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Why the future of Travel Insurance Market is bright | Allianz Group, American International Group, Inc., Assicurazioni Generali S.P.A, AXA

The ‘ Travel Insurance market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview; Travel Insurance derived key statistics, based on the market status of the manufacturers and is a valuable source of guidance and direction for companies and individuals interested in Travel Insurance market size forecast, Get report to understand the structure of the complete fine points (Including Full TOC, List of Tables & Figures, Chart).

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A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx

 

Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance providers offer different plans by covering costs and losses associated with traveling.

Further, several intermediaries in distribution channel such as insurance aggregators, banks, insurance brokers providing consumers with various options to compare products and prices, suggest suitable policies, and others. Moreover, international travel insurance is mandatory for tourists who visit countries such as Thailand, Cuba, Antarctica, Schengen countries, the U.S., and UAE.

Increased usage of smartphones and internet for online travel insurance purchases via direct airline sites, online travel agencies (OTAs), and company websites & applications are gaining momentum space and are contributing to the growth of the online travel insurance market. In addition, rise in tourism due to an increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others also drive the market growth.

With an increase in tourism, several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and others take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. However, lack of awareness toward travel insurance policies, low consumer experiences in terms of coverages, premium rates, services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premium in the market.

On the contrary, technological developments such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS) among others are providing innovative opportunities for insurers in the market. The insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity and provide seamless user experiences with the help of digital technologies. Thus, these factors are expected to provide lucrative opportunities during the forecast period.

The global travel insurance market is segmented on the basis of insurance cover, distribution channel, end user, and region. In terms of insurance cover, it is segmented into single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Based on distribution channel, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. On the basis of end user, it is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the global travel insurance market analysis are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits for Stakeholders:

– The study provides an in-depth analysis of the global travel insurance market along with the current & future trends to elucidate the imminent investment pockets.

– Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.

– Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.

– The quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments:

By Insurance Cover

– Single-Trip Travel Insurance

– Annual Multi-Trip Travel Insurance

– Long-Stay Travel Insurance

By Distribution Channel

– Insurance Intermediaries

– Insurance Companies

– Banks

– Insurance Brokers

– Insurance Aggregators

By End User

– Senior Citizens

– Education Travelers

– Business Travelers

– Family Travelers

– Others

Key Market 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

A systematic step framework for How to Tackle The Situation… “MITIGATE” | “SUSTAIN” | “GROW”: Business Strategy Recovery, Scenario and Planning

Geographical Breakdown: Regional level analysis of the market, currently covering North America, Europe, China & Japan

In-Depth Qualitative Analyses Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.

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Changing Forecasts in a Time of Crisis: explores key issues, including:

  • The heavy economic impacts of social distancing measures
  • Future changes in consumer behavior
  • The urgent need for high-frequency economic data
  • Mapping Out a Potential Recovery
  • Business Strategies During COVID-19
  • Near & Long Term Risk Outlook, Risk Assessment and Opportunities

Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis

 

Q.1 What are some of the most promising potential, high growth opportunities for the global market by application, by product, by end user and by region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2 Which segments will grow at a faster speed and why?

Q.3 Which regions will grow at a faster speed and why?

Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?

Q.5 What are the business risks and threats of market?

Q.6 What are emerging trends in market and the reasons behind them?

Q.7 What are some changing demands of customers in the market?

Q.8 What are the new developments in the market? Which companies are leading these developments?

Q.9 Who are the leading players in market? What strategic initiatives are being implemented by key players for business growth?

Q.10 What are some of the competitive products and processes in this market?

Q.11 What M & A activities have taken place in the last five years in this market?

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Key Points Covered in Travel Insurance Market Report: COVID 19 Impact Analysis

Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of Travel Insurance market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with Travel Insurance  Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and view more in complete table of Contents

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