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Travel Insurance Market Growth Insights, Size, Share, Trends and Forecast by 2030 | Seven Corners Inc. Trip Mate Inc.

PORTLAND, OREGAON, UNITED SATES, October 2, 2022 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global travel insurance market garnered $19.24 billion in 2019, and is estimated to reach $37.0 billion by 2027, registering a CAGR of 8.6% from 2020 to 2027. The report offers a detailed analysis of value chain, market dynamics, top wining strategies, key segments, business performance, and competitive landscape.

Convenience in availing appropriate insurance with comparison given on online sites and increase in tourism activities drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policies hinders the market growth. On the other hand, expansion of new products and services along with technological advancements in the travel industry create new opportunities in coming years.

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Based on insurance cover, the single trip travel insurance segment accounted for more than two-thirds of the total share in 2019, and is estimated to maintain its dominant share in terms of revenue throughout the forecast period. However, the annual multi-trip travel insurance is estimated to portray the highest CAGR of 11.9% from 2020 to 2027.

Based on distribution channel, the insurance intermediaries segment held the largest market share with nearly half of the total market share in 2019, and is estimated to maintain its lead position throughout the forecast period. However, the insurance aggregators segment is expected to register the highest CAGR of 10.7% from 2020 to 2027.

Based on end user, the family travelers segment held the highest share with more than one-fourth of the global travel insurance market share in 2019, and would maintain its lead position by 2026. However, the business travelers segment is expected to portray the fastest CAGR of 10.7% from 2020 to 2027.

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Based on region, Asia-Pacific accounted for the highest share in terms of revenue, contributing to more than one-third of the global share in 2019, and is estimated to maintain its highest share during the forecast period. Moreover, this segment is estimated to register the largest CAGR of 11.1% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.

By Key Market Players

ALLIANZ
AMERICAN INTERNATIONAL GROUP INC.
Assicurazioni Generali S.P.A.
AXA
Insure and Go Insurance Services Limited
Seven Corners Inc.
Trip Mate Inc.
Travel Insured International
Travel Safe Insurance
USI INSURANCE SERVICES LLC
Travel Insurance Market Report Highlights

 By Coverage Type

Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
By Distribution Channel

Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators

By End User

Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Others

Related Studies:

North America Travel Insurance Market 2020 - Latest Coverage and Competitor and Regional Analysis

Global Health Insurance Market Expected to Reach $4,475 Billion by 2026

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
800-792-5285
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