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Global Travel Insurance Market 2016-2020

Global Travel Insurance Market 2016-2020

About the Travel Insurance Market

Travel insurance covers the expense, such as trip cancellation, cancellation due to the medical emergency, resulting from unexpected events during domestic and international travel. Some of these policies also pay for damage to rented equipment, such as car, or for ransom in case of kidnapping. Many online companies that sell flight tickets or tour packages offer travel insurance at an additional cost to its customers.

Travel insurance is a hard-selling product. Regulatory authorities and governments of several countries worldwide have made travel insurance mandatory, which will likely increase the uptake of these products during the forecast period and expand business and increase profitability of travel insurance providers. Growing market and evolving demand have pushed the insurance companies to develop and customize products to suit client needs, making the market highly competitive for the local and international private travel insurance companies that offer competitive pricing for their products.

Technavio’s analysts forecast the global travel insurance market to grow at a CAGR of 11.6% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global travel insurance market for 2016-2020. To calculate the market size, the report considers the total gross premium generated from EMEA, APAC, and the Americas.The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Travel Insurance Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • CSA Travel Protection
  • Seven Corners
  • TravelSafe Insurance
  • USI Affinity
Other prominent vendors
  • ACE Asia Pacific
  • Allianz Global Assistance
  • American International Group Inc.
  • AXA
Market driver
  • Growing tourism and business travels
  • For a full, detailed list, view our report
Market challenge
  • Different healthcare laws in different countries
  • For a full, detailed list, view our report
Market trend
  • Insurance for unconventional expenses
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Travel Insurance Market 2016-2020

Technavio recognizes the following companies as the key players in the global travel insurance market: CSA Travel Protection, Seven Corners, TravelSafe Insurance, and USI Affinity.

Other Prominent Vendors in the market are: ACE Asia Pacific, Allianz Global Assistance, American International Group Inc., and AXA.

Commenting on the report, an analyst from Technavio’s team said: “A trend which is helping to boost market growth is insurance for unconventional expenses. Vacation rentals are popular, especially in the US. Thus, when a tourist opts for vacation rentals, the person gets accommodation in furnished houses, apartments, or resort condominium complexes. Most vacation rentals have standardized cancellation policies (flexible, moderate, and strict), which protect both the guest and host alike and generate little or negligible reimbursements.”

According to the report, a key growth driver is the rise in tourism and business related travel. Globally, the travel and tourism industry contributed $7.8 trillion in revenue in 2015. The industry has outgrown other industries such as oil export, food products, or automobiles between 2012 and 2015, which may grow at an estimated 4% during the forecast period. It is predicted that the steady and gradual rise in tourism and business travels worldwide contributed 9.5% to the global GDP in 2015. We estimate that the tourism industry will generate an annual revenue of about $12 trillion in the next 10 years.

Further, the report states that one challenge that could hamper market growth is the variety in healthcare laws in different countries.

Companies Mentioned

CSA Travel Protection, Seven Corners, TravelSafe Insurance, USI Affinity, ACE Asia Pacific, Allianz Global Assistance, American International Group Inc., AXA.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
      • Table Key leading countries
    • Top-vendor offerings
      • Table Product and services offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Definition of travel insurance
      • Table Comparison of coverages of travel insurance plans
    • Insurance transaction
      • Table Lifecycle of insurance
  • Market landscape
    • Market overview
      • Table Categories of travel insurance
      • Table Annual revenue passenger kilometers (billions)
    • Market size and forecast
      • Table Global travel insurance market 2015-2020 ($ billions)
    • Five forces analysis
      • Table Five forces analysis
  • Geographical segmentation
    • Table Global travel insurance market 2015
    • Table Global travel insurance market 2020
    • Travel insurance market in EMEA
      • Table Travel insurance market in EMEA 2015-2020 ($ billions)
      • Table Travel insurance offerings to different customer segments
    • Travel insurance market in Americas
      • Table Travel insurance market in Americas 2015-2020 ($ billions)
    • Travel insurance market in APAC
      • Table Travel insurance market in APAC 2015-2020 ($ billions)
  • Market drivers
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Table Factors driving customer satisfaction
    • Table Customer satisfaction
    • Table Innovations in customer services
  • Vendor landscape
    • Competitive landscape
      • Table Buying behavior of customers in travel insurance products
      • Table Insurance segment with significant use of analytics (actuarial and underwriting)
      • Table Insurance segment with significant use of analytics (claims processing)
      • Table Insurance segment with significant use of analytics (fraud)
      • Table Social media benefits for insurance firms
    • Major company overview
    • Other prominent vendors
      • Table Other prominent vendors
    • Key takeaways
  • Appendix
    • List of abbreviations
  • Explore Technavio

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