Travel Insurance Market Synopsis
Travel Insurance Market Size Was Valued at USD 24.32 Billion in 2023, and is Projected to Reach USD 99.17 Billion by 2032, Growing at a CAGR of 16.90% From 2024-2032.
Travel insurance therefore, is an insurance policy that covers the cost and loss relating to travel. It offers insurance cover for a range of issues that could lock a traveler’s money such as trip cancellation, medical issues, lost bags, flight crashes, and other mishaps. In that sense, travel insurance allows people to be protected from any possible disruptions or emergencies during the journey and guarantees they are worry-free.
- The demand and the scope of innovations in the travel insurance segment have been growing and expanding over the past few years due to the rising frequency of international travel, changing tastes of consumers, and their growing concerns about the inherent risks associated with travel. This growth is also attributed to the increased demand for travel policies to cover millions of global travelers that can fall ill, have their trip canceled for whatever reason, experience misplaced luggage , or have their travel delayed. With the increase in the availability and flexibility of travel, be it for business, leisure, family functions, or even adventure, and luxury, travel insurance too has evolved towards the development of more specific products depending on the interest of the traveler. As a result of the COVID-19 pandemic, travel insurance which was popular before the pandemic became even more essential; and therefore, there was great demand for those insurance policies that would cover cases of pandemic, such as medical bills as a result of the disease, costs incurred due to quarantine measures and, in general, cancellation of traveling due to limitations on travels.
- Since then, technological trends have also affected the independence and coverage of the travel insurance market. The area of innovation features the opportunities offered by digital platforms and actual applications that make it possible for customers to buy, maintain and reclaim insurance policies as well as thus increasing customer satisfaction and company’s presence in the market. Through the use of innovative technologies such as artificial intelligence, big data, and block chain, insurtech is helping to bring solutions for simplifying the claims’ process, enhancing clients’ needs and enhancing the calculation of risks. The mentioned technological integrations are not only beneficial for insurance providers in terms of enhancing efficiency in their operations, but also in the way they deliver services to customers.
- The entry structure of the travel insurance market is highly competitive in which the traditional insurance companies compete with the new insurtech startups. The marketplace is concentrated with key players like Allianz, AIG and AXA coming up with broad product offerings and robust channels across the global platform while the emerging participants are targeting specific areas of the market and showing innovative strategies in delivering the services. Insurance companies and travel agencies, airlines, and the Internet-based travel booking services providers for developing strategic alliances as service line integration and improving value-added distribution systems are on the rise. All these collaborations are necessary as they help in reaching out to potential consumers and offering a one-stop shopping experience in cases involving travel.
- External factors like regulatory frameworks which vary depending on the geographical location of the country where the travel insurers are located also play a major role in the travel insurance market. In some Countries, travel insurance is compulsory to get visa to travel while in some other Countries, regulatory Authorities stress on protecting the interests of consumer with regards to policies that require clarification of the terms & conditions of policies. Thus over the years, these markets will continue to grow, and as they are doing so there are expectations that the regulatory authorities will be consciously implementing measures that will check on some aspects of these markets such as management of claims and fairness in the procedures.
- The developments in the travel insurance market that is apparent in consumer behavior is that of informed and thoughtful decision making. Currently, travelers enabled are more likely to move around and compare several policies, study the details of their coverage, and obtain the most appropriate to fit their requirements. This is due to the factors such as enhanced information, especially consumer reviews, that creates awareness about vacation destinations. In addition, due to the global millennial and Gen Z’s generation shopper being more inclined to spend their money on experiences, there is a shift towards a ethos of open-ended and versatile insurance structures that cater for activities such as adventure, ecotourism, and digitainment.
- Therefore, the travel insurance market is in a provisional trend, as a result of the increasing travel activity, technological development, collaboration of industries, and customer decision-making processes. Whether the destination side or the supply side, the specific analysis of the sector in this paper underlines how flexibility in reacting to travel flows changes, other rules and norms, and technology advancements will be pivotal for the sector to continue growing and meet the demand and need of travelers in the contemporary world. With the ongoing global pandemic situation, people are trying to come to terms with travel and tourism post pandemic and in this context the importance of travel insurance to give people a safety net and assurance before they embark on a journey cannot be emphasized enough.
