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.
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| Travel Insurance Market By Million Insights |
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.
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