When planning for any trip, the million-dollar question always remains whether or not to take a travel insurance. Although, one may consider it a mere waste of money, however, opting for it is rather a smart option. As no matter how well-planned a trip is, unforeseen weather changes, ill health, or other catastrophes can sabotage it.

Travel insurance covers expenses incurred and minimizes the risks during travel. It acts a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents among others. In addition, travel insurance is mandatory for tourists, who visit countries such as the U.S., Denmark, France, Germany, Greece, Italy, Canada, and Australia for business, education, holidays, or visiting friends and relatives (VFR).

Growth in tourism, rise in globalization, and trade practices have made this industry more attractive. Moreover, increase in number of senior citizens going abroad has propelled the growth of the travel insurance industry as they have become more informed about the insurance plans and the related benefits.

The major challenge faced by the players, who operate in the market is shipping of policies on time owing to the rise in the number of insurees. To increase their outreach, the market players venture into tie-ups with travel agents to cut down time and cost incurred during distribution of travel insurance policies. The evolving trend of unconventional expenses being insured has resulted in a large number of consumers to opt for travel insurance, thereby offering business opportunities for insurance companies.

The report analyses the travel insurance market on the basis of insurance cover, distribution channels, users, and geography. Based on insurance cover, the market is classified into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance. Insurance policies are sold through different distribution channels such as insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator, and others. Users who opt for travel insurance policies are backpackers, senior citizens, education travelers, business traveler, fully independent travelers, and family travelers. The market has further been analyzed across geographical regions namely North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

POTENTIAL BENEFITS FOR STAKEHOLDERS

Comprehensive analysis of the current and future trends in the world travel insurance market are provided in this report.
The report offers a competitive scenario of the market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges.
The report includes a comprehensive analysis of the market segments to provide insights on the market dynamics.
Porters Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.

MARKET SEGMENTATION

The travel insurance market is segmented on the basis of insurance cover, distribution channels, users, and geography.

BY INSURANCE COVER

Single Trip Travel Insurance
Annual Multi-trip Travel Insurance
Long-Stay Travel Insurance

BY DISTRIBUTION CHANNEL

Insurance Intermediaries
Insurance Company
Bank
Insurance Broker
Insurance Aggregator
Others

BY USERS

Senior Citizens
Education Traveler
Backpackers
Business Traveler
Family Traveler
Fully independent Traveler

BY GEOGRAPHY

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle-East
Africa

KEY PLAYERS

CSA Travel Protection
USI Affinity
Seven Corners Inc.
Travel Safe
MH Ross
Allianz Global Assistance
Travel Insured International
AXA SA
AIG Travel
InsureandGo.

*Other players in the value chain include (profiles not included in the report)

Berkshire Hathaway Specialty Insurance
Travelex Group
Tokio Marine HCC Medical Insurance Services Group
Aviva PLC
American Express Company
Travel Insured International