Travel Insurance Market Trend Analysis
Increased Adoption of Digital Platforms
- The general use of a digital interface is evolving and expanding the travel insurance market, which is experiencing dynamic development. With the increasing use of internet avenues in procuring travel related products and services, the call for web based travel insurance products has risen. This is because the current generation’s insurance purchase and management is mostly conducted online through easy to access and user-friendly platforms. Insurance companies are using AI, ML, and the big data technology to develop customized products, tools, and services to enhance the consumer satisfaction levels and the business processes. The current technology provides fast policy issuance, instant customer support, and efficient management of claims, which appeals to the young, innovative clientele more used to the internet.
- Besides, technological adoption such as incorporation of digital payment system as well as social and mobile applications which enable the clients to access and utilize the travel insurance service easily. The COVID-19 pandemic has further intensified this process since many organisations implement measures such as social distancing and restricted travelling and thus, require contactless payments and services. As such, distribution and sales of travel insurance have shifted away from the traditional and towards a more extensive focus on the digital as firms seek to modernise their IT support systems as well as ensure that their products fulfil the expectations and requirements of the new generation tourist.
Expansion of Travel Insurance for Adventure and Extreme Sports
- The global travel insurance sector is growing and experiencing high growth especially in the aspect of covering adventurers and the risky games. This is buoyed by the increasing occurrence of adventure tourism as many people wish to indulge in daring activities like parachuting, wreck diving, mountain climbing and snowboarding. Insurers are mitigating this by developing products that specifically address the specific perils involved with such pursuits – which are customarily novelties in conventional travel insurance packages. Such improvements range from covering various emergencies such as medical and weather-related ones, equipment loss, and trip cancellation.
- In addition, due to rising awareness among the adventure enthusiasts regarding the liability exposure and financial and health hazard, the adventure activities insurance market has received a boost. Insurance companies are also using technology to make it easier to buy insurance and seek help in real-time more easily; this has made it easier to access these niche products. Consequently, the market segment of travel insurance products focused on the needs of adventurers and practitioners of extreme sports will remain in high demand and provide security and financial reimbursement to this large community of individuals interested in exploration and adrenaline rush.
Travel Insurance Market Segment Analysis:
Travel Insurance Market Segmented based on Insurance, Distribution Channel , and End-User.
By Insurance, Annual Multi-trip Travel Insurance segment is expected to dominate the market during the forecast period
- The Travel Insurance market can be defined as a collection of products targeted to address a wide customer base of travelers. These include; Single-trip Travel Insurance covering for a single travel event, Trip insurance which is a cancellation insurance providing cover for events that may lead to a traveler canceling their trip for instance medical conditions, lost baggage, flight disruptions and the like. Annual Multi-trip Travel Insurance is medium risk insurance provided for the persons who are used to traveling frequently, to have insurance on consecutive trips in the course of the year.
- Long-stay Travel Insurance aims at travellers on a longer business trip say after getting an overseas job, or anyone who is moving to a different country for retirement or any other reason, and noting that there may be an occasion to be in that country for an extensive period. In the Travel Insurance market, each type of Insurance is tailored to meet the needs of a particular demographic: providing a certain scope of coverage and benefits in case of loss or medical emergencies, ensuring safe traveling and minimizing clients’ concern, as well as offering experiencing comfortable and protected vacations worldwide. These forms of insurance have remained relevant even as the world becomes a smaller place as travelers embrace new softer benefits fitted in insurance policies to meet new travel demands.
