Covering significant research data, the study aims to be a resource document for managers, analysts, industry experts and other key people to help understand market trends, growth drivers, opportunities and upcoming challenges, as well as competitors.
In terms of the global travel insurance market, the report noted that ‘the rise in tourism has led to various occurrences such as trip cancellations, loss of luggage and many others’. To mitigate these risks, consumers are more inclined to purchase travel insurance.
Climate change and an increase in natural hazard risks is also a significant factor. The effects of Hurricane Fiona on the popular holiday destination of Puerto Rico are a perfect example of how public perception may be changing, especially relating to those having to cancel their trip.
As the travel industry recovers from the Covid-19 impact, people are taking more vacations and are more aware of the benefits of travel insurance.
The report also highlights digital insurance developments, and the drive from insurers to meet customer needs more effectively through sales and claims channels.
Travel insurance sales in the US are clearly on the increase, as reported by ITIJ.
Key players identified in the report include:
- Allianz (Germany)
- AIG (US)
- Munich RE (Germany)
- Generali (Italy)
- Tokio Marine (Japan)
- Sompo (Japan)
- CSA Travel Protection
- AXA (France)
- VisitorsCoverage Inc. (US)
- Policybazaar (India)