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Travel Insurance Market by Insurance Cover, by Distribution Channel, by End Users - Global Opportunity Analysis and Industry Forecast, 2020 - 2030

  • ID: 5314513
  • Report
  • November 2020
  • Region: Global
  • 312 pages
  • Next Move Strategy Consulting

FEATURED COMPANIES

  • Allianz Group
  • Axa
  • Seven Corners Inc.
  • Travelsafe Insurance
  • Usi Insurance Services
  • MORE
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
  • 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
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Allianz Group
  • Axa
  • Seven Corners Inc.
  • Travelsafe Insurance
  • Usi Insurance Services
  • MORE
1. Introduction
1.1. Report Description
1.2. Research Methodology
1.2.1 Secondary Research
1.2.2 Data Analysis Framework
1.2.3 Market Size Estimation
1.2.4 Forecasting
1.2.5 Primary Research and Data Validation

2. Market Snapshot, 2019-2030 Million USD
2.1. Market Snapshot

3. Porter's Five Force Model Analysis

4. Market Dynamics
4.1. Growth Drivers
4.1.1 Driver 1
4.1.2 Driver 2
4.1.3 Driver 3
4.1.4 Driver 4
4.2. Challenges
4.2.1 Challenge 1
4.2.2 Challenge 2
4.3. Opportunities
4.3.1 Opportunity 1
4.3.2 Opportunity 2

5. Global Travel Insurance Market, by Insurance Cover
5.1. Overview
5.2. Single-Trip Travel Insurance
5.2.1 Single-Trip Travel Insurance Market, by Region
5.2.1.1 North America Single-Trip Travel Insurance Market, by Country
5.2.1.2 Europe Single-Trip Travel Insurance Market, by Country
5.2.1.3 Asia-Pacific Single-Trip Travel Insurance Market, by Country
5.2.1.4 Rest of World Single-Trip Travel Insurance Market, by Country
5.3. Annual Multi-Trip Travel Insurance
5.3.1 Annual Multi-Trip Travel Insurance Market, by Region
5.3.1.1 North America Annual Multi-Trip Travel Insurance Market, by Country
5.3.1.2 Europe Annual Multi-Trip Travel Insurance Market, by Country
5.3.1.3 Asia-Pacific Annual Multi-Trip Travel Insurance Market, by Country
5.3.1.4 Rest of World Annual Multi-Trip Travel Insurance Market, by Country
5.4. Long-Stay Travel Insurance
5.4.1 Long-Stay Travel Insurance Market, by Region
5.4.1.1 North America Long-Stay Travel Insurance Market, by Country
5.4.1.2 Europe Long-Stay Travel Insurance Market, by Country
5.4.1.3 Asia-Pacific Long-Stay Travel Insurance Market, by Country
5.4.1.4 Rest of World Long-Stay Travel Insurance Market, by Country

6. Global Travel Insurance Market, by Distribution Channel
6.1. Overview
6.2. Insurance Intermediaries
6.2.1 Insurance Intermediaries Market, by Region
6.2.1.1 North America Insurance Intermediaries Market, by Country
6.2.1.2 Europe Insurance Intermediaries Market, by Country
6.2.1.3 Asia-Pacific Insurance Intermediaries Market, by Country
6.2.1.4 Rest of World Insurance Intermediaries Market, by Country
6.3. Insurance Companies
6.3.1 Insurance Companies Market, by Region
6.3.1.1 North America Insurance Companies Market, by Country
6.3.1.2 Europe Insurance Companies Market, by Country
6.3.1.3 Asia-Pacific Insurance Companies Market, by Country
6.3.1.4 Rest of World Insurance Companies Market, by Country
6.4. Banks
6.4.1 Banks Market, by Region
6.4.1.1 North America Banks Market, by Country
6.4.1.2 Europe Banks Market, by Country
6.4.1.3 Asia-Pacific Banks Market, by Country
6.4.1.4 Rest of World Banks Market, by Country
6.5. Insurance Brokers
6.5.1 Insurance Brokers Market, by Region
6.5.1.1 North America Insurance Brokers Market, by Country
6.5.1.2 Europe Insurance Brokers Market, by Country
6.5.1.3 Asia-Pacific Insurance Brokers Market, by Country
6.5.1.4 Rest of World Insurance Brokers Market, by Country
6.6. Insurance Aggregators
6.6.1 Insurance Aggregators Market, by Region
6.6.1.1 North America Insurance Aggregators Market, by Country
6.6.1.2 Europe Insurance Aggregators Market, by Country
6.6.1.3 Asia-Pacific Insurance Aggregators Market, by Country
6.6.1.4 Rest of World Insurance Aggregators Market, by Country