By End User , Business Travelers segment held the largest share in 2023
- The market for the travel insurance targets a vast population of users who may or may not have certain expectations from an ideal travel insurance policy. Educational travelers, most often students or academics going abroad for educational purposes, require insurance against accidents, cancellation of the trip or the loss of baggage that will not disrupt or make financially ruinous the educational experience. While leisure travelers need all-round policies that cover medical and trip-emergencies as well as provisions for business equipments and documents accounting for the emergencies’ costliness and occurrence in business affairs, the business travelers needs more inclusive policies that incorporate all the business equipments and documents since business operations do not allow time to wait for contingencies to be addressed. Another target group is the elderly requiring carefully selected medical coverage especially for age-related illnesses besides trip interruption and medical evacuation as they travel the world during their retirement to be free from worrying about their health expenses.
- Kin values, parents and travelling with children, for instance, look for insurance policies that would provide all of them with medical insurance, trip insurance, and everything that can be necessary in case of a travel should they atone to make everyone safe and sound during each trip. In addition to these classes, there are others who cannot be classified into any of the mentioned classes; they are the adventurous travelers, the working travelers–digital nomads, and those who travel for vacations for very many months–long-haul travelers and hence, each of these classes need different addressage depending on the way they travel or what they consider suitable for them to travel. This segmented approach is important as the travel insurance market is diverse and possesses the features of heterogeneity, the suppliers of the insurance offers meet the needs of various kinds of travellers.
Travel Insurance Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- North America is expected to retain its leadership on the travel insurance market in theSHORT to medium term due to several factors. The region presents solid fundamentals for the development of travel insurance services that include strong insurance companies, definite and well-developed healthcare facilities, and significantly increased awareness about the usefulness of travel insurance from travellers.
- Also, the demand for insurance companies that provide insurance services for traveling including emergency cancellations, medical issues and other crises is driven by the large and diverse traveling population in North America including domestic and international travelers. Also, there is a skilled and wealthy population in the region and people can afford to spend money to buy broad and balanced travel insurance policies boosting market growth. The upsurge in development and introduction of different types of insurance services, along with improvements in the travelling insurance coverage and increased availability through internet related services, North America will continue to command the supply of direction to the travel insurance market in the future years.
Active Key Players in the Travel Insurance Market
- Allianz (Germany)
- American International Group, Inc. (USA)
- AXA (France)
- ASSICURAZIONI GENERALI S.P.A. (Italy)
- USI Insurance Services, LLC (USA)
- battleface (UK)
- Insure & Go Insurance Services Limited (UK)
- Seven Corners Inc. (USA)
- Travel Insured International (USA)
- Zurich (Switzerland)
- Delphi Financial Group, Inc. (USA), Other Key Players.
Key Industry Developments in the Travel Insurance Market
- In September 2022, battleface launched a brand new customisable travel insurance product to avoid unnecessary costs, and meet specific needs of the business travel sector
- In August 2022, Generali acquired majority stakes in the AXA-Affin joint ventures in Malaysia to widen its leadership position in high potential markets including travel insurance, and others
- In July 2021, Allianz acquired Westpac’s general insurance business to increase the range of products including travel insurance, and other general insurances offered by Allianz through Westpac, and expand its customer base
Global Travel Insurance Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 24.32 Bn. |
