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세계의 여행 보험 시장 : 예측(2022-2027년)

Global Travel Insurance Market - Forecasts from 2022 to 2027

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발행일 2022년 06월 상품코드 1105148
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세계의 여행 보험 시장 : 예측(2022-2027년) Global Travel Insurance Market - Forecasts from 2022 to 2027
발행일 : 2022년 06월 페이지 정보 : 영문 145 Pages

본 상품은 영문 자료로 한글과 영문 목차에 불일치하는 내용이 있을 경우 영문을 우선합니다. 정확한 검토를 위해 영문목차를 참고해주시기 바랍니다.

세계의 여행 보험 시장 규모는 2020년 297억 3,000만 달러에서 2027년에는 516억 8,300만 달러에 달할 것으로 예측되며, 2020-2027년간 연평균 복합 성장률(CAGR)은 8.22%를 나타낼 전망입니다.

세계의 여행 보험(Travel Insurance) 시장에 대해 조사분석했으며, 시장 역학, 시장 분석, 경쟁 정보, 기업 프로파일 등의 정보를 제공합니다.

목차

제1장 서론

  • 시장 개요
  • COVID-19 시나리오
  • 시장의 정의
  • 시장 세분화

제2장 조사 방법

  • 조사 데이터
  • 전제조건

제3장 개요

  • 조사 하이라이트

제4장 시장 역학

  • 시장 성장 촉진요인
  • 시장 성장 억제요인
  • Porter의 산업 분석
    • 공급 기업의 교섭력
    • 바이어의 교섭력
    • 대체품의 위협
    • 신규 진출업체의 위협
    • 업계 경쟁 기업간 경쟁 관계
  • 업계 밸류체인 분석

제5장 여행 보험 시장 : 보험 플랜 유형별

  • 서론
  • 여행 취소 보험
  • 수하물 또는 개인 물품 분실 보험
  • 의료보험
  • 기타

제6장 여행 보험 시장 : 용도별

  • 서론
  • 국내
  • 해외

제7장 여행 보험 시장 : 여행 유형별

  • 서론
  • 비즈니스
  • 레저
  • 교육

제8장 여행 보험 시장 : 국가별

  • 서론
  • 북미
  • 남미
  • 유럽
  • 중동 및 아프리카
  • 아시아태평양

제9장 경쟁 환경과 분석

  • 주요 기업과 전략 분석
  • 신규 기업과 시장 유리성
  • 합병/인수/합의/제휴
  • 벤더의 경쟁력 매트릭스

제10장 기업 개요

  • Tata AIG General Insurance Company Limited
  • Berkshire Hathaway Specialty Insurance Company
  • AXA Assistance
  • Seven Corners Inc.
  • Allianz Assistance
  • Aviva
  • Travel Insured International
  • Generali Global Assistance & Insurance Services
  • Travelex Insurance Services Inc.
  • USI Affinity Travel Insurance Services
LSH 22.07.29

The travel insurance market is projected to grow at a CAGR of 8.22% during the forecast period to reach US$51.683 billion by 2027, from US$29.730 billion in 2020. Travel Insurance is a protection policy for tourists and travellers, which covers unforeseen losses and damages while travelling. Most travel insurance plans usually primarily cover emergency medical bills while travelling abroad, however comprehensive policies usually include trip cancellation, lost luggage, aircraft delays, public liability, as well as other costs. Travel insurance policies are usually available for both international tourists, as well as domestic travellers.

Market Trend:

The global travel insurance market is expected to rise substantially as countries have started to relax lockdowns and COVID-19 measures. The market has also seen an increase in revenge spending among people, where consumers spend more money on products and services than they normally would, due to the COVID-19 pandemic. Revenge spending has affected the overall economic growth of countries positively and is expected to drive the tourism sector and the travel insurance market. However, developing countries still lag behind in the travel insurance market, mostly due to the rising cost of travel insurance policies. Unless strict measures are implemented for the market prices, the developing countries will continue to lag behind.

Growth Factors

  • Increase in travel after the pandemic

Owing to the COVID-19 outbreak and the government-imposed lockdowns, the travel industry saw a massive decline in the market. However, the global tourism sector has been recovering past the pandemic and the tourism sector is expected to see a huge increase in revenue generation. The increase in revenge spending among people has been considered an important factor in this increase in tourism revenue. In January 2022, international tourism continued to improve, with a substantially higher performance than in the first half of 2021. Global foreign tourist visits more than doubled (+130 percent) in January 2022 compared to January 2021, according to the UNWTO; the 18 million additional visitors reported in the first month of this year match the overall rise for the entire year of 2021.

With the increasing higher education market, the travel insurance market demand is also expected to increase post the virus outbreak. Students and parents, mostly from developing countries, have realized the potential for students to receive proper education in countries with developed educational environments. While most countries do not require travel insurance, some countries, like Germany require mandatory travel insurance for students to acquire a Schengen visa. Travel agents also recommend getting travel insurance for countries that do not have public healthcare services, like the USA and China.

  • Advancements in the sector

With the growing adoption of smartphones and handheld devices, travel bookings and insurance policies have become more accessible for the common people. Travel agency websites and services have made it easier for consumers to book, transact and cancel tickets and bookings for the users. Travel websites also provide offers and rewards for both domestic and international travelers throughout the year.

The International Medical Group (IMG) has been honored with two Forbes Advisor Best of 2022 Awards categories: Best Travel Insurance Companies of 2022 and Best 'Cancel for Any Reason' Travel Insurance of 2022. IMG was recognized to be one of the best travel insurance companies among 45 other competitors.

Recently, AXA UK Plc, an AXA business entity that provides a wide range of travel services, specialized insurance, and credit protection products, has announced its plan to partner up with Trip.com to extend a travel insurance policy throughout Europe. The travel insurance plan, which has been offered in the UK in September 2021, offers a wide range of advantages, including medical, cancellation, and luggage coverage, and may be selected when booking a ticket on Trip.com, a worldwide travel agency and part of the Trip.com Group. Customers are also protected from cancellation and medical charges if they contract COVID-19 under the coverage. Europe still remains one of the biggest markets for the travel insurance industry, and joint efforts like these really help in uplifting the sector.

Restrain

  • Lack of focus on developing countries

Travel insurance has become an important asset for travelers around the world. Some countries have even made travel insurance mandatory for international tourists. However, despite the significant potential of travel insurance, it still happens to be a secondary choice for travellers from developing or small countries. Owing to its non-economical and expensive pricing, travel insurance is considered to be unnecessary by developing countries.

Moreover, the economic growth in these developing nations is usually slower than in other countries, owing to the COVID-19 pandemic and global market scenario. The United Nations Conference on Trade and Development (UNCTAD) has lowered its prediction for global economic growth in 2022 from 3.6 percent to 2.6 percent, warning that developing nations will be the most susceptible. This fall in the economic growth of developing nations would consequently decrease the scope for the travel industry, as well as the travel insurance market. According to data from the UNWTO, the number of foreign visitor arrivals decreased by 84% between March and December 2020 compared to the previous year. Europe, one of the biggest markets for the travel insurance market, also faced massive losses due to the pandemic. According to the data released by the TRAN Committee, the impact of travel and tourism on overall GDP in Europe fell from 9.5 percent in 2019 to 4.9 percent in 2020. In 2020, international tourism arrivals in Europe fell by 70% compared to 2019.

The COVID-19 pandemic left an everlasting effect on the travel insurance market. The government imposed lockdowns, and with the increasing number of people getting affected by the virus, people were forced to cancel travel plans and bookings, leading to the global travel industry facing a massive downfall.

Market Segmentation:

  • By Type of Insurance Plan

Trip Cancellation Insurance

Baggage or Personal Item Loss Insurance

Medical Insurance

Others

  • By Application

Domestic

International

  • By Type of Travel

Business

Leisure

Education

  • By Geography

North America

  • USA
  • Canada
  • Mexico

South America

  • Brazil
  • Argentina
  • Others

Europe

  • Germany
  • France
  • United Kingdom
  • Spain
  • Others

Middle East and Africa

  • Saudi Arabia
  • Israel
  • South Africa
  • Others

Asia Pacific

  • China
  • Japan
  • South Korea
  • India
  • Others

TABLE OF CONTENTS

1. INTRODUCTION

  • 1.1. Market Overview
  • 1.2. Covid-19 Scenario
  • 1.3. Market Definition
  • 1.4. Market Segmentation

2. RESEARCH METHODOLOGY

  • 2.1. Research Data
  • 2.2. Assumptions

3. EXECUTIVE SUMMARY

  • 3.1. Research Highlights

4. MARKET DYNAMICS

  • 4.1. Market Drivers
  • 4.2. Market Restraints
  • 4.3. Porters Five Forces Analysis
    • 4.3.1. Bargaining Power of Suppliers
    • 4.3.2. Bargaining Powers of Buyers
    • 4.3.3. Threat of Substitutes
    • 4.3.4. Threat of New Entrants
    • 4.3.5. Competitive Rivalry in the Industry
  • 4.4. Industry Value Chain Analysis