7. Global Travel Insurance Market, by End-user
7.1. Overview
7.2. Senior Citizens
7.2.1 Senior Citizens Market, by Region
7.2.1.1 North America Senior Citizens Market, by Country
7.2.1.2 Europe Senior Citizens Market, by Country
7.2.1.3 Asia-Pacific Senior Citizens Market, by Country
7.2.1.4 Rest of World Senior Citizens Market, by Country
7.3. Education Travelers
7.3.1 Education Travelers Market, by Region
7.3.1.1 North America Education Travelers Market, by Country
7.3.1.2 Europe Education Travelers Market, by Country
7.3.1.3 Asia-Pacific Education Travelers Market, by Country
7.3.1.4 Rest of World Education Travelers Market, by Country
7.4. Business Travelers
7.4.1 Business Travelers Market, by Region
7.4.1.1 North America Business Travelers Market, by Country
7.4.1.2 Europe Business Travelers Market, by Country
7.4.1.3 Asia-Pacific Business Travelers Market, by Country
7.4.1.4 Rest of World Business Travelers Market, by Country
7.5. Family Travelers
7.5.1 Family Travelers Market, by Region
7.5.1.1 North America Family Travelers Market, by Country
7.5.1.2 Europe Family Travelers Market, by Country
7.5.1.3 Asia-Pacific Family Travelers Market, by Country
7.5.1.4 Rest of World Family Travelers Market, by Country
7.6. Other End-user
7.6.1 Other End-user Market, by Region
7.6.1.1 North America Other End-user Market, by Country
7.6.1.2 Europe Other End-user Market, by Country
7.6.1.3 Asia-Pacific Other End-user Market, by Country
7.6.1.4 Rest of World Other End-user Market, by Country

8. Global Travel Insurance Market, by Region
8.1. Overview
8.2. North America
8.2.1 North America Travel Insurance Market, by Insurance Cover
8.2.2 North America Travel Insurance Market, by Distribution Channel
8.2.3 North America Travel Insurance Market, by End-user
8.2.4 North America Travel Insurance, Market by Country
8.2.4.1 U.S.
8.2.4.1.1 U.S. Travel Insurance Market, by Insurance Cover
8.2.4.1.2 U.S. Travel Insurance Market, by Distribution Channel
8.2.4.1.3 U.S. Travel Insurance Market, by End-user
8.2.4.2 Canada
8.2.4.2.1 Canada Travel Insurance Market, by Insurance Cover
8.2.4.2.2 Canada Travel Insurance Market, by Distribution Channel
8.2.4.2.3 Canada Travel Insurance Market, by End-user
8.2.4.3 Mexico
8.2.4.3.1 Mexico Travel Insurance Market, by Insurance Cover
8.2.4.3.2 Mexico Travel Insurance Market, by Distribution Channel
8.2.4.3.3 Mexico Travel Insurance Market, by End-user
8.3. Europe
8.3.1 Europe Travel Insurance Market, by Insurance Cover
8.3.2 Europe Travel Insurance Market, by Distribution Channel
8.3.3 Europe Travel Insurance Market, by End-user
8.3.4 Europe Travel Insurance, Market by Country
8.3.4.1 UK
8.3.4.1.1 UK Travel Insurance Market, by Insurance Cover
8.3.4.1.2 UK Travel Insurance Market, by Distribution Channel
8.3.4.1.3 UK Travel Insurance Market, by End-user
8.3.4.2 Germany
8.3.4.2.1 Germany Travel Insurance Market, by Insurance Cover
8.3.4.2.2 Germany Travel Insurance Market, by Distribution Channel
8.3.4.2.3 Germany Travel Insurance Market, by End-user
8.3.4.3 France
8.3.4.3.1 France Travel Insurance Market, by Insurance Cover
8.3.4.3.2 France Travel Insurance Market, by Distribution Channel
8.3.4.3.3 France Travel Insurance Market, by End-user
8.3.4.4 Italy
8.3.4.4.1 Italy Travel Insurance Market, by Insurance Cover
8.3.4.4.2 Italy Travel Insurance Market, by Distribution Channel
8.3.4.4.3 Italy Travel Insurance Market, by End-user
8.3.4.5 Spain
8.3.4.5.1 Spain Travel Insurance Market, by Insurance Cover
8.3.4.5.2 Spain Travel Insurance Market, by Distribution Channel
8.3.4.5.3 Spain Travel Insurance Market, by End-user
8.3.4.6 Netherlands
8.3.4.6.1 Netherlands Travel Insurance Market, by Insurance Cover
8.3.4.6.2 Netherlands Travel Insurance Market, by Distribution Channel
8.3.4.6.3 Netherlands Travel Insurance Market, by End-user
8.3.4.7 Rest of Europe
8.3.4.7.1 Rest of Europe Travel Insurance Market, by Insurance Cover
8.3.4.7.2 Rest of Europe Travel Insurance Market, by Distribution Channel
8.3.4.7.3 Rest of Europe Travel Insurance Market, by End-user
8.4. Asia-Pacific
8.4.1 Asia-Pacific Travel Insurance Market, by Insurance Cover
8.4.2 Asia-Pacific Travel Insurance Market, by Distribution Channel
8.4.3 Asia-Pacific Travel Insurance Market, by End-user
8.4.4 Asia-Pacific Travel Insurance, Market by Country
8.4.4.1 India
8.4.4.1.1 India Travel Insurance Market, by Insurance Cover
8.4.4.1.2 India Travel Insurance Market, by Distribution Channel
8.4.4.1.3 India Travel Insurance Market, by End-user
8.4.4.2 China
8.4.4.2.1 China Travel Insurance Market, by Insurance Cover
8.4.4.2.2 China Travel Insurance Market, by Distribution Channel
8.4.4.2.3 China Travel Insurance Market, by End-user
8.4.4.3 Australia
8.4.4.3.1 Australia Travel Insurance Market, by Insurance Cover
8.4.4.3.2 Australia Travel Insurance Market, by Distribution Channel
8.4.4.3.3 Australia Travel Insurance Market, by End-user
8.4.4.4 Japan
8.4.4.4.1 Japan Travel Insurance Market, by Insurance Cover
8.4.4.4.2 Japan Travel Insurance Market, by Distribution Channel
8.4.4.4.3 Japan Travel Insurance Market, by End-user
8.4.4.5 Rest of Asia-Pacific
8.4.4.5.1 Rest of Asia-Pacific Travel Insurance Market, by Insurance Cover
8.4.4.5.2 Rest of Asia-Pacific Travel Insurance Market, by Distribution Channel
8.4.4.5.3 Rest of Asia-Pacific Travel Insurance Market, by End-user
8.5. Rest of World
8.5.1 Rest of World Travel Insurance Market, by Insurance Cover
8.5.2 Rest of World Travel Insurance Market, by Distribution Channel
8.5.3 Rest of World Travel Insurance Market, by End-user
8.5.4 Rest of World Travel Insurance, Market by Country
8.5.4.1 Latin America
8.5.4.1.1 Latin America Travel Insurance Market, by Insurance Cover
8.5.4.1.2 Latin America Travel Insurance Market, by Distribution Channel
8.5.4.1.3 Latin America Travel Insurance Market, by End-user
8.5.4.2 Middle East
8.5.4.2.1 Middle East Travel Insurance Market, by Insurance Cover
8.5.4.2.2 Middle East Travel Insurance Market, by Distribution Channel
8.5.4.2.3 Middle East Travel Insurance Market, by End-user
8.5.4.3 Africa
8.5.4.3.1 Africa Travel Insurance Market, by Insurance Cover
8.5.4.3.2 Africa Travel Insurance Market, by Distribution Channel
8.5.4.3.3 Africa Travel Insurance Market, by End-user

