The global tourist arrivals reached approximately 11.9 billion in 2017.Tourism has become the largest component of international trade in services, constituting 25% of total share. Thus, tourism growth has provided an impetus to travel insurance companies to capitalize on the rising demand for insurance among travellers. The rising awareness amongst young travellers regarding the need to secure their travel against medical and non-medical contingencies is a major factor driving the growth of global travel insurance industry.
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Insurance providers are increasing their value-added services to achieve product differentiation from their competitors and to maintain better customer relationships. Recent market trends include the usage of data analytics to predict risks and formulate precise contingency plans. For instance, insurers can monitor weather conditions and notify their customers in advance, so that they can plan their trips accordingly. Such travel insurance industry trends are majorly being adopted by travel insurance providers located in the U.S. The U.S. travel insurance market size is estimated to cross USD 8 bn mark by the end of 2025.
On the basis of type, the medical expense segment is anticipated to witness the highest growth during the forecast period. Medical expense coverage is crucial since it covers the cost of emergency treatment as well as any other overhead cost occurring at the time of travel. The uncertainty while travelling to foreign lands can pose health hazards and therefore, many countries have made travel insurance mandatory to issue VISA.
Geographically, Asia Pacific held the largest share in global travel insurance market. This has been attributed to the high demand for corporate travel insurance from countries such as China, Japan and Korea. The growing segment of travellers in countries such as India is providing tremendous opportunities to insurance companies and travel agencies to tap into. However, in terms of growth rate, Latin America is expected to exhibit the highest growth 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 witness a decrease due to decline in the number of travellers.
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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 amongst others have a broader presence within the global market.
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The travel insurance market has thrived effortlessly with the increase in middle class income and enhanced infrastructure shared with technological advancement. Other aspects which have given rise to the travel insurance industry is increased disposable income, lower dependency ratio and an upsurge in aspirations evolved Gen S travelers. The noteworthy growth in the count of elderly person travelers, especially vacation travelers will have major significance at travel insurance market size.
- White Paper on “Travel Insurance: Reshaping The Way We Travel”
Tourism has majorly contributed to international trade last year thus increasing the demand for travel insurance. Most of the millennial travelers aged 24 – 44 years now chose to buy travel insurance before or during their trips. They constitute to almost 60% of the population opting for travel insurance.
- Case Study on “Travel Insurance: Master Chiefing Your Travel Right”
Travelling or taking short trips religiously has become a necessity and so is insuring it. Travel insurances come handy, are useful and full proof. This study, highlights several cases describing the services and applications of travel insurance. It also focuses on policies of travel insurance. Travel insurance is mainly useful for people who are traveling overseas. Long distances and unknown destinations.
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