Travel Insurance Industry Overview
The global travel insurance market size was valued at USD 17.8 billion in 2021 and is expected to grow at a CAGR of 15.4% from 2022 to 2030. Factors such as the rising demand for tourism and technological development are driving the demand for the travel insurance market. Additionally, the increasing travel laws and regulations by the government for travelers and travel insurance providers are fueling the demand for travel insurance worldwide.
Gather more insights about the market drivers, restrains and growth of the Travel Insurance Market
The outbreak of coronavirus had an adverse impact on the travel insurance market. In 2020, the pandemic had a significant impact on the worldwide travel and transportation sector, resulting in a travel disruption. On the other hand, the travel insurance market experienced growth due to the increased demand for travel protection and medical insurance while traveling during the post-pandemic.
In May 2020, Allianz Global Assistance, Canada-based travel assistance, and insurance provider announced the launch of its COVID-19 assistance and insurance coverage, which offers coverage up to USD 1,000,000 for emergency treatment related to COVID-19, along with other benefits. The company distributes the plans through its national distribution channel with the support of over 9,000 insurance brokers and travel agency partners.
Travel insurance is a type of insurance that offers coverage for certain expenditures and damages related to traveling. Trip cancellation, medical emergency, travel delay, and luggage coverage are included in travel insurance policies. The market growth especially post-pandemic is due to stringent rules and regulations imposed by various governments and regulatory authorities on travelers regarding the VISA policy. For instance, in January 2021, visitors to Singapore were required to have travel insurance with coverage for COVID-19-related medical care and hospitalization. The minimum amount of coverage is USD 30,000.
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Travel Insurance Market Segmentation
Grand View Research has segmented the global travel insurance market based on insurance coverage, distribution channel, end-users, and region:
Insurance Coverage Outlook (Revenue, USD Million, 2017 - 2030)
- Single-trip Travel Insurance
- Annual Multi-trip Travel Insurance
- Long-stay Travel Insurance
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
End-Users Outlook (Revenue, USD Million, 2017 - 2030)
- Education Travelers
- Business Travelers
- Senior Citizens
- Family Travelers
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
Key Companies profiled:
- Allianz
- American International Group, Inc.
- AXA
- ASSICURAZIONI GENERALI S.P.A.
- USI Insurance Services, LLC
- battleface
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insured International
- Zurich
- Delphi Financial Group, Inc.
- Ping An Insurance (Group) Company of China, Ltd.
Key Travel Insurance Company Insights
The competitive landscape of the travel insurance market is fragmented, featuring several global as well as regional players. The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are investing considerably in research & development activities to incorporate new technologies in their offerings and develop advanced solutions to gain a competitive advantage over other market players.
In July 2022, One80 Intermediaries, a specialty insurance broker, announced the acquisition of SelmanCo, an insurance administrator. With the acquisition of SelmanCo, it focuses on expanding its presence in the affinity market, enhancing the employee benefits space as well as the insurance offering to retired members of the U.S. Armed forces and family.
Recent Developments
- 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
Order a free sample PDF of the Travel Insurance Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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