Pune, Maharashtra -- (SBWire) -- 08/23/2023 --The Travel Insurance Market study with 65+ market data Tables, Pie charts & Figures is now released by HTF MI. The research assessment of the Market is designed to analyze futuristic trends, growth factors, industry opinions, and industry-validated market facts to forecast till 2029. The market Study is segmented by key a region that is accelerating the marketization. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. Some of the players studied are Berkshire Hathaway Specialty Insurance, Travelex Group, Travel Insured International, Seven Corners, American Express Company, TravelSafe Insurance, InsureandGo, AXA SA, Tokio Marine HCC Medical Insurance Services Group, Allianz Global Assistance, CSA Travel Protection, Aviva PLC, AIG Travel, Travel Insured International, MH Ross Travel Insurance Services, USI Affinity.
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According to HTF Market Intelligence, the Global Travel Insurance market is to witness a CAGR of 5.51% during the forecast period of 2023-2029. The market is segmented by Application (Education Travelers, Business Travelers, Family Travelers) by Type (Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Long-Stay Travel Insurance) by Coverage (Medical Cover (Repatriation & Evacuation), Compensation for Baggage loss cover, Delay of baggage, Trip interruption and cancellation, Cashless services for medical expenses abroad, Compensation for Personal Accident, Accidental death and disability, Other) by Travel Type (International, Domestic) by Sales Channel (Digital and Direct, Banks, Insurance Brokers, Insurance Agents) and by Geography (LATAM, United States).
Definition:
Travel insurance is a product focused on protecting policyholders against specified losses, accidents, or other adverse events, which may occur before or during travel. Examples include trip cancellation/interruption, overseas medical expenses for injury or illness, theft of valuables, and baggage delay or damage. Many travel insurance policies also include the provision of emergency medical assistance services, such as a call center operating 24 hours, seven days a week, and an international network of specialist health care providers.
Market Trends:
- Increasing Distribution Channels Such As Banks, Insurance Brokers, Aggregator, and Others
- Emphasizing Online Platforms to Sale Travel Insurance
Market Drivers:
- Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks
- Rising Awareness among Millennials to Secure Their Travel
Market Opportunities:
- Technological Developments in the Travel Insurance Industry
- Government Initiatives to Improve Travel Rule and Regulation
Travel Insurance Market Competitive Analysis:
Know your current market situation! Not just new products but ongoing products are also essential to analyze due to ever-changing market dynamics. The study allows marketers to understand consumer trends and segment analysis where they can face a rapid market share drop. Figure out who really the competition is in the marketplace, get to know market share analysis, market position, % Market Share, and segmented revenue.
Players Included in Research Coverage: Berkshire Hathaway Specialty Insurance, Travelex Group, Travel Insured International, Seven Corners, American Express Company, TravelSafe Insurance, InsureandGo, AXA SA, Tokio Marine HCC Medical Insurance Services Group, Allianz Global Assistance, CSA Travel Protection, Aviva PLC, AIG Travel, Travel Insured International, MH Ross Travel Insurance Services, USI Affinity
Segmentation and Targeting:
Essential demographic, geographic, psychographic, and behavioral information about business segments in the Travel Insurance market is targeted to aid in determining the features the company should encompass in order to fit into the business's requirements. For the Consumer-based market - the study is also classified with Market Maker information in order to understand better who the clients are, their buying behavior, and patterns.
Travel InsuranceProduct Types In-Depth: Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Long-Stay Travel Insurance
Travel Insurance Major Applications/End users: Education Travelers, Business Travelers, Family Travelers
Travel Insurance Major Geographical First Level Segmentation:
- APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)
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Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyze the with respect to individual future prospects, growth trends and their involvement in the total market.
- To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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