Global Travel Insurance Market is projected to grow at a substantial CAGR
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Travel Insurance Market – Forecasts from 2020 to 2025” to their offering.
The reinforcement of the travel industry due to globalization, availability of convenient options of travel insurance, increasing dissemination of customer-friendly information, better cancellation policies, and industry collaborations, among others that result in healthy market growth.
As per the report, the value of the global market pertaining to the Global Travel Insurance Market in 2019 was estimated at US$30.904 billion.
The global travel insurance market just like every other market is affected by the ebbs and flows of a variety of factors that have the potential to influence the trajectory of the market. For instance, for a good amount of time cover for pandemics was not typically provided by the consumer travel insurance market, and the players who provided such covers, primarily consisted of limited coverage for medical emergencies, leaving the customer under-insured pre-departure. However, since the first half of 2020, the travel insurance market has adapted to a variety of policies on COVID 19 cover is being offered. But with many national governments apprehensive about implanting any long-standing rules or regulations related to traveling to a certain destination, the global travel insurance market is facing a substantial amount of challenge to design and provide an appropriate cover to the travelers. Nevertheless, just like every cloud has a silver lining, partnering with suitable tourism boards and brands and reworking their business models has facilitated players in the adaptation of travel insurance products to enhance their product offering. For instance, in January 2021 Chubb (NYSE: CB), which is the world’s largest publicly traded property and casualty insurer has reportedly partnered with HK Express to provide complimentary Covid-19 travel insurance. This insurance reportedly protects travelers with a reprovision of a cover of up to US$100,000 in overseas medical hospitalization expenses and a daily Covid-19 Hospital Cash stipend of $100 for up to 14 days. This product applies to travelers who depart from Hong Kong for any destination that falls within the airline’s route network between the end of December 2020 and 30 June 2021. This also an effort to enhance customer confidence when booking travel in the future.
On the other hand, the companies which offer a better cancellation policy would be the most preferred by global consumers. To this end, it is important to note that a Spanish based company called Travelfine has made innovative solution available to the consumers which would empower companies to guarantee their clients a full refund of the contracted program cost in case the travel plans have to cancel due to the reasons which are delineated in the condition of the policy. This product is available as a group offering to academies, agencies, and schools that specialize in internships or work, language programs, studies abroad. The product covers a host of risks which are inclusive of but not limited to the ability to travel due to the closure of airspace or borders, as well as consulates or embassies and the suspension of visas, cancellation of employment contracts resulted from the Covid-19 pandemic by the company at the destination, cancellation of the trip in case Covid-19 diagnosis has been confirmed as well as the inability to travel due to the change in the dates of the academic year, exams or curricular practices. Besides these benefits, the innovative solution also covers expenses Viz. visa processing costs, mandatory medical tests, and immigration fees.
This new COVID 19 group cancellation cover-product was made available in the Spanish market in January 2021. Thus, it is can be stated with substantial certitude that COVID 19 has reinvigorated the global travel insurance business as exemplified by these two very recent market developments, partly contributing to the healthy growth of the global travel insurance market. Besides, Cover-More which offers travelers in the U.S, the U.K., New Zealand, Malaysia, India, and Australia, with high-quality travel insurance coverage, among others had announced in January 2021 the plans to release Covid-19-related global travel products new travel insurance products aimed at the period when travel restriction would be globally relaxed.
As a part of the report, the major players operating in the global travel insurance market, which have been covered are AGA Service Company, Aviva, AXA Assistance, Berkshire Hathaway Specialty Insurance Company, CSA Travel Protection DBA Generali Global Assistance & Insurance Services, Seven Corners Inc., Tata AIG General Insurance Company Limited, Travel Insured International, Travelex, Insurance Services Inc., and USI Affinity Travel Insurance Services.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-travel-insurance-market
This report segmented the global travel insurance market on the basis following terms
By Type of Insurance Plan
- Trip Cancellation Insurance
- Baggage or Personal Item Loss Insurance
- Medical Insurance
By Type of Travel
- United Kingdom
Middle East and Africa
- Saudi Arabia
- North America
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