Forecast Period 2024-32 CAGR: |
16.90% |
Market Size in 2032: |
USD 99.17 Bn. |
Segments Covered: |
By Insurance |
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By Distribution Channel |
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By End-User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Travel Insurance Market by Insurance
4.1 Travel Insurance Market Snapshot and Growth Engine
4.2 Travel Insurance Market Overview
4.3 Single-Trip Travel Insurance
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Single-Trip Travel Insurance: Geographic Segmentation Analysis
4.4 Annual Multi-trip Travel Insurance
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Annual Multi-trip Travel Insurance: Geographic Segmentation Analysis
4.5 Long-stay Travel Insurance
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Long-stay Travel Insurance: Geographic Segmentation Analysis
Chapter 5: Travel Insurance Market by Distribution Channe
5.1 Travel Insurance Market Snapshot and Growth Engine
5.2 Travel Insurance Market Overview
5.3 Insurance Intermediaries
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Insurance Intermediaries: Geographic Segmentation Analysis
5.4 Insurance Companies
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Insurance Companies: Geographic Segmentation Analysis
5.5 Banks
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Banks: Geographic Segmentation Analysis
5.6 Insurance Brokers
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Insurance Brokers: Geographic Segmentation Analysis
5.7 Insurance Aggregators
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Insurance Aggregators: Geographic Segmentation Analysis
Chapter 6: Travel Insurance Market by End-User
6.1 Travel Insurance Market Snapshot and Growth Engine
6.2 Travel Insurance Market Overview
6.3 Education Travelers
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Education Travelers: Geographic Segmentation Analysis
6.4 Business Travelers
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Business Travelers: Geographic Segmentation Analysis
6.5 Senior Citizens
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Senior Citizens: Geographic Segmentation Analysis
6.6 Family Travelers
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Family Travelers: Geographic Segmentation Analysis
6.7 Others
6.7.1 Introduction and Market Overview
6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.7.3 Key Market Trends, Growth Factors and Opportunities
6.7.4 Others: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Travel Insurance Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ALLIANZ (GERMANY)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 AMERICAN INTERNATIONAL GROUP INC (USA)
7.4 AXA (FRANCE)
7.5 ASSICURAZIONI GENERALI S.P.A (ITALY)
7.6 USI INSURANCE SERVICES
7.7 LLC (USA)
7.8 BATTLEFACE (UK)
7.9 INSURE & GO INSURANCE SERVICES LIMITED (UK)
7.10 SEVEN CORNERS INC (USA)
7.11 TRAVEL INSURED INTERNATIONAL (USA)
7.12 ZURICH (SWITZERLAND)
7.13 DELPHI FINANCIAL GROUP INC (USA)
7.14 OTHER KEY PLAYERS
Chapter 8: Global Travel Insurance Market By Region
8.1 Overview
8.2. North America Travel Insurance Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Insurance
8.2.4.1 Single-Trip Travel Insurance
8.2.4.2 Annual Multi-trip Travel Insurance
8.2.4.3 Long-stay Travel Insurance
8.2.5 Historic and Forecasted Market Size By Distribution Channe
8.2.5.1 Insurance Intermediaries
8.2.5.2 Insurance Companies
8.2.5.3 Banks
8.2.5.4 Insurance Brokers
8.2.5.5 Insurance Aggregators
8.2.6 Historic and Forecasted Market Size By End-User
8.2.6.1 Education Travelers
8.2.6.2 Business Travelers
8.2.6.3 Senior Citizens
8.2.6.4 Family Travelers
8.2.6.5 Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Travel Insurance Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Insurance
8.3.4.1 Single-Trip Travel Insurance
8.3.4.2 Annual Multi-trip Travel Insurance
8.3.4.3 Long-stay Travel Insurance
8.3.5 Historic and Forecasted Market Size By Distribution Channe
8.3.5.1 Insurance Intermediaries
8.3.5.2 Insurance Companies
8.3.5.3 Banks
8.3.5.4 Insurance Brokers
8.3.5.5 Insurance Aggregators
8.3.6 Historic and Forecasted Market Size By End-User
8.3.6.1 Education Travelers
8.3.6.2 Business Travelers
8.3.6.3 Senior Citizens
8.3.6.4 Family Travelers
8.3.6.5 Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Bulgaria
8.3.7.2 The Czech Republic
8.3.7.3 Hungary
8.3.7.4 Poland
8.3.7.5 Romania
