Fintech PR
Travel Insurance Market to Reach $143.5 billion, Globally, by 2033 at 20.1% CAGR: Allied Market Research
The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Travel Insurance Market by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years), Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Distribution Channel (Airlines, Bank, Insurance Company, Online Travel Agency (OTA), Railway Operators, Travel Agents/Tour Operators, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033“. According to the report, the travel insurance market was valued at $22.6 billion in 2023, and is estimated to reach $143.5 billion by 2033, growing at a CAGR of 20.1% from 2024 to 2033.
Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/1610
The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
182 – Tables
72 – Charts
200 – Pages
Prime Determinants of Growth
The travel insurance market is driven by an increase in emergency and medical expenses, rapid growth in tourism, and rise in baby boomer travel. However, lack of awareness regarding benefits related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the travel insurance industry are expected to offer ample growth opportunities in the upcoming years.
Report Coverage & Details:
|
Report Coverage  |
Details |
|
Forecast Period |
2023–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$22.6 billion |
|
Market Size in 2033 |
$143.5billion |
|
CAGR |
20.1 % |
|
No. of Pages in Report |
200 |
|
Segments Covered |
Insurance Cover, Distribution Channel, End User, Age Group, and Region |
|
Drivers |
• Increase in emergency and medical expenses • Rapid growth in tourism • Rise in baby boomer travel |
|
Opportunities |
• Expansion of existing travel insurance products and services • New technological developments in the travel insurance industry |
|
Restraints |
• Lack of awareness regarding benefits related to travel insurance • Low penetration level and fewer written policies of travel insurance |
Purchase This Comprehensive 200-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Xq4uCZ
The single-trip travel insurance segment to maintain its leadership status throughout the forecast period
By insurance cover, the single-trip travel insurance segment held the highest market share in 2023, and is estimated to maintain its leadership status throughout the forecast period, this was attributed to single-trip travel insurance covering a combination of eventualities including trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others, whether consumers are visiting multiple destinations or countries. Key growth factors include customized coverages that are covered under this policy and are available at an extra premium cost, depending on customer needs and demands. However, the long stay travel insurance segment is projected to manifest the highest CAGR from 2023 to 2033, as this policy is largely purchased by backpackers, and travelers on sabbaticals. Further, backpackers can work in countries they visit, which is expected to increase their stay; thereby, leading to an increase in sales of long stay insurance policies in the market.
The family travelers’ segment is dominating the market in 2023
By end user, the family travelers segment held the highest market share in 2023, accounting for more than one-fourth of the travel insurance market revenue, this is attributed to several key factors such as rise in multigenerational travel trend among families, which is expected to lead to increase in demand for travel insurance policies. In addition, due to the increase in adventure travel packages, families are traveling with children above 18 years of age, as the young generation of travel influencers is growing rapidly; thereby boosting the growth of the segment. However, the business travelers segment is projected to manifest the highest CAGR from 2023 to 2033. The growing network of co-working and remote workers is rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a major trend.
The 31-49 years old segment is dominating the market in 2023
By age group, the 31-49 years segment held the highest market share in 2023, this is attributed to several key factors such as 31-49 years old are more likely to opt for travel insurance as they often seek out adventure activities, unique experiences, and off-the-beaten-path destinations. In addition, they are more likely to participate in activities such as hiking, diving, or extreme sports. As a result, they may look for travel insurance that covers a wide range of adventure activities and offers higher limits for medical coverage and emergency evacuation in case of accidents. However, the 18-30 years old segment is projected to manifest the highest CAGR from 2023 to 2033. 18–30-year-olds have realized the importance and need to stay protected, thereby creating a safety net for themselves and their loved ones. Therefore, there has also been a steady rise in demand for health insurance. In addition, the younger generation is looking forward to a personalized and better customized insurance policy with personalized options and flexibility in payment along with the digital first approach for insurance.
Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/1610
North America to maintain its dominance by 2033
Region wise, North America held the highest market share in terms of revenue in 2023, as domestic and international travel insurance has witnessed stable growth over the past five years, primarily due to increasing baggage loss with 1.77 mishandled bags per 1,000 passengers annually and growing need to compensate against the losses. Furthermore, the total number of missing cases increased drastically due to Asia-Pacific having the largest number of travelers.
Leading Market Players: –
- Allianz Partners
- American International Group, Inc.
- Assicurazioni Generali S.p.A
- Aviva Plc.
- AXA
- Berkshire Hathaway Specialty Insurance Company
- Chubb Limited
- ERGO Travel Insurance Services Ltd.
- Seven Corners, Inc.
- Insurefor.com
- Just Insurance Agents Limited
- PassportCard Deutschland GmbH
- TICORP Limited
- Trailfinders Ltd.
