USD 17.8 billion
Report ID: SQMIG40D2014 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 93 | Figures: 76
Travel Insurance Market size was valued at USD 17.8 billion in 2021 and is poised to grow from USD 20.32 billion in 2022 to USD 63.9 billion by 2030, growing at a CAGR of 15.4% in the forecast period (2023-2030).
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.
US Travel Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 17.8 billion
Annual Multi-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
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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.
Travel Insurance Market 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.
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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.
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Travel Insurance Market Driver
Travel Insurance Market Restraint
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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.
Travel Insurance Market Top Player’s Company Profiles
Travel Insurance Market Recent Developments
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 17.8 billion|
|Market size value in 2030||USD 63.9 billion|
|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)|
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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.
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