Trip Cancellation Insurance Market Scope
Trip cancellation insurance is designed for travelers who are concerned about safeguarding the money spent on a trip based on unforeseen events such as natural disasters, an uncertain employment situation, or a health condition. This policy reimburses prepaid, forfeited, and non-refundable costs (airline, cruise, train, or hotel). Depending on the plan, the policy will help cover costs up to the time and date of scheduled departure. Trip cancellations are generally made for sickness, injury, or death in the family. Trip cancellation insurance protects both business and leisure trips, organized or independent.
The Trip Cancellation Insurance market study is segmented by Type (Standalone and Comprehensive) and major geographies with country level break-up.
Research Analyst at AMA estimates that Canada Players will contribute to the maximum growth of Global Trip Cancellation Insurance market throughout the predicted period.
Allianz SE (Germany), Manulife (Canada), The Canada Life Assurance Company (Canada), CIBC Insurance (Canada), CUMIS Services Incorporated (Canada), Desjardins Insurance (Canada), National Bank Insurance (Canada), RBC Insurance (Canada), ScotiaLife Financial (Canada) and Sun Life (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are IMT Services, LLC (United States), VisitorsCoverage Inc. (United States), Valeyo (Canada) and April Group (France).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Trip Cancellation Insurance market by Type, Application and Region.
On the basis of geography, the market of Trip Cancellation 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).
Market Leaders and their expansionary development strategies
In 2017, Zurich Insurance Group successfully acquired Cover-More Group Limited, leading travel insurance, and assistance solutions provider based in Sydney with a strong market position in Australia, India, and the United States.
On September 14, 2020, InsureMyTrip, the nation's first and largest unbiased travel insurance comparison site, has launched a major new feature to help travelers easily find travel insurance that offers coverage related to COVID-19. These plans may offer Trip Cancellation Coverage.
Individuals wishing to sell insurance of any type must follow the regulations set by federal and provincial guidelines. These regulations confine travel counselors to soliciting Travel Insurance only when incidental to the counselor's ordinary travel business.
Market Trend
- “Cancel for Any Reason” as Optional Coverage
Market Drivers
- Demand for Trip Cancellation Insurance Owing to Increased Global Tourism
- Travel Rules and Regulations by Governments
Opportunities
- Availability of Online Purchase with Price Comparison
- Growing International Tourism and Destination Weddings
Restraints
- Dependence of Cost on Age of Travellers, or Trip Expense
- Lack of Consumer Experiences in Terms of its Coverage
Challenges
- Lack of Awareness about Trip Cancellation Insurance Policy
Key Target Audience
Trip Cancellation Insurance Providers, Insurance Service Vendors, Travel Insurance Companies, End-Use Industry and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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