Global travel insurance market expected to grow
The global travel insurance market size is expected to reach US$60.7 billion by 2027, rising at a market growth of 26.3 per cent CAGR during the forecast period, according to a Research and Markets report
Based on regions, the market report is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe emerged as the leading region in the travel insurance market with the maximum revenue share in 2020.
It is due to expanding tourism trends in the European region, as well as the region’s health, safety and hygiene demands, which are boosting the industry’s expansion. Along with that, the prevalence of various heritage sites, big universities and companies are also contributing to the growth of the regional travel insurance market.
The major strategies followed by the market participants are partnerships. Based on the analysis presented in the Cardinal matrix; AIG, Allianz Group and Zurich Insurance Group are the forerunners in the travel insurance market. Companies such as AXA SA and Assicurazioni Generali SpA are some of the key innovators in the market, according to the report.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, USI Insurance Services, Assicurazioni Generali SpA, American International Group, Allianz Group, AXA SA, and Zurich Insurance Group.