About Cruise Travel Insurance
Cruise travel insurance takes care of the financial coverage for any kind of accident, illness, or unfortunate event during the cruise traveling. It is also known as the trip cancellation insurance where the cruise trip insurance an also be reimbursed if it gets delayed or canceled in any case. It covers the expenditure for any injury or accident caused during the cruise raveling, it also covers the reimbursement for the lost or delayed baggage.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz SE (Germany), American International Group, Inc., (United States), Assicurazioni Generali S.p.A. (Italy), Customized Services Administrators, Incorporated (United States), Mapfre Asistencia (Spain), Seven Corners Inc (United States), USI Affinity Travel Insurance Services (United States), Starr International Company Inc. (United States), Royal Caribbean Group (Azamara) (United States) and Tokio Marine HCC Medical Insurance Services Group (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Cruise Travel Insurance market by Type (Single Trip, Annual Multi-Trip and Others) and Region.
On the basis of geography, the market of Cruise 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). If we see Market by Coverage, the sub-segment i.e. Lost/Delayed Baggage Coverage will boost the Cruise Travel Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Insurance Intermediaries will boost the Cruise Travel Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Consumption of Cruise Travel Insurance for the Medical Coverage and The Digitalization of Travel Insurance is Accelerating as Travelers Increasingly Prefer to Purchase and Manage their Policies Online or through Mobile Apps
Market Growth Drivers:
The Demand for Luxurious Cruise Traveling AMong the Privileged People, Increasing and Need for the reimbursement or Coverage for the Unfortunate Situation During the Cruise Travelling
Challenges:
Stringent Regulatory Guidelines with Cruise Travel Insurance
Restraints:
High Investment Cost Associated with the Cruise Travel Insurance
Opportunities:
Growing Disposable Income of People in the Developing Nations and Surging Demand for the Cruise Travel Insurance Package for the Hosted Event on the Cruise
Market Leaders and their expansionary development strategies
In March 2022, Virgin Money announced the launch of new digital travel insurance covering cruise, car hire, winter sports and covid-19. The new policies offer a number of benefits, like, 24/7 worldwide medical assistance, COVID-19 cover as standard, No maximum age for single-trip policies and other. and In October 2021, Travel Insured International announced the launch of a cruise travel protection plan. The plan provides trip cancellation and interruption, medical expense, medical evacuation and other.
On October 2023, Southern Cross Travel Insurance (SCTI) announced the launch of an optional cruise cover for domestic travelers to cater to rising demand. SCTI's cruise cover provides protection against a variety of potential risks, including, cancellation fees and lost deposits, lost or damaged baggage and other.
Key Target Audience
Cruise Travel Insurance Providers, Cruise Travel Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.