Travel Insurance Market Report, Global Industry Statistics and Growth Drivers 2024-2032
IMARC Group has recently released a new research study titled “Travel Insurance Market Report by Insurance Type (Single Trip Travel Insurance, Annual Multi-Trip Insurance, Long-Stay Travel Insurance), Coverage (Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, and Others), Distribution Channel (Insurance Intermediaries, Banks, Insurance Companies, Insurance Aggregators, Insurance Brokers, and Others), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global travel insurance market size reached US$ 17.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2032, exhibiting a growth rate (CAGR) of 11% during 2024-2032.
Request to Get the Sample Report:
https://www.imarcgroup.com/travel-insurance-market/requestsample
What is Travel Insurance?
Travel insurance refers to a type of guaranteed policy scheme that provides financial protection for expenses or losses incurred, owing to unexpected events during domestic or overseas trips. It usually covers the costs of emergency medical care, lost or stolen belongings, accidental death, and tour cancellation and interruption. Travel insurance takes effect from the day of the journey until the insured returns home. Presently, numerous companies are providing trip security with 24/7 emergency services, including cash wire assistance, re-booking canceled flights, restoring expired visas, replacing lost passports, and customization options depending on the geographical location and as per the needs of the insured individuals.
Travel Insurance Market Trends:
The expanding tourism industry, on account of inflating disposable income levels of people and the easy availability of online voyage bookings and discounted package holidays, is primarily driving the travel insurance market. Furthermore, the rising requirement for more comprehensive journey security policies, such as for liability, legal assistance, and emergency evacuation, by business guests is also augmenting the market growth. Apart from this, the escalating demand for travel insurance policies among the geriatric population, as it provides coverage for pre-existing medical conditions, hospitalization, and prescription drug coverage to seniors, is positively influencing the global market.
Moreover, government bodies of several countries have made it mandatory to attach trip security documents while applying for a visa, which is further bolstering the market growth. Besides this, the increasing incorporation of digital tools, including application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), for improving distribution systems and providing personalized user experience by key players is expected to drive the travel insurance market in the coming years.
Travel Insurance Market Segmentation:
Breakup by Insurance Type:
· Single-Trip Travel Insurance
· Annual Multi-Trip Insurance
· Long-Stay Travel Insurance
Breakup by Coverage:
· Medical Expenses
· Trip Cancellation
· Trip Delay
· Property Damage
· Others
Breakup by Distribution Channel:
· Insurance Intermediaries
· Banks
· Insurance Companies
· Insurance Aggregators
· Insurance Brokers
· Others
Breakup by End User:
· Senior Citizens
· Education Travelers
· Business Travelers
· Family Travelers
· Others
Breakup by Region:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
Competitive Landscape With Key Players:
The competitive landscape of the Travel insurance market size has been studied in the report with the detailed profiles of the key players operating in the market
Some of These Key Players Include:
- · Allianz SE
- · American Express Company
- · American International Group,
- · AXA SA
- · Berkshire Hathaway Specialty Insurance Company
- · Generali Group
- · Insure & Go Insurance Services (Mapfre S.A.)
- · Seven Corners Inc.
- · Travel Insured International Inc.
- · (Crum & Forster)
- · USI Affinity (USI Insurance Services)
- · Zurich Insurance Group AG
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=2432&flag=C
Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Website: imarcgroup.com
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian