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Travel Insurance Market: Global Industry Analysis and Forecast (2023-2029) Ge Info : https://shorturl.at/dlpNR Market Size and Growth: The travel insurance market was valued at USD 21.46 billion in 2022 and is expected to grow at a CAGR of 16% from 2022 to 2029, reaching nearly USD 21 billion by 2029. Market Drivers: Factors driving the growth of the travel insurance market include booming post-pandemic tourism demand, technological advancements, and increasing government regulations related to travel and insurance coverage. Segment Analysis: The market is segmented based on insurance coverage, distribution channels, and end-users. Single-trip travel insurance is the dominant segment, followed by annual multi-trip travel insurance. Insurance companies are the leading distribution channel, with banks expected to have the highest CAGR during the forecast period. #TravelInsurance #MarketTrends #InsuranceIndustry

Cover-More Group's Interim CEO, Justin Sebire, spoke with Insurance News about the increasing demand for travel insurance in Australia. “In Australia, travel insurance sales across all our channels are very strong, and we are continuing to see growth in demand for cover for adventure activities such as black water kayaking and ice climbing, which are among the add-on boosts to our international comprehensive policies in Australia.” Justin spoke of the shift in travel insurance requirements through generational changes, alongside noting the COVID slump may be well and truly behind the travel industry. "It’s a generational shift: we are seeing it in Australia as Gen Zs enter the workforce and Millennials are earning more. It’s a global phenomenon and 2024 should be another positive year for travel.” - Justin Sebire, Group Interim CEO #CoverMoreGroup #TravelInsurance #Travel

A first for US travelers 🇺🇸 🚀    Faye, the leading travel insurance platform, has launched a travel eSIM, powered by Gigs, becoming the first US fintech to combine roaming and travel insurance in one app 📱🛡️   Travelers can now connect to high-speed networks in 190 countries with a tap of the Faye app, avoiding hefty roaming fees, insecure WiFi connections, and the hassle of buying physical SIM cards abroad ✈️   “We’re seeing significant adoption from travelers already, who can now enjoy high-speed data from the moment they land, whether traveling across Europe, Latin America, or Asia,” says Doron Samish, VP of Product at Faye.

Great & Insightful Article! Speaking from experience, it's true most of the clients purchase travel insurance for them to obtain visa on a particular country as it is mandatory to some of countries to have travel insurance package, instead travel insurance has potential benefits to travelers includes covering emergency medical expenses he/she is in abroad countries and more mentioned benefits as per article. In light of the partnership between NMB Bank Plc and Reliance Insurance Company (T) LTD on local travel insurance. Such partnerships also help bridge the knowledge gap around insurance. Press the link below https://lnkd.in/e5GP75hG This initiative (introduction of local travel insurance package) will surely set the stage for other insurers to follow suit, paving the way for increased financial security for Tanzanian travelers. Kudos to CRDB Insurance Company 🥂 Here are some insightful questions focused on the local travel insurance; 👉🏽Will the local travel insurance policy offer coverage for different modes of transport like buses, ferries, train and air travel or will it be tailored for one form of transportation initially? 👉🏽In case of natural disasters, such as floods or road blockages during the rainy season, will local travel insurance cover extended delays, cancellations, or alternative travel arrangements? All in All, This efforts brings us one step closer to a more secure and insured future for domestic travel in the country. Omary Aziz Wilson Mnzava Clevance Mbilinyi Robin Rwegoshora,MSc IAS

A tech-first approach to travel insurance is paramount in 2024 and beyond, said battleface’s Sasha at #MarketHubEurope this week. Travel insurance had failed to keep pace with the changing demands of travelers and the innovations offered by technology, he explained during the HBX Group conference in Istanbul, Turkey. Chief among the solutions needed was truly customizable products that reflected the shifting ways customers wanted to see the world, whether flying to Turkey for a conference or Kenya for a safari. He said: "Many of us travel with insurance policies that have not been designed specifically for our trip. Which often is the reason why our policies are ineffective when it comes to our circumstances in the event of a claim.” Sasha, speaking to peers from across the travel and hospitality industry, also explained how a unified platform for travel services, assistance and claims was more effective than a “fragmented” system which often devalued the customer experience. “Services have been outsourced to three or more different companies. And none of them talk to each other," he added. MarketHub is #HBXGroup’s signature event, bringing together key decision-makers and influencers from across the travel industry. #MHub2024

𝐑𝐮𝐬𝐬𝐢𝐚 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟎𝟐𝟓-𝟐𝟎𝟑𝟑) The Russia travel insurance market size reached USD 350 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 924 Million by 2033, exhibiting a growth rate (CAGR) of 11.40% during 2025-2033. The report provides a detailed analysis of competitors and regions, offering insights into the industry's landscape. It breaks down various segments, giving a clear view of how each part contributes to the overall market. By examining these segments, the report helps identify trends and patterns that may affect future strategies and planning. 𝐆𝐫𝐚𝐛 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://lnkd.in/gNkn6WX8 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬: ● 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐓𝐫𝐚𝐯𝐞𝐥 𝐚𝐧𝐝 𝐓𝐨𝐮𝐫𝐢𝐬𝐦 𝐒𝐞𝐜𝐭𝐨𝐫: The expanding outbound tourism sector, driven by rising disposable incomes and changing lifestyles, is fueling the demand for travel insurance. Consumers are increasingly recognizing the importance of travel protection to safeguard their investments and well-being. ● 𝐃𝐢𝐠𝐢𝐭𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐄-𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞: The increasing adoption of digital platforms and mobile apps has made it easier for consumers to purchase travel insurance online. This trend, coupled with the preference for convenience and speed, is driving the growth of the online travel insurance market. ● 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐞𝐚𝐥𝐭𝐡 𝐂𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐚𝐧𝐝 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: The COVID-19 pandemic has highlighted the importance of travel insurance, particularly for health-related risks. As consumers become more aware of potential risks, they are more likely to invest in comprehensive travel insurance policies. 𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭: https://lnkd.in/g88buEqB #travelinsurance #ExamTips #StudySmart #AceYourExams #StudyMotivation #ExamSuccess #StudyTechniques #TestDayReady #StudyGoals #LearnAndGrow

As 2024 wraps up, I’m excited to share some key insights from our Niyo Rewind 2024 report, which highlights how Indian travellers are embracing the world in newer, exciting ways. While I invite you to dive deeper into our full report, some of the key pieces that stood out for me were: 1. Spontaneity is on the rise! Nearly 50% of our travellers booked flights within a week of travel. The introduction of new direct flight routes as well as the announcement of many visa-free countries in 2024 clearly means more Indians are ready to pack up and go! 2. Short trips trumped longer breaks - with over 60% of travellers taking a break for less than a week. 3. A hearty portion of wanderlust comes with a generous side of caution! More and more travellers are opting for travel insurance now, with nearly 43.2 crores worth of insurance plans being bought in 2024 alone. At Niyo, we’ve been dedicated to making international travel easier, whether it’s through zero-forex markup cards, visa services, flight bookings, or travel insurance. Our mission has always been to empower Indian travellers to explore the world with confidence, and seeing these trends only strengthens that belief. I’m excited to see what 2025 brings for us…let’s continue exploring the world together. 

“AXA Hong Kong and Macau, in partnership with HK Express and AXA Partners, have launched an innovative complimentary flight delay parametric protection. This exclusive offering, available to HK Express customers purchasing the U-First package, marks a significant milestone, making HK Express the first airline in Asia to provide such parametric delay benefits. The U-First service, which already offers priority check-in and express boarding, now includes automatic flight delay protection for travelers purchasing the package at least 48 hours before departure. In the event of a flight delay exceeding 90 minutes, eligible passengers will automatically receive either a worldwide Airport VIP Lounge Pass, valid for six months, or a cash compensation of HKD 80 for departures from Hong Kong. Importantly, this protection requires no additional registration, as flight details are monitored in real-time for seamless customer experience. AXA and HK Express are extending their innovative insurance solutions to travelers in Mainland China and South Korea, supported by AXA Partners. Passengers in these markets can purchase single-trip travel insurance via HK Express’s Weixin/WeChat mini-program or designated webpages. These initiatives underline AXA’s goal to provide accessible, flexible travel protection across Asia. Adelane Mecellem, Regional CEO at AXA Partners, highlighted the significance of this partnership. “This collaboration demonstrates AXA Partners’ expertise in travel insurance and showcases our ability to improve the travel experience at every stage of the journey.”

Travel Insurance and Assistance in Selected Global Markets 2024 International travel and tourism are key elements of the contemporary global economy, but the COVID-19 pandemic dramatically impacted both the travel sector and its associated insurance market, severely interrupting international and domestic travel and changing consumers’ perceptions of the need for travel cover. The pandemic also disrupted existing distribution relationships: travel trade organisations and airlines went out of business, new online-only competitors emerged, and many organisations reconsidered and revised their travel insurance offerings. Average policy prices have also risen, in response to increased claims from higher medical fees and higher travel prices, themselves fuelled by a rise in oil prices since 2021. We have published the first six reports in our Travel Insurance and Assistance in Selected Global Markets 2024 series. The studies investigating the market for stand-alone travel insurance and assistance in Australia, France, Germany, Spain, the UK and the US are now available for purchase on our website: https://lnkd.in/dGuT25a7

Yonder Travel Insurance, a helpful site for comparing travel insurance options, has uncovered some interesting trends for summer 2024 that I want to share. More travelers are prioritizing flexibility in their plans due to increased travel risks, such as unexpected cancellations. Cancel for Any Reason (CFAR) policies, which allow travelers to cancel for any reason and get some money back, have become really popular, with a 92% increase compared to last year. This is because people want peace of mind with their bookings, especially given global uncertainties. Yonder also found out that travelers are choosing shorter trips this year, which shows an increased desire for quick getaways rather than long vacations. And if you're curious about where people are heading, top destinations for this summer include Portugal, Brazil, Japan, South Africa, and Italy. Read more: https://lnkd.in/grES7GZY #PRNewsWire #TravelInsurance #SummerTravel #Summer2024 #TravelTrends #TravelSafety #VacationPlanning #TravelTips