The Latin America, Middle East and Africa Travel Insurance Market would witness market growth of 31.3% CAGR during the forecast period (2021-2027).
Market expansion will be aided by easy access to internet travel reservations and affordable package trips. Online travel reservation platforms work with insurance companies to give personalized service, foreign help claims aid, and reduced package trips. The rise of the travel insurance sector is being fueled by government measures to promote international tourism. International travelers have been encouraged to obtain travel insurance as a need for VISA applications as a result of the government's necessary laws and regulations.
There has been a growth in the number of adventure travelers around the world who are interested in visiting new places and participating in recreational and sports activities in their spare time. Several travel insurance firms provide tailored coverage for such activities. Many market competitors offer travel insurance plans tailored to senior adults that provide more coverage for age-related health issues also which are pre-existing. To avoid delays on their journey, travel insurance firms give a specialized hotline number for older persons.
The travel and tourism sector contributed a roughly huge amount to the UAE's GDP in 2019, accounting for a decent share of the total GDP. The total amount spent by overseas tourists in 2019 was a big amount of figure. The number of hotels in the UAE has expanded by 2020, with an increase in the total capacity of the hotel rooms. With over 150 nationalities as residents, Dubai is becoming one of the world's most enlightened and multicultural cities. Dubai has recently evolved from a port to a logistical hub, a significant worldwide financial center, and a popular tourism destination. Dubai is strategically placed between numerous countries and is only a few hours away by plane from Africa, Europe, and South Asia. As a result, Dubai has attracted a large number of expats, international visitors, and travellers.
The Brazil market dominated the LAMEA Travel Insurance Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,209.8 million by 2027. The Argentina market is estimated to grow at a CAGR of 32% during (2021 - 2027). Additionally, The UAE market would exhibit a CAGR of 31% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Travel Insurance Market is Predict to reach $60.7 Billion by 2027, at a CAGR of 28.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
By Coverage Type
By Distribution Channel
By End User
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 