Global Travel Insurance Market is segmented on the basis of insurance cover, distribution channel, users, type, application and geography. The rise of low-cost airlines is the main growth driver of the travel insurance market. With the emergence of low-cost airlines, there has been an upsurge in the number of airport passengers. This, in turn, has led to a rise in the overall travel insurance premium that has hiked profit margins of the top travel insurance vendors.
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The existing trend of non-conventional expenses being insured is expected to boost the market growth in the years to come. For example, when a tourist opts for vacation rentals, the person gets accommodation in furnished houses, apartments or resort condominium complex. The cost incurred is inclusive of the deposits, expenses, and cancellation fee. Therefore, if a tourist (including a family member) falls ill during vacation, he or she needs to show valid proof of the vacation rental and out-of-the-pocket expenses for getting claim reimbursements. Such expenses are expected to woo a large number of customers who would opt for diverse travel insurance coverage policies.Based on insurance cover, the travel insurance market is segmented into single trip travel insurance, annual multi-trip travel insurance, and long stay travel insurance and so on.
Based on distribution channel, the travel insurance market is segmented into insurance intermediaries, bank, insurance company, insurance broker, and insurance aggregator and so on. Based on users, the travel insurance market is segmented into senior citizens (above age of 60 years), education traveler, backpackers, business traveler, family traveler, fully independent traveler and so on.Based on type, the travel insurance market is segmented into medical expense, trip cancellation, trip delay, property damage and so on. Based on application, the travel insurance market is segmented into domestic travel, outbound travel and so on. Based on geography, the travel insurance market is segmented into Europe, Asia Pacific, Latin America, Middle East & Africa and North America.
Europe, Middle East & Africa accounted for more than 30% of the market share during 2015. The rise in the number of aged people who could afford to travelling in Europe, Middle East & Africa has been augmenting the potential for insurance coverage. As an outcome, top notch travel insurance vendors in this region are making ways for hassle-free insurance policy buying processes.The key players of travel insurance industry are USI Affinity, CSA Travel Protection, Seven Corners Inc., TravelSafe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel & Insurance, Berkshire Hathaway Specialty Insurance, Travelex Group, Tokio Marine HCC Medical Insurance Services Group, Aviva PLC, American Express Company and Travel Insured International.
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