The global single trip travel insurance market is anticipated to grow at a CAGR of 10.4% between 2021 and 2027, with a projected increase of 21.5 billion USD in 2020.
Travel insurance is a type of insurance designed to cover unanticipated losses that may arise during domestic or international travel. It includes coverage for things like lost luggage while in transit, trip cancellations due to medical emergencies, flight delays, accidents while travelling, lost travel documents, etc. Travel insurance serves as a safety net in case of an emergency while travelling. In addition, it provides coverage for all travel days, from the first to the last one. In some cases, specific travel insurance companies offer services around-the-clock, such as replacing a lost passport, transferring money electronically, rebooking cancelled flights, etc. Additionally, the businesses are providing travellers with tailored offers based on their location.
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Factors Driving the Global Single-Trip Travel Insurance Market
Because travel entails insurance, the travel industry is booming and generating more revenue as a result of global technological advancement, economic expansion, and rising earnings. Additionally, many governments now require that travellers attach proof of travel insurance to their visas. There has been an increase in business travel as a result of the globalisation of the business sector and the accessibility of online travel booking. These specific elements are major forces behind the expansion of single-trip travel insurance globally. In addition to this, there are some other elements that have contributed to its development, such as the API (application programming interface), AI (artificial intelligence), data analytics, and GPS (global positioning system).
The Global Travel Insurance Market Is Segmented into 3 Types
· Long-Stay Travel Insurance: Insurance that gives holiday cover for more than 30 days and protects you up to 12 months.
· Annual Multi-Trip Insurance: This is an ideal insurance for regular travellers, as it covers travel, accommodation, medical charges for an individual as well as family.
· Single-Trip Travel Insurance: Provides cover for domestic as well as international travels. If an individual is on a single-trip, they can visit multiple destinations and countries and still be assured under single-trip cover.
Market segmentation: Analysis
The Global single trip travel insurance Market is segmented by genres, application, and region.
On The Basis by Genres– personal insurance, group insurance, and others.
On The Basis by Application– insurance intermediaries, insurance company, bank, insurance broker, and others.
On The Basis by Region – Latin America, North America, Europe, Middle east and Africa, and Asia- pacific.
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