8.3.7.6 Rest of Eastern Europe
8.4. Western Europe Travel Insurance Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Insurance
8.4.4.1 Single-Trip Travel Insurance
8.4.4.2 Annual Multi-trip Travel Insurance
8.4.4.3 Long-stay Travel Insurance
8.4.5 Historic and Forecasted Market Size By Distribution Channe
8.4.5.1 Insurance Intermediaries
8.4.5.2 Insurance Companies
8.4.5.3 Banks
8.4.5.4 Insurance Brokers
8.4.5.5 Insurance Aggregators
8.4.6 Historic and Forecasted Market Size By End-User
8.4.6.1 Education Travelers
8.4.6.2 Business Travelers
8.4.6.3 Senior Citizens
8.4.6.4 Family Travelers
8.4.6.5 Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 Netherlands
8.4.7.5 Italy
8.4.7.6 Russia
8.4.7.7 Spain
8.4.7.8 Rest of Western Europe
8.5. Asia Pacific Travel Insurance Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Insurance
8.5.4.1 Single-Trip Travel Insurance
8.5.4.2 Annual Multi-trip Travel Insurance
8.5.4.3 Long-stay Travel Insurance
8.5.5 Historic and Forecasted Market Size By Distribution Channe
8.5.5.1 Insurance Intermediaries
8.5.5.2 Insurance Companies
8.5.5.3 Banks
8.5.5.4 Insurance Brokers
8.5.5.5 Insurance Aggregators
8.5.6 Historic and Forecasted Market Size By End-User
8.5.6.1 Education Travelers
8.5.6.2 Business Travelers
8.5.6.3 Senior Citizens
8.5.6.4 Family Travelers
8.5.6.5 Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Travel Insurance Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Insurance
8.6.4.1 Single-Trip Travel Insurance
8.6.4.2 Annual Multi-trip Travel Insurance
8.6.4.3 Long-stay Travel Insurance
8.6.5 Historic and Forecasted Market Size By Distribution Channe
8.6.5.1 Insurance Intermediaries
8.6.5.2 Insurance Companies
8.6.5.3 Banks
8.6.5.4 Insurance Brokers
8.6.5.5 Insurance Aggregators
8.6.6 Historic and Forecasted Market Size By End-User
8.6.6.1 Education Travelers
8.6.6.2 Business Travelers
8.6.6.3 Senior Citizens
8.6.6.4 Family Travelers
8.6.6.5 Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkey
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Travel Insurance Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Insurance
8.7.4.1 Single-Trip Travel Insurance
8.7.4.2 Annual Multi-trip Travel Insurance
8.7.4.3 Long-stay Travel Insurance
8.7.5 Historic and Forecasted Market Size By Distribution Channe
8.7.5.1 Insurance Intermediaries
8.7.5.2 Insurance Companies
8.7.5.3 Banks
8.7.5.4 Insurance Brokers
8.7.5.5 Insurance Aggregators
8.7.6 Historic and Forecasted Market Size By End-User
8.7.6.1 Education Travelers
8.7.6.2 Business Travelers
8.7.6.3 Senior Citizens
8.7.6.4 Family Travelers
8.7.6.5 Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Global Travel Insurance Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 24.32 Bn. |
Forecast Period 2024-32 CAGR: |
16.90% |
Market Size in 2032: |
USD 99.17 Bn. |
Segments Covered: |
By Insurance |
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By Distribution Channel |
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By End-User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Travel Insurance Market research report is 2024-2032.
Allianz (Germany), American International Group, Inc. (USA), AXA (France), ASSICURAZIONI GENERALI S.P.A. (Italy), USI Insurance Services, LLC (USA), battleface (UK), Insure & Go Insurance, Services Limited (UK),and Other Major Players.
The Travel Insurance Market is segmented into Insurance, Distribution Channel, End-User and Region. By Insurance , the market is categorized into Single-trip Travel Insurance, Annual Multi-trip Travel Insurance, Long-stay Travel Insurance. By Distribution Channe , the market is categorized into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators.By End-User, the market is categorized into Education Travelers, Business Travelers, Senior Citizens, Family Travelers,Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Travel insurance therefore, is an insurance policy that covers the cost and loss relating to travel. It offers insurance cover for a range of issues that could lock a traveler’s money such as trip cancellation, medical issues, lost bags, flight crashes, and other mishaps. In that sense, travel insurance allows people to be protected from any possible disruptions or emergencies during the journey and guarantees they are worry-free.
Travel Insurance Market Size Was Valued at USD 24.32 Billion in 2023, and is Projected to Reach USD 99.17 Billion by 2032, Growing at a CAGR of 16.90% From 2024-2032.