Edison, NJ -- (SBWire) -- 11/10/2020 --AMA Research published a new research publication on "Travel Insurance Market Insights, to 2025" with 150+pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Travel Insurance market was mainly driven by the increasing R&D spending across the world, however latest COVID scenario and economic slowdown have changed complete market dynamics. Some of the key players profiled in the study are CSA Travel Protection (United States), USI Affinity (United States), Tata AIG Insurance (India), Seven Corners Inc. (United States), Travel Safe (United States), MH Ross Travel Insurance Services Inc. (United States), Allianz Global Assistance (France), Bharti AXA General Insurance (India), AXA (France), Reliance General Insurance (India), InsureandGo (United Kingdom), Berkshire Hathaway Specialty Insurance (United States), Travelex Group (United Kingdom), ICICI Lombard General Insurance (India) and Tokio Marine HCC (United States)
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Travel insurance refers to the risk associated while traveling such as injury or death, loss of luggage, delays, and others. It provides numerous benefits such as trip cancellation, loss of luggage & travel documents, and others. Growing tourism is the key factor driving the travel insurance market in addition to increasing government initiative, for instance, to visit some countries such as Luxembourg, the United States, Belgium, France, and others it is mandatory to have travel insurance to obtain VISA.According to AMA, the market for Travel Insurance is expected to register a CAGR of 8.26% during the forecast period to 2025. This growth is primarily driven by Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks and Rising Awareness among Millennials to Secure Their Travel.
Market Drivers
- Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks
- Rising Awareness among Millennials to Secure Their Travel
Market Trend
- Increasing Distribution Channels Such As Banks, Insurance Brokers, Aggregator and Others
- Emphasizing on Online Platform to Sale Travel Insurance
Restraints
- Lack of Transparency Associated With Insurance Policies
- Issues Related To Claim Travel Insurance
Opportunities
Technological Developments in the Travel Insurance Industry and Government Initiatives to Improve Travel Rule and Regulation
Challenges
Lack of Awareness in Middle Income Group People
Market Competition
This report covers the recent COVID-19 incidence and its impact on Travel Insurance Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market. Each company profiled in the research document is studied considering various factors such as product and its application portfolios, market share, growth potential, future plans, and development activity like merger & Acquisitions, JVs, Product launch etc. Readers will be able to gain complete understanding and knowledge of the competitive landscape. Most importantly, the report sheds light on important strategies that key and emerging players are taking to maintain their ranking in the Travel Insurance Market. The study highlights how competition will change dynamics in the coming years and why players are preparing themselves to stay ahead of the curve.
The key countries in each region are taken into consideration as well, such as United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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The titled segments and sub-section of the market are illuminated below:
Application (Domestic Tourism, Oversea Tourism), Distribution Channel (Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, Others), Insurance Cover (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance, Others), End User (Education Traveler, Business Traveler, Family Traveler, Fully Independent Traveler, Others)
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Strategic Points Covered in Table of Content of Travel Insurance Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Travel Insurance market
Chapter 2: Exclusive Summary – the basic information of the Travel Insurance Market.
Chapter 3: Displayingthe Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Travel Insurance
Chapter 4: Presenting the Travel Insurance Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2014-2019
Chapter 6: Evaluating the leading manufacturers of the Travel Insurance market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2020-2025)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
Finally,Travel Insurance Market is a valuable source of guidance for individuals and companies.
Research Methodology:
- The top-down and bottom-up approaches are used to estimate and validate the size of the global Travel Insurance market.
- In order to reach an exhaustive list of functional and relevant players who offer Travel Insurance various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies.
- Thereafter, a thorough validation test is conducted to reach most relevant players specifically having product line i.e. Travel Insurance.
- In order to make priority list sorting is done based on revenue generation as per latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
- Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment. This helps us to gather the data for the players' revenue, profit, products, growth etc.
- Almost 80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, Annual reports, press releases etc.
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Key questions answered
- Who are the Leading key players and what are their Key Business plans in the Travel Insurance market?
- What are the key concerns of the five forces analysis of the Travel Insurance market?
- What are different prospects and threats faced by the dealers in the Travel Insurance market?
- What are the strengths and weaknesses of the key vendors?
