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.
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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.
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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.
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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
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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
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Wilmington, Delaware. Allied
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