NEW YORK, July 27, 2023 /PRNewswire/ — The personal travel accident insurance market size is estimated to grow at a CAGR of 6.37% from 2022 and 2027. The market size is forecast to increase by USD 33.96 billion. The market is fragmented due to the presence of diversified international and regional vendors. The growing tourism industry is one of the key factors driving the growth of the travel accident insurance market. Factors such as rising disposable income, increased international travel, and ease of online travel booking are remarkably boosting the tourism industry in recent years, which has contributed to the growth of the personal travel accident insurance market. Moreover, countries that provide travel insurance documentation when applying for a visa include the US, UK, Australia, Germany, and Belgium. Thus, such factors are anticipated to fuel the growth of the personal travel accident insurance market during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Personal Travel Accident Insurance Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The personal travel accident insurance market report covers the following areas:
Personal Travel Accident Insurance Market 2023-2027 Size
Personal Travel Accident Insurance Market 2023-2027 Trends
Personal Travel Accident Insurance Market 2023-2027 Industry Analysis
Personal Travel Accident Insurance Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Allianz SE, American International Group Inc., Assicurazioni Generali S.p.A., Aviva Insurance Ltd., AXA Group, Berkshire Hathaway Inc., China Pacific Insurance Group Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Chubb Ltd., ICICI Bank Ltd., Liberty Mutual Insurance Co., Metlife Inc., Munich Reinsurance Co., Nationwide Mutual Insurance Co., Ping An Insurance Group Co. of China Ltd., Religare Enterprises Ltd., Sompo Holdings Inc., The Allstate Corp., The New India Assurance Co. Ltd., The Travelers Co. Inc., USAA, Zurich Insurance Co. Ltd., Aegon N.V., Dai ichi Life Holdings Inc., Nippon Life Insurance Co., Sumitomo Life Insurance Co., and Western and Southern Financial Group Inc. are among some of the major market participants.
American International Group Inc.: The company offers personal travel accident insurance, such as Bajaj Allianz individual travel insurance.
Assicurazioni Generali S.p.A.: The company offers personal travel accident insurance, such as AIG TravelGuard deluxe travel insurance plan.
Aviva Insurance Ltd.: The company offers personal travel accident insurance, such as Generali GGA300 premium travel insurance plan.
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Personal Travel Accident Insurance Market – Market Dynamics
Leading Trend –
The use of multiple distribution channels is the leading trend in the personal travel accident insurance market during the forecast period.
The use of multiple distribution channels has enabled vendors to reach a wider audience, especially in emerging markets. New Digital Enterprise Platforms create omnichannel sales, reduce costs, reduce risk, and contribute to better customer experiences.
Part of this digital transformation relies on big data analytics, which gathers large amounts of structured and unstructured data to make underwriting more profitable and deliver critical predictive and prescriptive insights.
Technological advances in the industry, such as digitization and analytics, are driving the use of online portals to improve customer experience.
Leading vendors such as AXA and Allianz Group are integrating digital tools such as application program interfaces (APIs), artificial intelligence (AI), data analytics, and global positioning system (GPS) to improve sales systems and provide personalized user experience.
Hence, these factors are anticipated to boost the growth of the market during the forecast period.
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Personal Travel Accident Insurance Market 2023-2027: Segmentation
Personal Travel Accident Insurance Market is segmented as below:
Type
Age Group
Geography
The general personal travel accident insurance segment is estimated to witness significant growth during the forecast period. One of the main factors contributing significantly to the growth of this sector is the increase in accidents in various types of travel. Moreover, according to the Indian Ministry of Roads, about 1.5 million people die in road accidents every year. Another important factor contributing significantly to the growth of this segment is train derailments and collisions. For example, on June 2, 2023, three trains collided in the Indian state of Bengal, killing more than 261 people and 1,000 injured. Thus, these factors are expected to boost the growth of this segment which will drive the personal travel accident insurance market growth during the forecast period.
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Personal Travel Accident Insurance Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist personal travel accident insurance market growth during the next five years
Estimation of the personal travel accident insurance market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the personal travel accident insurance market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of the personal travel accident insurance market, vendors
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Personal Travel Accident Insurance Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.37%
Market growth 2023-2027
USD 33.96 billion
Market structure
Fragmented
YoY growth 2022-2023(%)
5.29
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 36%
Key countries
US, Canada, China, Germany, and UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Allianz SE, American International Group Inc., Assicurazioni Generali S.p.A., Aviva insurance Ltd., AXA Group, Berkshire Hathaway Inc., China Pacific Insurance Group Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Chubb Ltd., ICICI Bank Ltd., Liberty Mutual Insurance Co., Metlife Inc., Munich Reinsurance Co., Nationwide Mutual Insurance Co., Ping An Insurance Group Co. of China Ltd., Religare Enterprises Ltd., Sompo Holdings Inc., The Allstate Corp., The New India Assurance Co. Ltd., The Travelers Co. Inc., USAA, Zurich Insurance Co. Ltd., Aegon N.V., Dai ichi Life Holdings Inc., Nippon Life Insurance Co., Sumitomo Life Insurance Co., and Western and Southern Financial Group Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table Of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global personal travel accident insurance market 2017 – 2021
4.2 Type Segment Analysis 2017 – 2021
4.3 Age Group Segment Analysis 2017 – 2021
4.4 Geography Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Type
6.1 Market segments
6.2 Comparison by Type
6.3 General personal travel accident insurance – Market size and forecast 2022-2027
6.4 Premium personal travel accident insurance – Market size and forecast 2022-2027
6.5 Market opportunity by Type
7 Market Segmentation by Age Group
7.1 Market segments
7.2 Comparison by Age Group
7.3 Adults – Market size and forecast 2022-2027
7.4 Senior citizens – Market size and forecast 2022-2027
7.5 Children – Market size and forecast 2022-2027
7.6 Market opportunity by Age Group
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 APAC – Market size and forecast 2022-2027
9.6 Middle East and Africa – Market size and forecast 2022-2027
9.7 South America – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 China – Market size and forecast 2022-2027
9.10 Germany – Market size and forecast 2022-2027
9.11 UK – Market size and forecast 2022-2027
9.12 Canada – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Allianz SE
12.4 American International Group Inc.
12.5 Assicurazioni Generali S.p.A.
12.6 Aviva insurance Ltd.
12.7 AXA Group
12.8 China Pacific Insurance Group Co. Ltd.
12.9 Chubb Ltd.
12.10 Liberty Mutual Insurance Co.
12.11 Metlife Inc.
12.12 Munich Reinsurance Co.
12.13 Nationwide Mutual Insurance Co.
12.14 Ping An Insurance Group Co. of China Ltd.
12.15 Sompo Holdings Inc.
12.16 The Allstate Corp.
12.17 The Travelers Co. Inc.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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