What is Personal Travel Insurance Market?
Personal effects and luggage cover in personal travel insurance is the most frequently claimed benefit, however it is also the one which causes the most confusion at claims time. Personal travel insurance is designed to protect a person from unexpected events during travelling. It is a cost-effective way of protection for domestic as well as international travel. Its coverages include medical expenses, flight accident coverage, accidental death, and baggage and personal effect coverage. In addition to this, it also provides emergency services such as lost passports, cash wire assistance, and rebooking of cancelled flights.
The market study is being classified and major geographies with country level break-up.
Allianz (Germany), Munich Re Group (Germany), AIG (United States), Assicurazioni Generali (Italy), Chubb (United States), Manulife (Canada), United Healthcare Global (United States), Mapfre (Spain), AXA (France) and Tokio Marine Holdings (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are China Pacific insurance (China), Hanse Merkur (Germany), Ping An Insurance (China) and People’s insurance company (China).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Personal Travel Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Personal Travel Insurance market by Type, Application and Region.
On the basis of geography, the market of Personal Travel Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Tourism is Fuelling the Market Growth
- Ease of Availability of Package Holidays, Online Bookings, and Extensive Coverage of Holydays
Market Trend
- Emphasis on Online Platform to Sale Personal Travel Insurance
- Adoption of Technology in Insurance Industry
Restraints
- Stringent Government Regulations
- Issues Related to The Claim of Travel Insurance
Opportunities
- Government Initiatives for Travel Insurance
- Increasing Unusual Events Such as Natural Disasters and Terrorist Attacks
Challenges
- Lack of Awareness Towards the Personal Travel Insurance
In June 2020, Berkshire Hathaway Travel Protection has launched Exact Care Lite which is a new travel insurance that is made for road trip travellers. It can protect non-refundable lodging reservations and attraction tickets, trip disruption which is caused by traffic accidents and can protect families with kids-included pricing.
Key Target Audience
Personal Travel insurance provider, Distributors, Government associations, Research organizations and Others