- Zurich Insurance Company Ltd
The report provides a detailed analysis of these key players in the travel insurance market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1610
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel insurance market analysis from 2023 to 2033 to identify the prevailing travel insurance market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the travel insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global travel insurance market trends, key players, market segments, application areas, and market growth strategies
Travel Insurance Market Key Segments:
By Age Group
- 1–17 Years Old
- 18–30 Years Old
- 31–49 Years Old
- Above 50 Years
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Distribution Channel
- Airlines
- Bank
- Insurance Company
- Online Travel Agency (OTA)
- Railway Operators
- Travel Agents/Tour Operators
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, South East Asia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Asia-Pacific, EMEA, and LATAM Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Age Group : Opportunity Analysis and Industry Forecast, 2024-2033. Student Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Coverage, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032
Student Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Coverage, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032
India Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Organization Size and Mode : Opportunity Analysis and Industry Forecast, 2024-2033
Southeast Asia Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Mode : Opportunity Analysis and Industry Forecast, 2024-2032
Business Travel Accident Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032
Single Trip Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Distribution Channel and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030
Business Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Coverage Type, Distribution Channels and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030
Europe Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel and End User : Regional Opportunity Analysis and Industry Forecast, 2020-2027
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/travel-insurance-market-to-reach-143-5-billion-globally-by-2033-at-20-1-cagr-allied-market-research-302246152.html
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
Fintech PR
Notabene Raises $14.5M in Series B Funding Led by DRW VC to Drive the Future of Stablecoins and Payments
The rapid adoption of Notabene’s crypto payment authorization network, which has seen transaction volumes surge 10X in the past year, reflects the growing demand for compliant crypto payment solutions. This Series B round will help Notabene bring secure, transparent, and compliant crypto payments to more financial institutions, paving the way for stablecoins to revolutionize global finance.
NEW YORK, Nov. 12, 2024 /PRNewswire/ — Notabene, a leading provider of cryptocurrency compliance solutions, today announced it has raised $14.5 million in a Series B funding round led by DRW VC, with participation from funds managed by Apollo, NextBlock, ParaFi Capital, and Wintermute, along with existing investors CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator. The funding will accelerate Notabene’s mission to make crypto payments a part of the everyday global economy by fostering open, secure, and compliant transactions.
Regulators now require crypto companies such as exchanges, wallet providers, and payment processors to securely exchange information about sender and receiver, just like they already do in traditional payments. This so-called Travel Rule is now a requirement in most global financial centers.
Having already helped process half a trillion dollars worth of transactions, Notabene is the leading global platform and network for compliant crypto payments. By automating the secure transfer of sensitive data between institutions, Notabene simplifies this complex process that is virtually impossible for companies to implement independently.
Kimberly Trautmann, Partner and Head of DRW VC, the round’s lead investor, emphasized the significance of Notabene’s work in this emerging financial ecosystem:
“Notabene offers a comprehensive and efficient way to track and disclose who an asset is being sent to, which is critical for those who facilitate the exchange, transfer, safekeeping, and administration of virtual assets (Virtual Asset Service Partners or VASPs) and need to be compliant with the Travel Rule. We believe Notabene is positioned to be the provider-of-choice, as it allows users to achieve real-time compliance, is protocol agnostic and does not require exposing sensitive information to other market participants.”
Notabene is expanding its focus to support the growing number of traditional financial institutions moving into digital payments. With over $20T in stablecoin transactions processed last year, global adoption is on the rise and poised to be crypto’s long-awaited killer use case. The key to unlocking stablecoins’ potential as fast, low-cost, borderless payments is a secure and transparent system – one that’s open and not controlled by any single entity. Notabene offers the essential infrastructure for compliance, reconciliation, and safety, enabling open, interoperable payment networks that will drive the next wave of adoption.
Notabene’s CEO, Pelle Brændgaard, underscores the company’s vision for the future of payments:
“We’ve already established ourselves as a pioneer in Travel Rule compliance, and now, as regulatory clarity grows and adoption scales, we are positioned to do the same for payments. By enabling secure, compliant, and open digital asset transactions, we’re helping shape the next generation of global financial infrastructure. Our philosophy of building open networks to maximize reachability between transacting counterparties will be a key driver of adoption with both crypto-native organizations, as well as incumbent players in traditional finance that are showing an increased interest in digital assets and blockchain payment solutions.”
Notabene’s platform has seen a rapid 10x increase in transaction volumes over the past year, totaling nearly $500 billion in transaction volume—solidifying the company’s role as a trusted provider in the compliance space. With over 165 companies using the platform, including some of the largest virtual asset service providers (VASPs) globally such as Copper, Crypto.com, OKX, and Ramp, as well as working relationships with regulatory bodies across hundreds of global jurisdictions, Notabene has built the largest network of transacting counterparties in the market today.
Alexander Ross, General Partner, Head of NYC for investor Illuminate Financial, added:
“As the existing market leader for Travel Rule compliance, we believe Notabene has the potential to become the “SWIFT network for blockchain transactions.” There is a desperate need for a secure network to share all transaction metadata. This will enable compliance with global regulations and is a key pillar to unlocking mass adoption of stablecoins for payments. We have been working with the founders since 2021 and believe they are the best positioned to execute this vision.”
