The Global Travel Insurance Market: Information That May Be Left Unexploited In The Industry – SkyQuest Technology

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The global insurance market was valued at $13.61 billion in 2021, and is expected to reach a value of $71.33 billion by 2028, at a CAGR of 26.70% during the forecast period (2022-2028).

Westford, USA, July 27, 2022 (GLOBE NEWSWIRE) — There is no doubt that the travel world has seen an increase in luxury and accommodation in recent years. And with more people going on holiday, there has been an increase in the demand for travel insurance. According to the World Health Organization (WHO), about 1.5 billion people travel every year, and this number is expected to grow significantly in the coming years. As SkyQuest analysis on travel insurance market in 2020, 41% of travelers surveyed said they would take more risks if they knew their trip would be covered in an emergency.

The increase in the demand for travel insurance is due to several factors; namely, the rise of tourism and international travel, as well as personal factors such as the experiences that have occurred during the recent trips of travelers. According to CAA, the British travel insurance company, the average cost of annual travel insurance has increased by 20% since 2014.

Despite the high demand in the travel insurance market, not all travelers are buying travel insurance. And even so, many travelers don’t seem to be using it as much as they should. According to a survey by Insure My Trip, only 55% of Canadians have travel insurance for a European vacation and only 53% have coverage for travel to Australia or New Zealand.

The survey also found that only 27% of American adults purchase travel insurance, even though it can save money in the event of an accident or illness while abroad. This lack of interest in travel insurance may be due to a lack of knowledge about how to buy it or uncertainty about whether it is worth buying.

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At least 63% of People Travel Without Travel Insurance in Developed Countries

Demand for the travel market continues to grow worldwide, and the market is expected to reach an annual value of $71.33 billion by 2028. To help understand the importance of travel insurance, SkyQuest technology conducted a survey with a sample of 10,000 people in the US, Canada, India, China, UK , Germany, and the Netherlands. The results of the survey show that 63% of the respondents traveled without travel insurance or only purchased a limited amount.

When considering whether or not to purchase travel insurance, respondents in the travel insurance market were most concerned about the potential cost of travel (54%) and personal safety (50%). Only 15% of respondents felt they needed to take action if something went wrong during their trip.

Based on this research on the travel insurance market, it can be seen that there is a large segment of people who are not comfortable traveling without adequate protection against emergencies. In order to deal with this growing concern, it is likely that many insurers will start marketing their products mainly to those who will not buy them – those who will not need them.

Less than 10% of Asians and Latin Americans Buy Travel Insurance

Developing countries have very little access to travel insurance, which puts their citizens at risk when traveling. A World Bank study found that about 10 percent of people in developing countries have travel insurance compared to 36 percent in developed countries. In countries like Thailand, Cambodia, India, and China, Brazil, Colombia where people spend about $3 a day to survive, they get less insurance.

Things have taken a turn for the worse in the African travel insurance market. A recent survey by SkyQuest found that only 1.8% of travelers in Africa and 2.1% of travelers in South-East Asia had travel insurance.

There are many reasons why people do not buy travel insurance. Some people in the market for travel insurance may believe that it is not necessary for them, due to their lack of experience in traveling outside of their country. Some may think that any losses incurred while traveling will be covered by the government or their insurance.

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Booking Platforms Become Major Distributors of Travel Insurance

As the market for travel insurance increases, so do people’s protection against potential risks abroad. One of the most recent developments has seen booking platforms take a leading role in providing travel insurance, both as an additional service to their customers and as a way to differentiate themselves from the competition.

In particular, platform giants such as Airbnb and TripAdvisor now have their own dedicated insurance, which can be purchased directly through their websites or apps. This means that not only can customers purchase insurance at their location, but they also receive discounts and other benefits compared to purchasing independent policies elsewhere.

In a recent study by SkyQuest Technology on the travel insurance market, was found to be the most popular platform for purchasing travel insurance, with 59% of users reporting that they purchased insurance through the site. In second place was Expedia, where 54% of users reported doing the same.
In July 2022, BimaPlan partnered with Zingbus to provide travel insurance. This can help the company to find customers who travel on the road.

Booking platforms in the international travel insurance market have become useful for travelers due to their size and user-friendly interface. Not only is this site a great place to find accommodation and other rental items, it also offers a variety of travel options, such as airline tickets and vacation packages. In addition, many of these sites offer additional features such as travel insurance, which can be essential in ensuring a smooth and stress-free trip.

Although there are many other travel websites out there, booking platforms are the leaders when it comes to providing useful products and services to travelers. With this in mind, SkyQuest has published a travel insurance market report that focuses on consumer behavior, market analysis, travel insurance market penetration, prospective buyers, trends, market trends, potential risk opportunities and challenges in the travel insurance market. transportable. The report can help companies develop growth strategies by understanding demand and supply differentiation and identifying new pockets to increase reach.

Leading Players in the Global Travel Insurance Market

  • Allianz Partners (France)

  • American Express (US)

  • American International Group Inc. (US)

  • The opinion of the company Arch Capital Group Ltd. (Bermuda)

  • Aviva PLC (UK)

  • Berkshire Hathaway Specialty Insurance (US)

  • The opinion of the company China Pacific Insurance Co., Ltd.

  • Chubb Limited (Switzerland)

  • Assicurazioni Generali Group (Italy)

  • Groupama Sigorta AS (France)

  • HanseMerkur Insurance Group (Germany)

  • InsureandGo (UK)

  • Ping An Insurance Company of China, Ltd. (China)

  • Seven Corners Inc. (US)

  • SOMPO Holdings, Inc. (Japan)

  • Opinions of the company Travelex Insurance Services Inc.

  • Zurich Insurance Group Ltd (Switzerland)

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