PORTLAND, Oregon., February 17, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Single trip travel insurance market by distribution channel (insurance intermediaries, insurance companies, banks, insurance brokers and insurance aggregators) and end user (seniors, school travelers, business travelers, family travelers and others): analysis Global Opportunities and Industry Forecast, 2021-2030”. According to the report, the global one-way travel insurance industry generated $8.8 billion in 2020, and should generate $45.8 billion by 2030, with a CAGR of 19.1% from 2021 to 2030.
Main determinants of growth
Rapid growth in tourism, increasing usage of digital distribution channel among insurers, and favorable government regulations regarding travel insurance are driving the growth of the global one-way travel insurance market. However, lack of awareness of single trip travel insurance policy is hampering the growth of the market. On the other hand, the introduction of new products and services and new technological developments in the travel insurance industry present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global one-way travel insurance market.
- The implementation of the global lockdown has led to travel restrictions, which in turn have reduced the demand for one-way travel insurance, especially during the initial phase.
Insurance intermediaries Segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the insurance intermediaries segment held the highest market share in 2020, accounting for more than half of the global one-way travel insurance market, and is expected to maintain its leading status throughout the forecast period. This is because they enable transactions between travel industry service providers such as airlines, hotels, car rental companies and travel agencies in the country. Additionally, the insurance aggregator segment is expected to show the highest CAGR of 23.2% from 2021 to 2030, due to the fact that aggregators provide consumers with adequate information and help them make informed decisions regarding insurance. purchase of insurance policies on the market.
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Family travelers Segment to maintain its leading position during the forecast period
On an end-user basis, the family traveler segment accounted for the largest share in 2020, contributing more than a quarter of the global one-way travel insurance market, and is expected to maintain its leading position over the course of the forecast period. This is due to the increasing trend of multi-generational travel among families. However, the business traveler segment is expected to show the highest CAGR of 22.3% from 2021 to 2030. This is attributed to the increase in demand for business travel experience including booking, expenses, personalized travel insurance policies, travel management and more.
Asia Pacificfollowed by Europe & North Americato maintain its dominance by 2030
Based on the region, Asia Pacificfollowed by Europe & North America, held the highest market share by 2020 revenue, accounting for more than two-fifths of the global one-way travel insurance market. Moreover, the same region is expected to witness the fastest CAGR of 22.2% during the forecast period, due to increased awareness related to the significant benefit of one-way travel insurance among the traveling population. unique.
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Main market players
- AGA Service Company
- Bajaj Allianz General Insurance Company
- Health Insurance
- HDFC ERGO General Insurance Company Limited
- ICICI Lombard General Insurance Company SA
- IFFCO-Tokio General Insurance Company Limited
- National mutual
- Reliance General Insurance
- World Nomad Travel Insurance
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