USD 13.61 Billion
Report ID: SQSG40D2003 | Region: Global | Published Date: June, 2022 | Pages: 165
The Global Travel Insurance Market was valued at USD 13.61 Billion in 2021, and it is expected to reach a value of USD 71.33 Billion by 2028, at a CAGR of 26.70% over the forecast period (2022 - 2028).
Travel insurance provides service to travelers who have opted for it, in case of any disaster while they travel. Travelers can claim the insured amount if any unfortunate event occurs during the insured journey. The government instruction to opt the travel insurance due to rising tourism demand for all travelers is one of the major driving factors for the travel insurance market. These are important in a situation like failing to travel due to medical issues or some other problem and can claim the promised amount which will further propel the market growth in the coming period.
Global Market Size
USD 13.61 Billion
Annual Multi-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
To get more reports on the above market click here to Buy The Report
The Global Travel Insurance Market is segmented on the basis of Type, Distribution Channel, End-user, and Region. Based on Type, the market is segmented into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators. Based on End-user, the market is segmented into Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others. Based on region, the global Travel Insurance market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The travel insurance market is branded into single-trip travel Insurance and Annual multi-trip Travel Insurance based on the categories. The annual multi-trip category dominates the market segment in the year 2021 and is anticipated to grow at the same pace during the analysis period. Multi-trip insurance plan enables the customer to buy a plan for the complete year and saves them time and money for buying a new plan for every trip. This is due to the relaxation of restrictions for travel globally. These plans are easy to renew and finance for the long term. This has allowed people to travel to multiple destinations without thinking a lot about the what-ifs of the travel journey.
Single trip travel insurance is expected to grow at an unprecedented rate because of the booming domestic flight movement globally and multiple uncertainties regarding travel will push customers to go for travel insurance. This will propel the growth of the travel insurance market during the coming period.
To get detailed analysis on other segments, Request For Sample Report
In the year 2021, Europe held a major share in the travel insurance market and is anticipated to grow at the same rate. The increasing tourism and roving activity in the region due to administration schemes to improve tourism had a major impact on the growth of the travel insurance market. The Asia Pacific is anticipated to record exceptional progress during the analysis period. Growing income, vacation planning, and improving economic conditions ask for tourism throughout the region and will have a positive impact on the travel insurance market growth during the prediction period.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The Travel Insurance market is relatively fragmented, with a high level of competition. Few large players, like American International Group Inc., Berkshire Hathaway Specialty Insurance, and HanseMerkur Insurance Group, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, The travel insurance market tends to grow due to various government strategies to boost the demand for the leisure industry and corporates increasing to provide travel assurance to their employees on business tours, to ensure their safety and growing awareness about the frequency of trips around the year lead to multi-trip segment to dominate the market segment in the year 2021 and is anticipated to grow at the same pace during the analysis period. Europe holds the largest market share worldwide and is expected to do for the coming period.
|Market size value in 2021||USD 13.61 Billion|
|Market size value in 2028||USD 71.33 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Travel Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Travel Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Travel Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Travel Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQSG40D2003