India Travel Insurance Market was over 80 million dollars in 2018 and had an increase of about twelve percent. In terms of insurance for travel, India is just one percent of the world marketplace for insurance on travel. With the increasing number of people mobile, traveling is now an integral component of our life both professional and personal. The primary objective of travel insurance is to give travelers the best travel experience and keep the chance of being injured to a minimum. It’s more beneficial to get insurance to safeguard yourself from the dangers of traveling. A travel insurance policy covers medical and non-medical travel emergency situations, such as medical emergencies, such as lost passports and tickets as well as trip cancellations or interruptions of travel or delays in the delivery of baggage or baggage delivery delays, and so on. Here, we will discuss the India Travel Insurance Market Forecast, Size, and Growth in 2027.
The policy will also be able to cover financial losses that might be incurred while traveling domestically or internationally which is anticipated to increase the number of India Travel Insurance Market. Furthermore, increasing natural disasters and medical emergencies are just a few of the most frequent problems encountered while traveling which is a reason to consider traveling insurance. But, ignorance regarding insurance policies could pose an obstacle to the growth of India Travel Insurance Market in the anticipated time.
Based on the insurance coverage marketplace for insurance on travel can be divided into annual single trip multi-trip as well as extended stays. In the first category, single-trip insurance is an enormous market share because of the growing need for business travel and the rising disposable income which leads to the necessity of secure travel insurance. But, the availability of lower-cost and low-cost travel has allowed families and even travelers to take multiple trips throughout the year. This has led to an astronomical growth in the number of annual multi-trip travel insurance that has led to the rise in this industry through 2024.
The leading industry players within India in the insurance sector for travel comprise TATA AIG, Apollo Munich, Bharti AXA, Bajaj Allianz, SBI General Insurance, Royal Sundaram, HDFC Ergo, ICICI Lombard, Reliance, Religare, etc. Major corporations are investing more money in developing new insurance policies to increase their client base and expand their coverage across the world.
Years that were considered for this Report
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021-2027
The objective of the Study:
• To analyze and project what size India as a market in travel insurance
• To predict the India Travel Insurance Market, based on the type of insurance, its source, the number of insurance coverage users as well as where the customer and distribution across that region.
• To find out the main drivers and barriers to India as a marketplace for insurance on travel.
• To analyze developments in the competitive environment such as expansions, new product launches, mergers as well as mergers and acquisitions. The India Travel Insurance Market has been growing.
• To analyze and determine the profiles of the major players operating in the India Travel Insurance Market.
• TechSci Research performed both primary as well as thorough secondary research to back up this study. The first step was for TechSci Research to source a list of travel insurance companies in the United States. In the next steps, TechSci Research conducted primary survey research on the identified companies. When interviews, participants were also questioned about their competitors. This approach of inquiry TechSci Research could include the companies that were not identified due to their inability to conduct additional studies. TechSci Research analyzed the different types of products, their applications, as well as the existence of major travel insurance providers across the United States.
• TechSci Research calculated India the size of the travel insurance market using the bottom-up method, in which information from different industries that are utilized by the end-users as well as their application across various kinds of products were tracked and forecasts made for the next several months. TechSci Research obtained these figures from industry experts and also from company representatives and verified them externally by analyzing past data on these product types and their uses to determine an accurate worldwide market. Diverse secondary sources such as news articles, websites of companies and press releases, and annually-reported reports from the business presentation to investors and financial statements were analyzed by TechSci Research.
Key Target Audience:
• Travel insurance suppliers
• Government officials including regulators as well as decision-makers
• Industry associations
• Forums, alliances, and other organizations that are connected to the insurance market for travel
• Market research and consulting companies
The research study could be beneficial in providing solutions to a variety of questions for companies, suppliers, and partners of products as well as the end-users and others. It also assists the participants in developing more efficient investment decisions and maximizing market opportunities.
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