Global Group Travel Insurance Market Overview:
Group travel insurance is a type of travel insurance policy that will protect a large bunch of folks, for traversing overseas on a tour at the same time. The major trends in this industry are the rapid development in new distribution models and huge technological development. Along with this enhancement in the new skills and expertise are also becoming a strategic agenda for group travel insurance. Development in sales channels such as direct channels and ecosystems. Some of the players profiled in the study are Allianz (Germany), AIG (United States), Munich RE (Germany), Generali (Italy), Tokio Marine (Japan), Sompo (Japan), CSA Travel Protection, AXA (France), VisitorsCoverage Inc. (United States) and Policybazaar (India).
On the basis of geography, the market of Group Travel Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Traveller , the sub-segment i.e. Individual Travel Insurance will boost the Group Travel Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channels, the sub-segment i.e. Insurance Intermediaries will boost the Group Travel Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- The rise in tourism led to various occurrences including trip cancellations, loss of luggage or any documents, medical emergencies, and many others. To ease these risks, consumers are moving for travel insurance, this drives group travel insurance.
- Continuous Development in Technology
- Slowdown on Travelling Activities Because of Coronavirus Pandemics
- The Rise in Natural Hazard Risks
- High Growth in Travel Industry
- Development in Digital Insurance
- Less Awareness Towards Group Travel Insurance Policies, Lack of Consumer Experiences in Terms of Its Coverages, Premium Rates
The companies are operating in this market and exploring new geographic regions by adopting various market strategic initiatives such as mergers & acquisitions, expansions, investments, and others. There are various market players are entering this market with upgraded technologies.
Target Audience:Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Group Travel Insurance Providers, Government Regulatory and Research Organizations and End-Use Industries
Major Objectives Focused through this Study To define, describe, and forecast the Global Group Travel Insurance market on the basis of product [Single Trip Coverage, Multi-Trip Coverage and Others] , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Group Travel Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Group Travel Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are NRI Online Pvt. Ltd. (India), Generali Global Assistance & Insurance Services (United States) and ACS – Travel & Expatriate Insurance Solutions (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Group Travel Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.