"The Report Global Travel
Insurance Market 2016-2020 provides information on pricing, market
analysis, shares, forecast, and company profiles for key industry
participants. - MarketResearchReports.biz"
MarketResearchReports.biz has
announced the addition of a report, titled “Global
Travel Insurance Market 2016-2020,”
to its vast depository. The report provides a detailed analysis of
all the important aspects, including market dynamics, competitive
scenario, and geographical segmentation and serves as a reliable
source of information regarding global travel insurance market. The
data has been provided for the period between 2016 and 2020, keeping
2015 as the base year.
The findings of the report
indicate that the global market for travel insurance is expected to
register a remarkable CAGR of 12% from 2016 to 2020. The tourism
industry worldwide is witnessing tremendous growth, thanks to the
rising disposable income of the people around the world. Besides
this, with the increasing liberalization and trade relations, the
frequency of business trips is also increasing. The rise in travel
is, nowadays, being increasingly accompanied by travel insurance to
address the risk of loss incurred during traveling. This trend is
expected to have a high impact on the growth of the global travel
insurance market in the coming years as well. Moreover, the
increasing air traffic is also working in favor of the global market.
However, the increasing cases of
fraudulence are limiting the market from realizing its utmost
potential. In addition, insurance companies often fail to ship the
policies on time, which in turn negatively impacts the growth of the
market. The trend of unconventional expenses being insured is
offering ample growth opportunities to the market. Market players are
adding different features to their policies. These features prevent
customers from making additional expenses on health and incur
inconvenience. The advantages offered by such features are luring in
customers to opt for travel insurance.
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On the basis of geography, the
market is fragmented into Europe, the Middle East, and Africa (EMEA),
Asia Pacific (APAC), and Americas. EMEA accounted for the leading
share of 36% of the market in 2015. The emergence of new channels and
partnerships in the travel insurance industry in the region is
fuelling the competitive and distribution dynamics of the market. The
rising number of aged people with high spending power is driving the
demand for travel insurance in the region.
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The global travel insurance market
holds immense potential, which is attracting new players to venture
into the arena. The existing players in the market are forming
collaborations or tie-ups with travel agents to boost their outreach
and capture the addressable market. The leading players in the market
are Travel Safe, Seven Corners, CSA Travel Protection, and USI
Affinity. Some other prominent participants in the global travel
insurance market are InsureandGo, MH Ross, Allianz Global Assistance,
and Travel Insured International.
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