Global Tourism Insurance Market Overview:
Tourism Insurance aims to cover unforeseen events or losses while on the tour. It could be for domestic purposes or for international travels. Various types of insurances based on the destination, number of trips, or even type of trips are taken into account while designing insurance policies. Often different policies cover different things but generally, tourism policies include, medical expenses, curtailment, and trip cancellation expenses. In medical expenses, sudden health situations like accidents are covered. In curtailment, if a client needs to return immediately then those expenses and in trip cancellation covers for damages caused by the cancellation of the trip by an agent or by some event. Apart from this, personal luggage and money are also covered in some cases. With the increase in travel all over the globe; the demand for tourism insurance is also increasing. Some of the players profiled in the study are Generali S.p.A. (Italy), Travelex (United Kingdom), InsureMyTrip (United States), Allianz Partners (United States), HDFC (India), Aditya Birla (India), Bajaj Allianz (India), Bharti AXA (India), World Nomads (United States), HTH Travel Insurance (United States) and Nationwide Insurance (United States).
On the basis of geography, the market of Tourism 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 Tier, the sub-segment i.e. Bronze will boost the Tourism Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Direct will boost the Tourism Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Medical Expenses will boost the Tourism Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Age, the sub-segment i.e. Children Between Age of 6 Months to 18 Years will boost the Tourism Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Increasing Tourism Among Middle-Class All Over the Globe
- Growing Demand of Tourism Insurance for Tourism in Unstable Nation/Destination
Influencing Trend
- Rising Demand for Online Booking of Tourism Insurance
- Surging Demand of Tourism Insurance from Travelling Families
Restraints
- Lack of Awareness About Tourism Insurance
Opportunities
- Rising Spending on Tourism Infrastructure by Many Nations
- Increasing Tourism from Economies with Increasing Middle Class Like China, India
Challenges
- Changing Regulatory Norms of Nations Regarding Tourism
- Increasing Influence of Airborne Diseases on Travel
Key Market Developments:
In March 2021, Tesco Bank which also operates in the insurance sector added travel insurance back to its portfolio after quitting the market in 2018. Before this Tesco was offering pet, home, and motor insurances. According to Tesco’s insurance commercial director, the immediate outlook for travel remains uncertain however the need for travel is greater than ever whether in a domestic area or abroad. With this offering, Tesco aims to broaden its consumer base.
With the increase in travel; especially abroad and increasing disposable income in the hands of the middle class, the demand for tourism insurance is increasing. Here, niche offerings after taking into account the specific culture and needs of consumers are key things to offer. Targeting countries who travel the most is also could be part of a focused strategy. In this market, market leaders try to offer better consumer satisfaction and convenience. There are no major barriers to entry into this market.
Target Audience:
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Tourism Insurance Providers, Government Regulatory and Research Organizations, End-Use Industries and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Tourism Insurance market on the basis of product [
] , application [Domestic Tourism and Oversea Tourism], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Tourism Insurance market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Tourism Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Religare Enterprise (India), Digit Insurance (India), New India Assurance (India) and Tesco Bank (United Kingdom).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Tourism Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.