The travel insurance market has grown due to rapid growth in
tourism, convenient shopping due to online comparison sites, and
travel rules & regulations are the major factors that drive the
growth of the global travel insurance market.
PORTLAND, Ore., May 10, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Travel Insurance Market by
Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip
Travel Insurance, and Long-Stay Travel Insurance), Distribution
Channel (Insurance Intermediaries, Insurance Companies, Banks,
Insurance Brokers, and Insurance Aggregators), End
User (Senior Citizens, Education Travelers, Business
Travelers, Family Travelers, and Others), and Age Group (1-17 Years
Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years): Global
Opportunity Analysis and Industry Forecast, 2022-2031, and Region
(North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity
Analysis and Industry Forecast, 2023-2032.". According to
the report, the travel insurance industry generated $16.8 billion in 2023 and is
anticipated to generate $106.8 billion by 2032, witnessing a CAGR of
20.1% from 2023 to 2032.
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208 – Tables
67 – Charts
381 – Pages
Prime determinants of growth
Rapid growth in tourism, convenient shopping due to online
comparison sites and travel rules and regulations primarily drive
the growth of the travel insurance market. However, lack of
awareness regarding travel insurance policy hampers the market growth. On the contrary,
expansion of products and services and new technological
developments in the travel insurance industry is expected to
provide lucrative opportunities for the market growth during the
forecast period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$16.8 billion
|
Market Size in
2032
|
$106.8 billion
|
CAGR
|
20.1 %
|
No. of Pages in
Report
|
381
|
Segments
covered
|
Insurance Cover,
Distribution Channel, End User, Age Group, and Region.
|
Drivers
|
Rapid growth in
tourism
Convenient shopping due
to online comparison sites
Travel rules and
regulations
|
Opportunities
|
Expansion of products
and services
New technological
developments in the travel insurance
|
Restraint
|
Lack of awareness
regarding travel insurance policy
|
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The long-stay travel insurance segment to maintain its
leadership status throughout the forecast period.
By insurance cover, the single-trip travel insurance segment
held the largest market share in 2022, accounting for more
than three-fifths of the travel insurance market revenue
and is estimated to maintain its leadership status throughout the
forecast period, owing to its comprehensive coverage for a single
journey, including trip cancellations, medical emergencies, and
baggage loss, providing travelers with peace of mind. However, the
long-stay travel insurance segment is projected to manifest the
highest CAGR of 23.8% from 2023 to 2032, owing to the increasing
number of long-term travelers seeking comprehensive insurance
coverage for extended stays abroad.
The insurance aggregators segment to maintain its leadership
status throughout the forecast period.
By distribution channel, the insurance intermediaries segment
held the largest market share in 2022, accounting for nearly
one-third of the travel insurance market revenue and is
estimated to maintain its leadership status throughout the forecast
period, owing to its wide network, personalized services, and
strong customer relationships, which cater to the diverse needs of
travelers efficiently. However, the insurance aggregators segment
is projected to manifest the highest CAGR of 23.0% from 2023 to
2032, owing to its ability to offer a wide range of insurance
options from different providers, providing customers with greater
choice and convenience in selecting suitable policies.
The business travelers segment to maintain its
leadership status throughout the forecast period.
By end user, the family travelers segment held the largest
market share in 2022, accounting for nearly one-third of the travel
insurance market revenue and is estimated to maintain its
leadership status throughout the forecast period, owing to the
rising number of families opting for travel insurance to protect
their loved ones against unforeseen events such as medical
emergencies and trip cancellations. However, the business travelers segment is projected to
manifest the highest CAGR of 22.6% from 2023 to 2032, owing to the
increasing globalization of businesses, rising frequency of
business trips, and the need for comprehensive coverage against
travel-related risks for employees on corporate travel.
The 18-30 years old segment to maintain its leadership status
throughout the forecast period.
By age group, the 31-49 years old segment held the largest
market share in 2022, accounting for more
than one-third of the travel insurance market revenue and
is estimated to maintain its leadership status throughout the
forecast period, owing to its active participation in travel
activities, higher disposable income, and a growing awareness of
the importance of travel insurance, especially for longer trips.
However, the 18-30 years old segment is projected to manifest the
highest CAGR of 23.0% from 2023 to 2032, owing to the increasing
number of young travelers seeking adventurous and experiential
travel experiences, leading to a higher demand for travel insurance
among this demographic.
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Asia-Pacific region to
maintain its dominance by 2032.
By region, the Europe segment
held the largest market share in terms of revenue in 2022,
accounting for nearly two-fifths of the travel insurance
market revenue, owing to the region's robust tourism industry, high
awareness about travel risks, and the availability of a wide range
of travel insurance products tailored to different traveler needs,
which is boosting the growth of the market in this region. The
Asia-Pacific region is expected to
witness the fastest CAGR of 22.1% from 2023 to 2032, owing to the
increasing awareness about travel insurance, rising disposable
incomes, and a growing number of outbound travelers, particularly
from countries like China and
India, driving the demand for
travel insurance policies in the region.
Leading Market Players: -
- American International Group, Inc.,
- Assicurazioni Generali S.P.A.
- Aviva
- AXA
- Zurich
- Just Travel Cover
- PassportCard
- Trailfinders Ltd.
- Staysure
- Insurefor.com
The report provides a detailed analysis of these key players of
the travel insurance market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different countries. 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 2022 to 2032 to identify the
prevailing market opportunities.
- The 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 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
- Above 50
- 1–17 Years Old
- 18–30 Years Old
- 31–49 Years Old
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Norway, Netherlands, Spain, Italy,
Switzerland, Finland, Belgium, Russia, Sweden, Austria, Rest of Europe)
- Asia-Pacific
(China, Japan, Australia, Hong
Kong, South Korea,
Malaysia, Singapore, New
Zealand, Rest of Asia-Pacific)
- LAMEA (Brazil,
Argentina, Rest of Latin America, Middle East, Africa)
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