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Travel Insurance Market by Insurance Cover, User and Distribution Channel - Global Opportunity Analysis and Industry Forecasts, 2014-2022

  • ID: 3976209
  • Report
  • Region: Global
  • 110 pages
  • Allied Analytics LLP
1 of 5


  • AIG Travel
  • Allianz Global Assistance
  • AXA SA
  • CSA Travel Protection
  • InsureandGo
  • MH Ross
  • MORE
Travel Insurance Market by Insurance Cover (Single trip, Annual multi-trip, and Long stay), User (Senior citizens, Education travelers, Backpackers, Business travelers, Family travelers, and Fully independent travelers), and Distribution Channel (Insurance intermediaries, Insurance companies, Banks, Insurance brokers, Insurance aggregators, and other) - Global Opportunity Analysis and Industry Forecasts, 2014-2022

When planning for any trip, the million-dollar question always remains whether or not to take a travel insurance. Although, one may consider it a mere waste of money, however, opting for it is rather a smart option. As no matter how well-planned a trip is, unforeseen weather changes, ill health, or other catastrophes can sabotage it.

Travel insurance covers expenses incurred and minimizes the risks during travel. It acts a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents among others. In addition, travel insurance is mandatory for tourists, who visit countries such as the U.S., Denmark, France, Germany, Greece, Italy, Canada, and Australia for business, education, holidays, or visiting friends and relatives (VFR).

Growth in tourism, rise in globalization, and trade practices have made this industry more attractive. Moreover, increase in number of senior citizens going abroad has propelled the growth of the travel insurance industry as they have become more informed about the insurance plans and the related benefits.

The major challenge faced by the players, who operate in the market is shipping of policies on time owing to the rise in the number of insurees. To increase their outreach, the market players venture into tie-ups with travel agents to cut down time and cost incurred during distribution of travel insurance policies. The evolving trend of unconventional expenses being insured has resulted in a large number of consumers to opt for travel insurance, thereby offering business opportunities for insurance companies.

The report analyses the travel insurance market on the basis of insurance cover, distribution channels, users, and geography. Based on insurance cover, the market is classified into single trip travel insurance, annual multi-trip travel insurance and long stay travel insurance. Insurance policies are sold through different distribution channels such as insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator, and others. Users who opt for travel insurance policies are backpackers, senior citizens, education travelers, business traveler, fully independent travelers, and family travelers. The market has further been analyzed across geographical regions namely North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).


Comprehensive analysis of the current and future trends in the world travel insurance market are provided in this report.
The report offers a competitive scenario of the market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges.
The report includes a comprehensive analysis of the market segments to provide insights on the market dynamics.
Porters Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.


The travel insurance market is segmented on the basis of insurance cover, distribution channels, users, and geography.


Single Trip Travel Insurance
Annual Multi-trip Travel Insurance
Long-Stay Travel Insurance


Insurance Intermediaries
Insurance Company
Insurance Broker
Insurance Aggregator


Senior Citizens
Education Traveler
Business Traveler
Family Traveler
Fully independent Traveler


North America
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Note: Product cover images may vary from those shown
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  • AIG Travel
  • Allianz Global Assistance
  • AXA SA
  • CSA Travel Protection
  • InsureandGo
  • MH Ross
  • MORE

1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models


2.1 CXO perspective


3.1 Market definition and scope
3.2 Key Findings

3.2.1 Top impacting factors
3.2.2 Top winning strategies
3.2.3 Top investment pockets

3.3 Value chain analysis
3.4 Porters five forces analysis
3.5 Market player positioning, 2015
3.6 Drivers

3.6.1 Rise in tourism
3.6.2 Travel rule and regulation

3.7 Restraints

3.7.1 Low penetration of insurance policies

3.8 Opportunities

3.8.1 New technological developments for the travel insurance industry


4.1 Single trip insurance policies

4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.2 Market size and forecast

4.2 Annual multi-trip insurance policies

4.2.1 Key market trends
4.1.2 Key drivers and opportunities
4.2.3 Market size and forecast

4.3 Long stay insurance policies

4.3.1 Key market trends
4.1.2 Key drivers and opportunities
4.3.3 Market size and forecast


5.1 Senior citizens

5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast

5.2 Education travelers

5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast

5.3 Business travelers

5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast

5.4 Backpackers

5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast

5.5 Family travelers

5.5.1 Key market trends
5.5.2 Key drivers and opportunities
5.5.3 Market size and forecast

5.6 Fully independent travelers

5.6.1 Key market trends
5.6.2 Key drivers and opportunities
5.6.3 Market size and forecast


6.1 Insurance Intermediaries

6.1.1 Key market trends
6.1.2 Key drivers and opportunities
6.1.3 Market size and forecast

6.2 Insurance Company

6.2.1 Key market trends
6.2.2 Key drivers and opportunities
6.2.3 Market size and forecast

6.3 Bank

6.3.1 Key market trends
6.3.2 Key drivers and opportunities
6.3.3 Market size and forecast

6.4 Insurance Broker

6.4.1 Key market trends
6.4.2 Key drivers and opportunities
6.4.3 Market size and forecast

6.5 Insurance Aggregator

6.5.1 Key market trends
6.5.2 Key drivers and opportunities
6.5.3 Market size and forecast

6.6 Others

6.6.1 Key market trends
6.6.2 Key drivers and opportunities
6.6.3 Market size and forecast


7.1 North America

7.1.1 Key market trends
7.1.2 Key drivers and opportunities
7.1.3 Market size and forecast United States Canada Mexico

7.2 Europe

7.2.1 Key market trends
7.2.2 Key drivers and opportunities
7.2.3 Market size and forecast United Kingdom Germany France Rest of Europe

7.3 Asia-Pacific

7.3.1 Key market trends
7.3.2 Key drivers and opportunities
7.3.3 Market size and forecast Japan India Australia South Korea Rest of Asia-Pacific


7.4.1 Key market trends
7.4.2 Key drivers and opportunities
7.4.3 Market size and forecast Latin America Middle East Africa


8.1 CSA Travel Protection

8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Business performance
8.1.4 Business segments
8.1.5 Strategic moves and developments

8.2 USI Affinity

8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Business performance
8.2.4 Business segments
8.2.5 Strategic moves and developments

8.3 Seven Corners Inc.

8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Business performance
8.3.4 Business segments
8.3.5 Strategic moves and developments

8.4 TravelSafe Insurance

8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Business performance
8.4.4 Business segments
8.4.5 Strategic moves and developments

8.5 MH Ross Travel Insurance Services

8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Business performance
8.5.4 Business segments
8.5.5 Strategic moves and developments

8.6 Allianz Global Assistance

8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Business performance
8.6.4 Business segments
8.6.5 Strategic moves and developments

8.7 Travel Insured International.

8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Business performance
8.7.4 Business segments
8.7.5 Strategic moves and developments

8.8 AXA SA

8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Business performance
8.8.4 Business segments
8.8.5 Strategic moves and developments

8.9 AIG Travel

8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Business performance
8.9.4 Business segments
8.9.5 Strategic moves and developments

8.10 InsureandGo.

8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Business performance
8.10.4 Business segments
8.10.5 Strategic moves and developments
Note: Product cover images may vary from those shown
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  • AIG Travel
  • Allianz Global Assistance
  • AXA SA
  • CSA Travel Protection
  • InsureandGo
  • MH Ross
  • MORE
Global Travel Insurance Market is expected to generate $28,264 million by 2022, growing at a CAGR of 8.5% during 2016 - 2022according to a new report .In 2015, Europe lead the travel insurance market, followed by Asia-Pacific. Growth in the region has been supplemented by rise in number of senior citizen travelers, and increase in business travel expenditure.

Growth in tourism is the prime factor that drives the travel insurance market. According to UNWTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach a total of 1,184 million, with North America witnessing the highest inbound travel. With the growing tourist traffic, increased incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences,more number of travelers are opting for travel insurance.

In addition, there are several countries, where travel insurance is mandatory for obtaining VISA. For instance, to visit countries, such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland among others, travel health insurance is a must.

In order to analyze the world travel insurance market, it is segmented based on insurance cover, users, distribution channel, and geography. Travel insurance cover is available forsingle trip, annual multi-trip, and long stay trips. Among the mentioned policies, single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of year-round city breaks, increase in family travelers, shopping trips abroad, and winter sun holidays. Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.
User segment comprises senior citizens, education travelers, family travelers, business travelers, backpackers, and fully independent travelers. In 2015, family travelers occupied a prominent share of the overall market revenue, followed by senior citizens. In addition, business travelers segment is anticipated to grow at the fastest CAGR of 9.7% during the forecast period, owing to increased international trade, overseas business expansion, and increase in business travel expenditure.

Travel insurance policies are sold through insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. In 2015, across all regions, traditional channel encompassing insurance intermediaries consisting of tour operators and travel agents accounted for around half of the overall sale of travel insurance policies and is projected to lead the market during the forecast period. Insurance aggregatorsis anticipated to be the fastest growing channel owing to the widening usage of internet worldwide. The segment is projected to register a CAGR of 11.5% during the forecast period.

Though, Europe accounted for the majority of revenue in 2015, its relative share in the global revenue is projected to decrease during the forecast period owing to recent incidence of Brexit. Asia-Pacific travel insurance market would exhibit prominent growth during the forecast period owing to increase in the number of travel insurance users which include backpackers, senior citizens, and business travelers.

From a growth perspective, travel insurance market inLAMEA is anticipated to witness the fastest CAGR of over 10% during the forecast period, on account of increase in demand of travel insurance policies from Latin American and Middle East countries.

Key Findings of Travel Insurance Market

In 2015, Europe was the highest revenue-generating region, followed by Asia-Pacific.
Single trip travel insurance policies would continue to be the major revenue generating segment throughout the analysis period.
Family travelers occupied prominent share of the overall market revenue in 2015 and would continue to lead the market over 2016-2022.
Insurance intermediaries would be the highest- revenue generating market segment throughout 2014-2022.

Key players profiled in this report are CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.
Note: Product cover images may vary from those shown
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  • CSA Travel Protection
  • USI Affinity
  • Seven Corners Inc
  • Travel Safe
  • MH Ross
  • Allianz Global Assistance
  • Travel Insured International
  • AXA SA
  • AIG Travel
  • InsureandGo
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.