FEATURED COMPANIES
- Allianz Group
- Axa
- Seven Corners Inc.
- Travelsafe Insurance
- Usi Insurance Services
Market Definition:
The Global Travel Insurance Market size was valued at USD 21.92 billion in 2019 and is predicted to reach USD 49.57 billion by 2030 with a CAGR of 7.7% from 2020-2030. Travel insurance provides financial security in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single trip or multiple trips. There are also few banks and financial institutions that offer such insurances free of cost along with their credit cards.
Market Dynamics and Trends:
Until the Covid-19 pandemic struck, the global tourism industry was on the rise with increasing globalization, multinational events and concerts. This trend had been interrupted in 2020, but with the rollout of vaccines at the global level, it is expected that the industry will gradually recover from beginning of 2022. The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are some factors expected to boost the demand of travel insurance market throughout the forecast period.
Other factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future. On the other hand, introduction of targeted and customized insurance policies along with increasing expenditure on travel at a global level is expected to create numerous opportunities for the travel insurance market players in the near future.
Market Segmentations and Scope of the Study:
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis:
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Competitive Landscape:
The travel insurance market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, Insure and Go., Travel Insured International, Travel Insured International, Travelex Group, and Aviva PLC among others.
There have been various developments taken place in the past and will take place in near future which is expected to drive the market growth. For instance, in May 2019, USI Insurance Services deals in risk management, employee benefit and retirement consulting, has announced the acquisition of New York-based retirement, benefits and risk management advisory firm, Chernoff Diamond & Co., LLC.
KEY MARKET SEGMENTS:
Global Travel Insurance market - By Insurance Cover
Global Travel Insurance market - By Distribution Channel
Global Travel Insurance market - By Users
Global Travel Insurance market -By Geography
The Global Travel Insurance Market size was valued at USD 21.92 billion in 2019 and is predicted to reach USD 49.57 billion by 2030 with a CAGR of 7.7% from 2020-2030. Travel insurance provides financial security in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single trip or multiple trips. There are also few banks and financial institutions that offer such insurances free of cost along with their credit cards.
Market Dynamics and Trends:
Until the Covid-19 pandemic struck, the global tourism industry was on the rise with increasing globalization, multinational events and concerts. This trend had been interrupted in 2020, but with the rollout of vaccines at the global level, it is expected that the industry will gradually recover from beginning of 2022. The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are some factors expected to boost the demand of travel insurance market throughout the forecast period.
Other factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future. On the other hand, introduction of targeted and customized insurance policies along with increasing expenditure on travel at a global level is expected to create numerous opportunities for the travel insurance market players in the near future.
Market Segmentations and Scope of the Study:
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis:
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Competitive Landscape:
The travel insurance market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, Insure and Go., Travel Insured International, Travel Insured International, Travelex Group, and Aviva PLC among others.
There have been various developments taken place in the past and will take place in near future which is expected to drive the market growth. For instance, in May 2019, USI Insurance Services deals in risk management, employee benefit and retirement consulting, has announced the acquisition of New York-based retirement, benefits and risk management advisory firm, Chernoff Diamond & Co., LLC.
KEY MARKET SEGMENTS:
Global Travel Insurance market - By Insurance Cover
- Single Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
Global Travel Insurance market - By Distribution Channel
- Insurance Intermediaries
- Insurance Company
- Bank
- Insurance Broker
- Insurance Aggregator
- Others
Global Travel Insurance market - By Users
- Senior Citizens
- Education Traveller
- Backpackers
- Business Traveller
- Family Traveller
- Fully independent Traveller
Global Travel Insurance market -By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- RoW
- Latin America
- Middle East
- Africa
FEATURED COMPANIES
- Allianz Group
- Axa
- Seven Corners Inc.
- Travelsafe Insurance
- Usi Insurance Services
1. Introduction
2. Market Snapshot, 2019-2030 Million USD
4. Market Dynamics
5. Global Travel Insurance Market, by Insurance Cover
6. Global Travel Insurance Market, by Distribution Channel
7. Global Travel Insurance Market, by End-user
8. Global Travel Insurance Market, by Region
9. Company Profiles
FEATURED COMPANIES
- Allianz Group
- Axa
- Seven Corners Inc.
- Travelsafe Insurance
- Usi Insurance Services
Travel Insurance: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 - 2030- The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are factors expected to drive the demand of travel insurance market throughout the forecast period.
Travel insurance provides financial security in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. The factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future.
The global travel insurance market share is analysed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Travel insurance provides financial security in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. The factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future.
The global travel insurance market share is analysed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
A selection of companies mentioned in this report includes:
- Allianz Group
- American International Group, Inc
- Axa
- Assicurazioni Generali S.P.A.
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insured International
- Travelsafe Insurance
- Usi Insurance Services
- Zurich Insurance Co. Limited
