Summary
Major players in the travel insurance market are Allianz SE, American Express Company, American International Group Inc., Assicurazioni Generali S.P.A, Atlas Travel Insurance, Aviva plc, Axa S.A., Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc., Saga PLC., Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc., Zurich Insurance, and Arch Capital Group Ltd.
The global travel insurance market grew from $19.14 billion in 2022 to $22.44 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The travel insurance market is expected to grow to $40.58 billion in 2027 at a CAGR of 16.0%.
The travel insurance market includes revenues earned by entities by evacuation insurance, baggage and personal items loss and life insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The travel insurance is a type of insurance that covers different risks while traveling. It covers medical expenses, flight cancellations, lost luggage, and other losses that a traveler can incur while traveling.
Asia-Pacific was the largest region in the travel insurance market in 2022. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of travel insurance are domestic and international.International travel insurance provides coverage for people who are traveling internationally.
The various insurance covers in travel insurance are single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance that are used by various end-users, including senior citizens, corporate travelers, family travelers, educational travelers, and other end-users. The coverage of travel insurance includes medical expenses, trip cancellation, trip delay, property damage, and others that are distributed by various channels, including insurance intermediaries, insurance companies, banks, insurance brokers, and other distribution channels.
The rise in tourism is contributing to the growth of the travel insurance market.Travel insurance helps the tourism sector by providing financial help through certain packages that help travellers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage.
For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.
The incorporation of advanced technologies has emerged as the key trend gaining popularity in the travel insurance platform.Major companies operating in the travel insurance sector are focused on new technologies to strengthen their position in the market.
For instance, in February 2022, Policybazaar, an Indian-based online insurance marketplace, launched AI-enables WhatsApp chatbot for automating the claim settlement process for its clients.
In July 2021, Staysure Group, a UK-based travel insurance company, acquired Rock Insurance Group for an undisclosed amount.The acquisition is expected to further strengthen the position of Staysure Group as the market leader and would allow them to dominate across both the B2B and B2C arenas, offering quality policies to a much wider range of consumers.
Rock Insurance Group is a UK-based travel, gadget, and commercial insurance company.
The countries covered in the travel insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The travel insurance market research report is one of a series of new reports that provides travel insurance market statistics, including travel insurance industry global market size, regional shares, competitors with a travel insurance market share, detailed travel insurance market segments, market trends and opportunities, and any further data you may need to thrive in the travel insurance industry. This travel insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