With this raise, Notabene is set to continue its mission to bring crypto and stablecoins into everyday global payments. It will help grow the industry’s only open compliant payments network to support more use cases and new market entrants.
“With $20 trillion in stablecoin transactions processed last year, stablecoins are emerging as the preferred method for fast, low-cost global payments,” said Pelle Brændgaard, Notabene CEO. “As regulatory clarity expands, traditional financial institutions are beginning to recognize stablecoins’ potential. Notabene’s role as a trusted compliance provider is critical to unlocking this potential and establishing stablecoins as a legitimate payment medium worldwide.”
About Notabene
Notabene is the leading crypto payment authorization network, enabling secure, transparent, and compliant transactions for financial institutions around the world. With a platform that facilitates transactions in over 80 jurisdictions, supports over 165 companies, and has processed half a trillion dollars in transaction volume, Notabene is setting the standard for compliant transactions in the digital asset space.
For more information, please visit Notabene.id.
Photo – https://mma.prnewswire.com/media/2555310/Notabene_Series_B_Fundraise_Announcement.jpg
Logo – https://mma.prnewswire.com/media/2555309/Notabene_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/notabene-raises-14-5m-in-series-b-funding-led-by-drw-vc-to-drive-the-future-of-stablecoins-and-payments-302303062.html
TALLINN, Estonia, Nov. 12, 2024 /PRNewswire/ — Bluestream OÜ, a quickly expanding digital finance company, is proud to announce the launch of three loan comparison websites aimed at simplifying the loan search process for Finnish consumers. The recently introduced platforms – “Laina heti”, “Luotto”, and “Lainojen yhdistäminen” – are designed to provide transparent, easy-to-understand and reliable financing comparison services designed to meet the diverse financial needs of consumers across Finland.
Laina heti: Speed and Simplicity for Urgent Loans
One of the three platforms, Laina Heti focuses on helping users find fast and convenient loans. This website caters to individuals who require quick access to funds for emergency expenses, unexpected bills or time-sensitive purchases. The design of the website emphasizes simplicity and efficiency, providing users with comparisons of short-term loan offers, including payday loans and other fast financial products.
Luotto: Comprehensive Loan Solutions for All Borrowers
The second platform, Luotto, is the company’s comprehensive comparison website for personal loans. Unlike Laina heti, which focuses on immediate and short-term needs, Luotto is designed to serve consumers seeking more substantial loans for a wider range of financial purposes. Whether it’s for a new car or home renovations, the website provides users with a detailed comparison of various loan options offered by banks, credit institutions, and other lenders across Finland.
Lainojen yhdistäminen: Simplifying Debt Consolidation for Finnish Consumers
The third and final platform, Lainojen yhdistäminen specifically targets consumers looking to consolidate several loans into a single, more manageable monthly payment. For many individuals facing the challenge of managing several loans at once – such as personal loans, credit card debt, or payday loans – loan consolidation can be an effective way to reduce financial stress, improve budgeting and potentially lower the total cost of borrowing.
“With Laina Heti, Luotto and Lainojen Yhdistäminen, we wanted to make it easier for consumers to access quick loans, personal loans and debt consolidation loans without getting bogged down in complex procedures. It’s all about making sure people have the information they need at their fingertips when they need it most,” said a representative for Bluestream OÜ.
About Bluestream OÜ
Bluestream OÜ is a digital finance company based in Tallinn, Estonia. The company specializes in creating financial comparison tools that provide consumers with transparent and comprehensive information to help them make informed financial decisions.
Press Contact:
Bluestream OÜ
Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/bluestream-ou-launches-three-comprehensive-loan-comparison-websites-302302960.html
-
Fintech5 days agoFintech Pulse: The Latest Trends and Insights Shaping Fintech
-
Fintech PR4 days agoConverge Technology Solutions Named Solution Partner of the Year at the 2024 Ingram Micro ONE Innovation Summit
-
Fintech PR7 days agoHTX Ventures: Fueling Exchanges’ Transformation into Hubs for DeFi-related Services through Education and Diversification, Empowering investors to Manage Risks and Liquidity in a Volatile Market
-
Fintech PR4 days agoManulife Investment Management aligns capabilities across regions under the newly created role of Global Emerging Market Equities CIO
-
Fintech PR6 days agoSmartkem to Present at the 6th National Conference on Organic Field-Effect Transistors in Hangzhou, China
-
Fintech PR4 days agoBybit and Block Scholes Uncover Post-Election Bullish Sentiment: Traders Lean Into Leveraged Longs Amid Stabilized Market
-
Fintech PR4 days agoPalm Jebel Ali Project Surges Ahead in 2024: Milestones Achieved in Record Time for Dubai’s Most Anticipated Development
-
Fintech1 day agoFintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward