Dallas, Texas, May 13, 2021 (GLOBE NEWSWIRE) — According to the report published by Adroit Market Research, the global travel insurance market was pegged at $21 billion in 2019, and is expected to reach $40 billion by 2028 as a result of rising levels of tourism worldwide. Global tourist arrivals reached about 13 billion in 2018.
Tourism has become the largest part of the international trade in services, accounting for 25% of the total share. For example, the growth of tourism has given a boost to travel insurance companies to take advantage of the rising demand for insurance among travellers. The increasing awareness among young travelers about the need to secure their trip against medical and non-medical contingencies is a major factor driving the growth of the global travel insurance industry.
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Insurers are increasing their value-added services to achieve product differentiation from their competitors and maintain better customer relationships. Recent market trends include the use of data analytics to predict risk and formulate accurate contingency plans. For example, insurers can monitor weather conditions and inform their customers in advance, so that they can plan their trips accordingly. Such trends in the travel insurance industry are largely being adopted by travel insurance providers in the US. The size of the US travel insurance market is estimated to exceed $10 billion by the end of 2028.
Based on type, the medical expenses segment is expected to see the largest growth over the forecast period. Medical expense coverage is critical as it covers the cost of emergency treatment as well as any other overhead that arises at the time of travel. The uncertainty of traveling abroad can pose health risks, which is why many countries have made travel insurance mandatory to issue VISA.
Geographically, Asia-Pacific had the largest share of the global travel insurance market. This is attributed to the high demand for business travel insurance from countries such as China, Japan and Korea. The growing traveler segment in countries like India presents huge opportunities for insurance companies and travel agents to tap into. However, in terms of growth rate, Latin America is expected to show the highest growth rate of 8.8% over the forecast period. Travel insurance is gaining popularity in several developing countries of Europe. UK travel insurance market share is expected to decline as a result of a decline in passenger numbers.
For more information on the analysis of this report, please visit: https://www.adroitmarketresearch.com/industry-reports/travel-insurance-market
Companies including Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., MS&AD Insurance Group Holdings , Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd., China Life Insurance Company Limited., MAPFRE Insurance Company Inc., Prudential Financial Inc. and Chubb Limited, among others, have a broader presence in the global market.
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Summary
Chapter 4 Market Exploration
Chapter 5 Travel Insurance Market by Type:
Chapter 6 Travel insurance market by distribution channel
Chapter 7 Travel Insurance Market by Application:
Chapter 8 Travel insurance market by trip
Chapter 9 Travel Insurance Market by Region
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles
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