Travel Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Coverage Type (Single Trip Travel Insurance, Annual Multi-trip Travel Insurance, Long Stay Travel Insurance), By Provider (Banks, Insurance Companies, Insurance Intermediaries, Others (Insurance Aggregators, etc.)), By End User (Education Travelers, Business Travelers, Family Travelers, Others (Senior Citizens, etc.), By Region, Competition
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
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Travel insurance market was valued at $22.6 billion in 2023, and is projected to reach $143.5 billion by 2033, growing at a CAGR of 20.1% by 2024 to 2033.
Travel insurance aims to protect from potential hazards and financial losses. The costs of lost or stolen property, Urgent medical attention, unintentional death, and travel cancellation & interruption are typically covered under travel insurance. From the time of departure until the insured person's return, it is in effect. Nowadays, several companies provide travel insurance with 24/7 emergency services, such as replacing lost passports, assisting with monetary wires, and rebooking postponed flights. Additionally, they offer the option for customisation based on the requirements of the insured individuals and their specific geographical area.
The U.S. Travel Insurance Association (UStiA) reported that customers spent about USD1.72 billion on various travel insurance products between 2018 and 2020, a decrease from the previous peak of USD4 billion in the study from 2016 to 2018. Therefore, the pandemic significantly impacted the global travel and transportation industry in the year 2020, causing prominent travel disruptions
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Customized Offerings Aiding the Market Growth
Various travel insurance providers offer travel insurance plans and packages that the buyer can customize. They can adjust their coverage limit through the same. For instance, American Express provides a customizable travel insurance package. Amex allows individuals to "create your own" or "purchase a bundle" when they purchase policies on its website. The company offers various options when someone enters travel information on its website. Amex allows customers to choose the level of baggage loss, damage, or theft insurance, depending on the price a person is willing to pay. The degree of emergency medical evacuation coverage can also be changed from USD25,000 to USD100,000. The amount of medical coverage can also be adjusted.
Rising Trend of ‘Workation’ as well as ‘Slow Tourism’ to Boost the Market Growth
Additionally, new spending patterns have been observed in the past couple of years. Concepts such as "slow tourism," which means taking a longer journey rather than splitting it up into multiple short stays, or "workation,", a new method of working while traveling that has been made possible by the advent of remote work, have been observed. These recent trends have several benefits, such as decreased mass consumption, increasing travel to new places, and developing eco-friendly tourism that considers the surroundings and the environment, etc. Such factors are anticipated to further enhance the market growth of travel insurance worldwide in the forecast period.
Ease of Availability Fueling the Market Growth
The rising internet penetration and increased usage of smartphones have led to a significant increase in online purchases. The expansion of the online insurance market is fueled by online portals such as direct airline websites, online travel agents, and company websites & applications, which raise consumer knowledge of the market. Additionally, since these websites only offer a few options from a single provider, they give customers the most straightforward approach to researching and purchasing top-tier travel insurance policies. Hence the increasing presence of travel insurance providers on online platforms is expected to bolster the growth of the market.
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Market Segmentation
The global travel insurance market is segmented based on coverage type, provider, end user, region, and competitive landscape. The market is further fragmented based on coverage type into single-trip travel insurance, annual multi-trip travel insurance, and extended stay travel insurance. It is also segmented based on provider, in terms of banks, insurance companies, insurance intermediaries, and others (insurance aggregators, etc.)). Based on end-user, it is segmented into education travelers, business travelers, family travelers, and others (senior citizens, etc.). The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Company Profiles
Allianz SE, American Express Company, American International Group, Inc., AXA SA, Assicurazioni Generali S.p.A.,
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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Coverage Type Provider End User Region |
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Regional Scope |
North America, Europe, Asia-Pacific, Middle East & Africa and South America |
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Country Scope |
United States; Canada; Mexico; Germany; France; United Kingdom; Italy; Spain; Netherlands; China; India; Japan; South Korea; Australia, Vietnam; Saudi Arabia; UAE, South Africa, Turkey; Brazil; Argentina; Colombia |
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Key Companies Profiled |
Allianz SE, American Express Company, American International Group, Inc., AXA SA, Assicurazioni Generali S.p.A., Insure & Go Insurance Services Limited, Seven Corners Inc., Crum & Forster Holdings Corp. USI Insurance Services, LLC, Zurich Insurance Company Ltd |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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