Consumers across the globe are adjusting to the new normal and there is a noteworthy discrepancy in consumer behavior. Consumer's purchasing habits, behavior, and attitudes have changed in light of COVID-19. People are shopping very consciously and are majorly centered on basic needs and are buying locally. Consumers are using digital commerce to play, learn, and connect to manage isolation and follow social distancing policy. The covid-19 has consistently impacted the shopping behavior of 9 in 10 consumers. Nearly 30-50 percent of the consumers have shifted towards online shopping from March 2020 to December 2020.
Travel Insurance Market Overview
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. Many prominent factors are positively affecting the growth of the global Travel Insurance market. The rising disposable income, extensive coverage for holidays, and easy online travel booking options are boosting the growth of the tourism industry. With an increase in tourism, many incidences such as canceled flights, accidents, health issues, theft or loss of baggage, natural calamities, and others have been happening during travel. To lessen these risks consumers are opting for travel insurance. Therefore, significant growth in the tourism industry is acting as the key factor for the expansion of the global Travel Insurance market.
Additionally, increasing technological developments such as geo-location, distribution channel program interface (API), artificial intelligence (AI), data analytics, and big data are providing innovative opportunities for insurers. With these technological developments, travel insurance distribution platforms are projected to improve productivity by providing coverages flawlessly at the point of purchase. This major fact is fruitful for the development of the market.
However, factors such as lack of awareness related to travel insurance policies, low consumer experiences about coverages, premium rates, and services by third-party providers of travel insurance are expected to hamper the growth of the Travel Insurance market in the forthcoming period.
Travel Insurance Market Segment Overview
Based on the distribution channel, the insurance intermediaries segment dominated the Travel Insurance market. Many intermediaries upgrading their offerings by incorporating software such as the global distribution system (GDS), which allows transactions between travel industry service providers such as airlines, hotels, car rental companies, and travel agencies.
Travel Insurance Regional Overview
Region-wise, Asia Pacific held the largest share in the global Travel Insurance market. This can be attributed to the high demand for corporate travel insurance from countries such as China, Japan, and Korea. As well, growth in travelers in countries such as India is providing huge opportunities to insurance companies and travel agencies. Likewise, travel insurance is gaining popularity in several developing countries of Europe. Additionally, Latin America is expected to emerge as a significant region in the overall travel insurance market in the coming years.
Travel Insurance Market, Key Players
· Allianz Group
· American International Group Inc.
· Assicurazioni Generali S.P.A
· AXA
· Insure & Go Insurance Services Limited
· Seven Corners Inc.
· Travel Insured International
· TravelSafe Insurance
· USI Insurance Services
· Zurich Insurance Co. Limited
Travel Insurance Market Segmentation
Travel Insurance Market, By Insurance Cover
· Single-Trip Travel Insurance
· Annual Multi-Trip Travel Insurance
· Long-Stay Travel Insurance
Travel Insurance Market, By Distribution Channel
· Insurance Intermediaries
· Insurance Companies
· Banks
· Insurance Brokers
· Insurance Aggregators
Travel Insurance Market, By End User
· Senior Citizens
· Education Travelers
· Business Travelers
· Family Travelers
· Others
Travel Insurance Market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 5.2.1. Single-Trip Travel Insurance
- 5.2.2. Annual Multi-Trip Travel Insurance
- 5.2.3. Long-Stay Travel Insurance
- 5.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 5.3.1. Insurance Intermediaries
- 5.3.2. Insurance Companies
- 5.3.3. Banks
- 5.3.4. Insurance Brokers
- 5.3.5. Insurance Aggregators
- 5.4. Market Analysis, Insights and Forecast – By End User
- 5.4.1. Senior Citizens
- 5.4.2. Education Travelers
- 5.4.3. Business Travelers
- 5.4.4. Family Travelers
- 5.4.5. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 6.2.1. Single-Trip Travel Insurance
- 6.2.2. Annual Multi-Trip Travel Insurance
- 6.2.3. Long-Stay Travel Insurance
- 6.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 6.3.1. Insurance Intermediaries
- 6.3.2. Insurance Companies
- 6.3.3. Banks
- 6.3.4. Insurance Brokers
- 6.3.5. Insurance Aggregators
- 6.4. Market Analysis, Insights and Forecast – By End User
- 6.4.1. Senior Citizens
- 6.4.2. Education Travelers
- 6.4.3. Business Travelers
- 6.4.4. Family Travelers
- 6.4.5. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 7.2.1. Single-Trip Travel Insurance
- 7.2.2. Annual Multi-Trip Travel Insurance
- 7.2.3. Long-Stay Travel Insurance
- 7.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 7.3.1. Insurance Intermediaries
- 7.3.2. Insurance Companies
- 7.3.3. Banks
- 7.3.4. Insurance Brokers
- 7.3.5. Insurance Aggregators
- 7.4. Market Analysis, Insights and Forecast – By End User
- 7.4.1. Senior Citizens
- 7.4.2. Education Travelers
- 7.4.3. Business Travelers
- 7.4.4. Family Travelers
- 7.4.5. Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 8.2.1. Single-Trip Travel Insurance
- 8.2.2. Annual Multi-Trip Travel Insurance
- 8.2.3. Long-Stay Travel Insurance
- 8.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 8.3.1. Insurance Intermediaries
- 8.3.2. Insurance Companies
- 8.3.3. Banks
- 8.3.4. Insurance Brokers
- 8.3.5. Insurance Aggregators
- 8.4. Market Analysis, Insights and Forecast – By End User
- 8.4.1. Senior Citizens
- 8.4.2. Education Travelers
- 8.4.3. Business Travelers
- 8.4.4. Family Travelers
- 8.4.5. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 9.2.1. Single-Trip Travel Insurance
- 9.2.2. Annual Multi-Trip Travel Insurance
- 9.2.3. Long-Stay Travel Insurance
- 9.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 9.3.1. Insurance Intermediaries
- 9.3.2. Insurance Companies
- 9.3.3. Banks
- 9.3.4. Insurance Brokers
- 9.3.5. Insurance Aggregators
- 9.4. Market Analysis, Insights and Forecast – By End User
- 9.4.1. Senior Citizens
- 9.4.2. Education Travelers
- 9.4.3. Business Travelers
- 9.4.4. Family Travelers
- 9.4.5. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Insurance Cover
- 10.2.1. Single-Trip Travel Insurance
- 10.2.2. Annual Multi-Trip Travel Insurance
- 10.2.3. Long-Stay Travel Insurance
- 10.3. Market Analysis, Insights and Forecast – By Distribution Channel
- 10.3.1. Insurance Intermediaries
- 10.3.2. Insurance Companies
- 10.3.3. Banks
- 10.3.4. Insurance Brokers
- 10.3.5. Insurance Aggregators
- 10.4. Market Analysis, Insights and Forecast – By End User
- 10.4.1. Senior Citizens
- 10.4.2. Education Travelers
- 10.4.3. Business Travelers
- 10.4.4. Family Travelers
- 10.4.5. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Allianz Group
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. American International Group Inc.
- 11.6. Assicurazioni Generali S.P.A
- 11.7. AXA
- 11.8. Insure & Go Insurance Services Limited
- 11.9. Seven Corners Inc.
- 11.10. Travel Insured International
- 11.11. TravelSafe Insurance
- 11.12. USI Insurance Services
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
