Pune, Maharashtra -- (SBWire) -- 11/06/2023 --According to HTF Market Intelligence, the Global Annual Travel Insurance market to witness a CAGR of 18.5% during the forecast period (2023-2029). The Latest Released Annual Travel Insurance Market Research assesses the future growth potential of the Annual Travel Insurance market and provides information and useful statistics on market structure and size.
This report aims to provide market intelligence and strategic insights to help decision-makers make sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report identifies and analyses the changing dynamics and emerging trends along with the key drivers, challenges, opportunities and constraints in the Annual Travel Insurance market. The Annual Travel Insurance market size is estimated to increase by USD 40.58 Billion at a CAGR of 18.5% by 2029. The report includes historic market data from 2023 to 2029. The Current market value is pegged at USD 22.44 Billion.
The Major Players Covered in this Report: Allianz Global Assistance (Germany), AIG Travel (United States), AXA Assistance (France), Travel Insured International (United States), CSA Travel Protection (United States), Generali Global Assistance (Italy), Zurich Insurance Group (Switzerland), Tokio Marine HCC - MIS Group (United States), Seven Corners (United States), American Express Travel Insurance (United States), World Nomads (Australia), InsureandGo (United Kingdom)
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Definition:
Annual travel insurance refers to an insurance policy that provides coverage for multiple trips within a specified period, typically one year. It is designed for individuals or families who travel frequently and offers protection against various risks and expenses associated with travel. With an annual travel insurance policy, the insured person is covered for a range of potential incidents, including medical emergencies, trip cancellations or interruptions, lost or delayed baggage, personal liability, and other unforeseen events that may occur during their travels. The coverage typically applies to both domestic and international trips, as long as they fall within the policy's designated duration and geographical limits.
Market Trends:
- The demand for annual travel insurance has been growing steadily as more people engage in frequent travel, both for business and leisure purposes.
- The convenience and cost-effectiveness of an annual policy attract travellers who take multiple trips in a year.
- Insurance providers are offering more customizable options within annual travel insurance policies.
- Travellers can tailor their coverage based on their specific needs, such as adding extra medical coverage, adventure sports coverage, or coverage for high-value items.
Market Drivers:
- The primary driver of annual travel insurance is the increasing number of individuals who travel frequently for business, work, or leisure.
- These travellers seek comprehensive coverage that extends throughout the year, providing peace of mind and financial protection.
- Compared to purchasing separate insurance policies for each trip, annual travel insurance offers cost savings for frequent travellers.
- The ability to cover multiple trips under a single policy reduces the overall premium expenditure.
Market Opportunities:
- The integration of technology in the travel insurance industry presents opportunities for streamlining processes and enhancing customer experience.
- This includes online policy purchase, digital claims processing, and real-time travel alerts and assistance.
- As people become more aware of the potential risks involved in traveling, there is an opportunity for insurance providers to educate and promote the benefits of annual travel insurance.
- Targeted marketing campaigns and educational content can help tap into this growing awareness.
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The titled segments and sub-sections of the market are illuminated below:
In-depth analysis of Marine Propulsion Engines market segments by Types: Trip Cancellation and Interruption, Travel Delay, Accidental Death and Dismemberment, Others
Detailed analysis of Marine Propulsion Engines market segments by Applications: Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others
Major Key Players of the Market: Allianz Global Assistance (Germany), AIG Travel (United States), AXA Assistance (France), Travel Insured International (United States), CSA Travel Protection (United States), Generali Global Assistance (Italy), Zurich Insurance Group (Switzerland), Tokio Marine HCC - MIS Group (United States), Seven Corners (United States), American Express Travel Insurance (United States), World Nomads (Australia), InsureandGo (United Kingdom)
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
- The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
- North America (United States, Mexico & Canada)
- South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
- Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
- Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report:
- -To carefully analyse and forecast the size of the Annual Travel Insurance market by value and volume.
- -To estimate the market shares of major segments of the Annual Travel Insurance market.
- -To showcase the development of the Annual Travel Insurance market in different parts of the world.
- -To analyse and study micro-markets in terms of their contributions to the Annual Travel Insurance market, their prospects, and individual growth trends.
- -To offer precise and useful details about factors affecting the growth of the Annual Travel Insurance market.
- -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Annual Travel Insurance market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Global Annual Travel Insurance Market Breakdown by Application (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others) by Type (Trip Cancellation and Interruption, Travel Delay, Accidental Death and Dismemberment, Others) by Distribution Channels (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators) by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, Above 50) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
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Key takeaways from the Annual Travel Insurance market report:
– Detailed consideration of Annual Travel Insurance market-particular drivers, Trends, constraints, Restraints, Opportunities, and major micro markets.
– Comprehensive valuation of all prospects and threats in the
– In-depth study of industry strategies for growth of the Annual Travel Insurance market-leading players.
– Annual Travel Insurance market latest innovations and major procedures.
– Favourable dip inside Vigorous high-tech and market latest trends remarkable the Market.
– Conclusive study about the growth conspiracy of Annual Travel Insurance market for forthcoming years.
Major questions answered:
- What are influencing factors driving the demand for Annual Travel Insurance near future?
- What is the impact analysis of various factors in the Global Annual Travel Insurance market growth?
- What are the recent trends in the regional market and how successful they are?
- How feasible is Annual Travel Insurance market for long-term investment?
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Major highlights from Table of Contents:
Annual Travel Insurance Market Study Coverage:
- It includes major manufacturers, emerging player's growth story, and major business segments of Annual Travel Insurance Market - Global Trend and Outlook to 2028 market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
- Annual Travel Insurance Market - Global Trend and Outlook to 2028 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
- Annual Travel Insurance Market Production by Region Annual Travel Insurance Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Annual Travel Insurance Market Report:
- Annual Travel Insurance Overview, Definition and Classification Market drivers and barriers
- Annual Travel Insurance Market Competition by Manufacturers
- Annual Travel Insurance Capacity, Production, Revenue (Value) by Region (2023-2029)
- Annual Travel Insurance Supply (Production), Consumption, Export, Import by Region (2023-2029)
- Annual Travel Insurance Production, Revenue (Value), Price Trend by Type {Trip Cancellation and Interruption, Travel Delay, Accidental Death and Dismemberment, Others}
- Annual Travel Insurance Market Analysis by Application {Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others}
- Annual Travel Insurance Manufacturers Profiles/Analysis Annual Travel Insurance Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
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