5. TRAVEL INSURANCE MARKET, BY TYPE OF INSURANCE PLAN

  • 5.1. Introduction
  • 5.2. Trip Cancellation Insurance
  • 5.3. Baggage or Personal Item Loss Insurance
  • 5.4. Medical Insurance
  • 5.5. Others

6. TRAVEL INSURANCE MARKET, BY APPLICATION

  • 6.1. Introduction
  • 6.2. Domestic
  • 6.3. International

7. TRAVEL INSURANCE MARKET, BY TYPE OF TRAVEL

  • 7.1. Introduction
  • 7.2. Business
  • 7.3. Leisure 
  • 7.4. Education

8. TRAVEL INSURANCE MARKET, BY COUNTRY

  • 8.1. Introduction
  • 8.2. North America
    • 8.2.1. North America Travel Insurance Market, By Type of Insurance Plan, 2020 to 2027
    • 8.2.2. North America Travel Insurance Market, By Application, 2020 to 2027
    • 8.2.3. North America Travel Insurance Market, By Type of Travel, 2020 to 2027
    • 8.2.4. North America Travel Insurance Market, By Country, 2020 to 2027
      • 8.2.4.1. USA
      • 8.2.4.2. Canada
      • 8.2.4.3. Mexico
  • 8.3. South America
    • 8.3.1. South America Travel Insurance Market, By Type of Insurance Plan, 2020 to 2027
    • 8.3.2. South America Travel Insurance Market, By Application, 2020 to 2027
    • 8.3.3. South America Travel Insurance Market, By Type of Travel, 2020 to 2027
    • 8.3.4. South America Travel Insurance Market, By Country, 2020 to 2027
      • 8.3.4.1. Brazil
      • 8.3.4.2. Argentina
      • 8.3.4.3. Others
  • 8.4. Europe
    • 8.4.1. Europe Travel Insurance Market, By Type of Insurance Plan, 2020 to 2027
    • 8.4.2. Europe Travel Insurance Market, By Application, 2020 to 2027
    • 8.4.3. Europe Travel Insurance Market, By Type of Travel, 2020 to 2027
    • 8.4.4. Europe Travel Insurance Market, By Country, 2020 to 2027
      • 8.4.4.1. Germany
      • 8.4.4.2. France
      • 8.4.4.3. United Kingdom
      • 8.4.4.4. Spain
      • 8.4.4.5. Others
  • 8.5. Middle East and Africa
    • 8.5.1. Middle East and Africa Travel Insurance Market, By Type of Insurance Plan, 2020 to 2027
    • 8.5.2. Middle East and Africa Travel Insurance Market, By Application, 2020 to 2027
    • 8.5.3. Middle East and Africa Travel Insurance Market, By Type of Travel, 2020 to 2027
    • 8.5.4. Middle East and Africa Travel Insurance Market, By Country, 2020 to 2027
      • 8.5.4.1. Saudi Arabia
      • 8.5.4.2. Israel
      • 8.5.4.3. South Africa
      • 8.5.4.4. Others
  • 8.6. Asia Pacific
    • 8.6.1. Asia Pacific Travel Insurance Market, By Type of Insurance Plan, 2020 to 2027
    • 8.6.2. Asia Pacific Travel Insurance Market, By Application, 2020 to 2027
    • 8.6.3. Asia Pacific Travel Insurance Market, By Type of Travel, 2020 to 2027
    • 8.6.4. Asia Pacific Travel Insurance Market, By Country, 2020 to 2027
      • 8.6.4.1. China
      • 8.6.4.2. Japan
      • 8.6.4.3. South Korea
      • 8.6.4.4. India
      • 8.6.4.5. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

  • 9.1. Major Players and Strategy Analysis
  • 9.2. Emerging Players and Market Lucrative
  • 9.3. Mergers, Acquisition, Agreements, and Collaborations
  • 9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

  • 10.1. Tata AIG General Insurance Company Limited
  • 10.2. Berkshire Hathaway Specialty Insurance Company
  • 10.3. AXA Assistance
  • 10.4. Seven Corners Inc.
  • 10.5. Allianz Assistance
  • 10.6. Aviva
  • 10.7. Travel Insured International
  • 10.8. Generali Global Assistance & Insurance Services
  • 10.9. Travelex Insurance Services Inc.
  • 10.10. USI Affinity Travel Insurance Services
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