Travel Insurance Market Scope
Travel insurance refers to the risk associated while traveling such as injury or death, loss of luggage, delays, and others. It provides numerous benefits such as trip cancellation, loss of luggage & travel documents, and others. Growing tourism is the key factor driving the travel insurance market in addition to increasing government initiative, for instance, to visit some countries such as Luxembourg, the United States, Belgium, France, and others it is mandatory to have travel insurance to obtain VISA.
According to AMA, the Global Travel Insurance market is expected to see growth rate of 8.26%
The travel insurance market is fragmented owing to the number of players present in the market. Market leaders are focusing on providing better customer service and technological development for a better user interface. Increasing government initiatives towards improving regulation in tourism for the safety of travelers expected to increase the sale of travel insurance over the forecasted period. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Travel Insurance market throughout the predicted period.
CSA Travel Protection (United States), USI Affinity (United States), Tata AIG Insurance (India), Seven Corners Inc. (United States), Travel Safe (United States), MH Ross Travel Insurance Services Inc. (United States), Allianz Global Assistance (France), Bharti AXA General Insurance (India), AXA (France), Reliance General Insurance (India), InsureandGo (United Kingdom), Berkshire Hathaway Specialty Insurance (United States), Travelex Group (United Kingdom), ICICI Lombard General Insurance (India) and Tokio Marine HCC (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are PT Astra Aviva Life (United Kingdom), FWD Insurance (Hong Kong) and American Express Company (United Kingdom).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Travel Insurance market , by Application (Domestic Tourism and Oversea Tourism) and Region with country level break-up.
On the basis of geography, the market of 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).
5th February 2019, AXA French Insurance Company revealed a new program AXA Go in China to provide travel insurance via WeChat a Chinese messaging application. and 25th January 2019, FWD insurance launches a new 24/7 travel insurance chatbot for providing assistance for the entire process of calming travel insurance.
- Increasing Distribution Channels Such As Banks, Insurance Brokers, Aggregator and Others
- Emphasizing on Online Platform to Sale Travel Insurance
- Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks
- Rising Awareness among Millennials to Secure Their Travel
- Technological Developments in the Travel Insurance Industry
- Government Initiatives to Improve Travel Rule and Regulation
- Lack of Transparency Associated With Insurance Policies
- Issues Related To Claim Travel Insurance
- Lack of Awareness in Middle Income Group People
Key Target AudienceTravel Insurance Provider, Travel Insurance Agencies, Business Entities, Government Regulatory and Research Organizations, Investment Research Firms / Associations, Government Organizations and Others