Pune, March 29, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Cruise Travel Insurance Market Report 2028: A Comprehensive Assessment of Growth Drivers, Challenges, Size, Share, Trends, Opportunities, and Competitive Landscape".The global cruise travel insurance market is expected to register robust revenue CAGR during the forecast period. Key factors such as rapidly growing travel and tourism sector, rising disposable income, increasing popularity of cruise tourism worldwide, and growing awareness about cruise travel insurance are expected to drive global market growth during the forecast period.
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Over recent years, there has been a significant increase in the cruise tour across the globe owing to growing acceptance to luxury cruises, rising number of tourists travelling to popular destinations, and rising spending capacity. Though travelling by cruise is comparatively safer than other modes of travel, cruise travel insurance is one of the most largely purchased forms of travel insurance worldwide. One of the primary reasons for this can be that cruise travel are not only expensive but also come with risky factors such as accidental drowning, sea sickness, trip cancellations, or weather uncertainties. Cruise travel insurance can protect travellers from uncertain and unanticipated financial burdens before and on the cruise. Some of the key features in cruise travel insurance include cruise cancellation or curtailment, cruise interruption, cabin confinement, missed port cover, personal baggage, unused excursion protection, and emergency medical treatment costs.
Factors such as increasing number of travel insurance companies, high possibility of accidental drowning, sea sickness, trip cancellations, or weather uncertainties during cruise, rising urge to travel to different destinations on cruise, and increasing investments for upgrading cruise travel insurance coverage are expected to boost global market growth going ahead.
However, stringent government regulations, risk of global outbreaks of highly infectious diseases, and high coverage cost of cruise travel insurance are some key factors that can hamper overall market growth to a certain limit during the forecast period.
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Key Companies Operating in the Market:
- Allianz
- ALG
- Munich RE
- Generali
- Tokio Marine
- Sompo Japan
- CSA Travel Protection
- AXA
- Pingan Asistencia
- USI Affinity
- Seven Corners
- Hanse Merkur
- MH Ross
- STARR
The global cruise travel insurance market has been segmented based on type, application, and region:
Cruise Travel Insurance Market Segment by Type:
- Single Trip Coverage
- Annual Multi Trip Coverage
- Others
Single Trip Coverage Segment To Register Rapid Revenue CAGR:
The single trip coverage segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to growing popularity of luxury cruise tourism, increasing awareness about importance of cruise travel insurance, and rising availability of single trip coverage for various scenarios such as trip cancellation, personal liability cover, emergency repatriation, accidental drowning, sea sickness, and luggage loss.
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Cruise Travel Insurance Market Segment by Application:
- Insurance Intermediaries
- Insurance Company
- Bank
- Insurance Broker
- Others
Insurance Company Segment to Account for Largest Revenue Share:
The insurance company segment is expected to account for largest revenue share between 2023 and 2028 owing to rising number of insurance companies across the globe, increasing consolidating risks among policyholders, and rising availability of different types of cruise travel policies offered by insurance companies.
Cruise Travel Insurance Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia, Nordic Countries)
- Asia Pacific (China, Japan, South Korea, Southeast Asia, India, Australia, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E, Rest of MEA)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to increasing cruise tourism across the region, high disposable income, rising adoption of single trip and annual multi-trip coverages, and increasing availability of cruise travel insurance plans with maximum coverages.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global cruise travel insurance market?
- What is the expected market size of the global cruise travel Insurance market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase the Report:
- Estimates 2023 to 2028 cruise travel insurance market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the cruise travel insurance market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global cruise travel insurance market
You can Purchase the Complete Report here: https://www.xcellentinsights.com/checkout/147127
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