Industry and News Travel Insurance Market | Page 2

member) falls ill during vacation, he or she needs to show valid proof of the vacation rental and out-
of-the-pocket expenses for getting claim reimbursements. Such expenses are expected to woo a
large number of customers who would opt for diverse travel insurance coverage policies. Based on
insurance cover, the travel insurance market is segmented into single trip travel insurance, annual
multi-trip travel insurance, and long stay travel insurance and so on.
Based on distribution channel, the travel insurance market is segmented into insurance
intermediaries, bank, insurance company, insurance broker, and insurance aggregator and so on.
Based on users, the travel insurance market is segmented into senior citizens (above age of 60
years), education traveler, backpackers, business traveler, family traveler, fully independent traveler
and so on. Based on type, the travel insurance market is segmented into medical expense, trip
cancellation, trip delay, property damage and so on. Based on application, the travel insurance
market is segmented into domestic travel, outbound travel and so on. Based on geography, the
travel insurance market is segmented into Europe, Asia Pacific, Latin America, Middle East & Africa
and North America.
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Europe, Middle East & Africa accounted for more than 30% of the market share during 2015. The
rise in the number of aged people who could afford to travelling in Europe, Middle East & Africa has
been augmenting the potential for insurance coverage. As an outcome, top notch travel insurance
vendors in this region are making ways for hassle-free insurance policy buying processes. The key
players of travel insurance industry are USI Affinity, CSA Travel Protection, Seven Corners Inc., Travel
Safe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured
International, AXA SA, AIG Travel & Insurance, Berkshire Hathaway Specialty Insurance, Travelex
Group, Tokio Marine HCC Medical Insurance Services Group, Aviva PLC, American Express Company
and Travel Insured International.