What is Baggage-Insurance Market?
Baggage insurance is a type of insurance that protects a traveler's accompanied baggage from unforeseen damage or loss. The term 'baggage' refers to the personal items or goods carried by the insured traveler during their journey. It protects accompanied baggage from loss due to unforeseen events such as fire, theft, riots, strikes, accidents, and terrorist activity. A baggage insurance policy also protects the insured's checked-in baggage from damage or loss caused by the flight or airline personnel. It also covers any airline delay in delivering checked-in baggage in the form of reimbursement for any expenses incurred on essential items such as clothes, toiletries, medicines, and so on. In fact, some travel insurance policies cover extra baggage purchased during the trip. Baggage insurance is available as an add-on to a travel insurance policy or as a standalone policy. The traveler can make decisions based on their needs, ensuring a stress-free trip.
Highlights from Baggage-Insurance Market Study
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Travelex (United Kingdom), Allianz (Germany), InsureMyTrip (United States), World Nomads (Australia), HTH Travel Insurance (United States), Nationwide (United States), GeoBlue (United States), WorldTrips (United States), Trawick International (United States) and IMG Global (United States) |
To entice more end users, market players are focusing on providing Baggage insurance of higher coverage while adhering to all regulatory standards. In the global Baggage insurance market, there are numerous large-scale service providers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Baggage insurance market is currently expanding due to the rapid advancement of technology and increased international travel. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Baggage-Insurance market throughout the forecasted period.
Travelex (United Kingdom), Allianz (Germany), InsureMyTrip (United States), World Nomads (Australia), HTH Travel Insurance (United States), Nationwide (United States), GeoBlue (United States), WorldTrips (United States), Trawick International (United States) and IMG Global (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Seven Corners (United States), Global Underwriters (United States), AMEX (United States), TripTime (Netherlands) and Generali (Italy). Baggage-Insurance Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Individual and Commercial |
Type | Single trip baggage insurance and Multi-trip baggage insurance |
Distribution Channel | Insurance Companies,Insurance Brokers,Insurance Aggregators,Others |
Converge | Loss or Damage to Accompanied Luggage {Travel Bag, Carry On/Hand luggage},Loss or Damage to Contents of Travel Bag,Delays in Delivery of Check-in Baggage,Loss or Damage to Additional Baggage |
End User | Senior Citizens,Education Travelers,Business Travelers,Family Travelers,Others |
On the basis of geography, the market of Baggage-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
- The Travel Rules and Regulations of Different Governments Have Been Driving the Market Growth.
Market Trend
- Growing International Travel Post Pandemic and Wellness Tourism Has Been Contributing in Market Growth.
Restraints
- The Cost of Buying Being High has Been Restraining the Market Growth.
Opportunities
- Growing Demand for Education in Foreign Countries and Increasing Preference for Work in Different Countries Will Bring Growth in the Market.
Challenges
- The Saturation of Local Medical Networks Post Pandemic Has Been Challenging for Baggage Insurance Companies.
Market Leaders & Development Strategies
In April 2022, TravelX, the company building the travel industry's first blockchain-based distribution protocol, today announced that it has joined forces with Air Europa, the third-largest Spanish airline flying to over 60 destinations around the world, to release the world's first NFT (non-fungible token) flight ticket series, or "NFTickets."
In July 2021, Travelex Insurance Services, a leading provider of travel insurance, announced the addition of Cancel for Any Reason coverage as an upgrade to the Travel Select plan, giving travelers the assurance to book travel as they return to vacationing in 2021.
To enter Argentina, travelers are required to present evidence of medical travel insurance that includes hospitalization, quarantine, and transportation coverage for COVID-19. This applies to both vaccinated and non-vaccinated travelers.
Key Target Audience
Insurance companies, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others