The Travel Insurance Market size valued at $20.12 billion in 2020, and projected to reach $38 billion by 2027, growing at a CAGR of 8.9% from 2020 to 2027.
Travel insurance protects a traveler in case of any medical or financial emergency during an international trip. Travel insurance is widely offered online as a convenient alternative for buyers as no medical check-ups are required.
Key Players in the Travels Insurance Market contain Travelex Insurance Services, Atlas Travel Insurance, Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping an Insurance company Of China, Ltd. and MAPFRE Insurance Company Inc.
Latest News-12 Oct 2020 India’s nascent, yet growing; travel insurance market is set to get a major pandemic push. Thousands of Indian students, executives and tourists who have deferred their foreign trips due to Covid-19 will likely have to buy compulsory travel insurance policies when countries open their borders for unrestricted travel, said sector experts. Insurance companies are anticipating a massive surge in demand for such products. Now more and more countries are planning on making this move. This is good for the industry, good for travelers. The cost of accessing healthcare is expensive abroad.
Munich Reinsurance Company, Low interest rates are impacting the profitability of reinsurers. Recent experiences following the lockdown in many countries have been a wake-up call regarding systemic risks. The market for cyber risks remains one of the most important strategic growth areas. Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers. Insurance covers are therefore likely to become more expensive, particularly for long-term risks in third-party liability and other lines. Munich Re will consistently ensure that prices, terms, and conditions are commensurate with the risks in the next renewal round.
The insurance regulator IRDAI has, in COVID 19 related instructions issued to insurance companies said that they "may allow travel insurance policyholders to extend the start/end dates of policies valid between March 22, 2020, and April 30, 2020. This means that policyholders may soon get an option from insurers to extend their travel insurance policy dates without paying extra charges to ensure that the impact of the coronavirus pandemic on their travel plans and finances is cushioned.
According to a 2020 NerdWallet survey of 2,000 Americans, only one in five Americans bought travel insurance for leisure trips prior to COVID-19. But 45% say they're likely to purchase travel insurance for future leisure trips.
Ping an Insurance (Group) Company of China, Ltd. Oct 2020 announced that Ping An’s AskBob Doctor has demonstrated that its artificial intelligence (AI) capabilities in cardiovascular disease management is comparable to human doctors. AskBob Doctor scored 97.7 points, compared to 93.9 points for a team of doctors, at a competition organized by the Great Wall International Congress of Cardiology 2020 and the Asian Heart Society Congress 2020, the National Clinical Research Center of Cardiovascular Diseases, Ping An Smart City and Ping An Good Doctor, a leading one-stop healthcare ecosystem platform in China that includes online medical services. Further Ping An Insurance (Group) Company of China, Ltd. Oct 2020 has been voted Best Overall Outstanding Company in China and Most Outstanding Company in China – Insurance Sector in the Asia's Outstanding Companies Poll 2020 by financial publication Asiamoney. This is the third consecutive year Ping An has taken the insurance title.
The poll, covering 12 Asia Pacific capital markets, recognizes Asia’s most outstanding listed companies in each market and sector in areas such as financial performance, management team excellence, investor relations and corporate social responsibility. This year, more than 880 fund managers, buy-side analysts, bankers and research analysts voted.
Segmentation Of Travels Insurance Market is divided By Distribution Channel, By End User and Region. By distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators) By End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers and Others). By Region it has includes (North America, Europe, Asia-Pacific and Row). Among this the global travel insurance market was dominated by Asia-Pacific in 2020 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region include rise in number of senior citizens across countries such as Australia, Japan, China, and India. In addition, government of various countries such as Japan, Malaysia, Australia, and Thailand are focusing on formulating regulations that mandate the travel insurance for all international travelers; thereby, becoming major travel insurance market trend in the region.