
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
…
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
16 Appendix
Continued …
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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