9. Company Profiles
9.1. Allianz Group
9.1.1 Company Overview
9.1.2 Company Snapshot
9.1.3 Operating Business Segments
9.1.4 Product Portfolio
9.1.5 Business Performance
9.1.6 Key Strategic Moves and Development
9.2. American International Group, Inc.
9.2.1 Company Overview
9.2.2 Company Snapshot
9.2.3 Operating Business Segments
9.2.4 Product Portfolio
9.2.5 Business Performance
9.2.6 Key Strategic Moves and Development
9.3. Axa
9.3.1 Company Overview
9.3.2 Company Snapshot
9.3.3 Operating Business Segments
9.3.4 Product Portfolio
9.3.5 Business Performance
9.3.6 Key Strategic Moves and Development
9.4. Assicurazioni Generali S.P.A.
9.4.1 Company Overview
9.4.2 Company Snapshot
9.4.3 Operating Business Segments
9.4.4 Product Portfolio
9.4.5 Business Performance
9.4.6 Key Strategic Moves and Development
9.5. Insure & Go Insurance Services Limited
9.5.1 Company Overview
9.5.2 Company Snapshot
9.5.3 Operating Business Segments
9.5.4 Product Portfolio
9.5.5 Business Performance
9.5.6 Key Strategic Moves and Development
9.6. Seven Corners Inc.
9.6.1 Company Overview
9.6.2 Company Snapshot
9.6.3 Operating Business Segments
9.6.4 Product Portfolio
9.6.5 Business Performance
9.6.6 Key Strategic Moves and Development
9.7. Travel Insured International
9.7.1 Company Overview
9.7.2 Company Snapshot
9.7.3 Operating Business Segments
9.7.4 Product Portfolio
9.7.5 Business Performance
9.7.6 Key Strategic Moves and Development
9.8. Travelsafe Insurance
9.8.1 Company Overview
9.8.2 Company Snapshot
9.8.3 Operating Business Segments
9.8.4 Product Portfolio
9.8.5 Business Performance
9.8.6 Key Strategic Moves and Development
9.9. Usi Insurance Services
9.9.1 Company Overview
9.9.2 Company Snapshot
9.9.3 Operating Business Segments
9.9.4 Product Portfolio
9.9.5 Business Performance
9.9.6 Key Strategic Moves and Development
9.10. Zurich Insurance Co. Limited
9.10.1 Company Overview
9.10.2 Company Snapshot
9.10.3 Operating Business Segments
9.10.4 Product Portfolio
9.10.5 Business Performance
9.10.6 Key Strategic Moves and Development
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Allianz Group
  • Axa
  • Seven Corners Inc.
  • Travelsafe Insurance
  • Usi Insurance Services
  • MORE
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.
Note: Product cover images may vary from those shown
  • 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
Note: Product cover images may vary from those shown
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