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PUBLISHER: Grand View Research | PRODUCT CODE: 1121766
PUBLISHER: Grand View Research | PRODUCT CODE: 1121766
Travel Insurance Market Size, Share & Trends Analysis Report By Insurance Coverage, By Distribution Channel, By End Use, By Region, And Segment Forecasts, 2022 - 2030
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Travel Insurance Market Growth & Trends:
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030. The demand for travel insurance is poised to skyrocket on the account of growth in the tourism industry due to the factors such as easy internet travel bookings, extensive media coverage of various holiday types, an increase in disposable income, and enhanced package holidays.
The increasing adoption of various technological advancements, such as AI-based applications, the usage of Big Data, and Blockchain, is expected to create growth opportunities for travel providers in the global market. Moreover, the travel insurance market is witnessing a rise in popularity owing to benefits such as COVID-19 medical coverage, and 24/7 emergency services.
Many industries across the world were severely impacted due to the COVID-19 pandemic. However, the travel insurance market experienced significant growth owing to a surge in the demand for travel insurance services and products post-pandemic. The pandemic has accelerated the need for travel insurance among the general population, resulting in the creation of various open-source data portals and dashboards to inform citizens about the number of coverage included in travel insurance, the number of active cases, and infection rate, and recovery rate.
Travel Insurance Market Report Highlights:
- In terms of insurance coverage, the single-trip insurance coverage segment held the largest revenue share of 60.1% in 2021 and is projected to expand at the highest CAGR of 16.0% during the forecast period. The adoption of travel insurance is skyrocketing, and organizations are developing and adding more benefits, such as travel insurance for sports activities. The annual multi-trip insurance coverage segment is anticipated to expand at a CAGR of 15.3% during the forecast period
- In terms of distribution channels, the insurance companies' segment dominated the market with a share of 34.8% in 2021 and is projected to maintain its dominance during the forecast period. The market growth of this segment can be attributed to the demand for trusted sources for the distribution of these policies, as they have an authorized set of packages and can rightly advise the customers about the travel insurance plans
- In terms of end-users, the senior citizen's segment dominated the market in 2021 and is projected to expand at a CAGR of 13.9% during the forecast period. This growth is attributed to the increase in numerous policy plans for senior citizens, such as COVID-19 insurance cover and emergency medical covers. In addition, services like emergency evacuation, subsidies in tickets, trip cancellation coverage, and coverage for luggage loss have a positive impact on the market
- The business travelers segment is likely to register the highest CAGR of 17.6% during the forecast period. The surge in numbers of business trips in recent years and the increasing number of business travel insurance product offerings by the industry players are the key factors driving the growth of this segment. For instance, in March 2021, Travel Insured International's launched a new product, Worldwide Trip Protector, to enhance various insurance policies for families, business travelers, and other travelers
- Europe captured the highest market share of 36.1% in 2021 and is expected to retain its position during the forecast period. This can be attributed to the existence of numerous travel insurance companies as well as the high adoption rate as a result of government policies that encourage travel insurance usage throughout the region. For instance, in April 2022, the Insurance Regulatory and Development Authority of India announced that it will reform regulations and capital requirements and introduce new solutions to expand the penetration of insurance and provide insurers with more flexibility
- Asia Pacific (APAC) is expected to expand at the highest CAGR of over 16.7% during the forecast period. The market growth in this region is primarily due to the expansion of travel insurance policies to transform businesses through the deployment of COVID-19-related coverage for overseas hospitalization expenses, medical evacuation, quarantine allowance, and others to benefit travelers across the region. For instance, in July 2022, Chubb, a travel insurance provider, partnered with Royal Brunei Airlines to provide travel insurance to passengers. It offers a product that covers unexpected overseas medical expenses, accidents, COVID-19 medical cover, and travel inconveniences, including travel documents, loss of luggage, and trip cancellation
Product Code: GVR-4-68039-972-0
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope and Assumptions
- 1.3 List of Data Sources
- 1.4 Market Segmentation and Scope
Chapter 2 Executive Summary
- 2.1 Travel Insurance Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
- 2.2 Global Travel Insurance Market, 2017 - 2030
- 2.2.1 Global travel insurance market, by region, 2017 - 2030
- 2.2.2 Global travel insurance market, by insurance coverage, 2017 - 2030
- 2.2.3 Global travel insurance market, by distribution channel, 2017 - 2030
- 2.2.4 Global travel insurance market, by end-users, 2017 - 2030
Chapter 3 Travel Insurance Industry Outlook
- 3.1 Market Lineage Outlook
- 3.1.1 Parent market outlook
- 3.2 Market Size and Growth Prospects
- 3.3 Regulatory Scenario
- 3.4 Travel Insurance Market - Market Dynamics
- 3.4.1 Market driver analysis
- 3.4.1.1 Rise in tourism
- 3.4.1.2 Technology development in the travel insurance industry
- 3.4.2 Market challenge analysis
- 3.4.2.1 Lack of knowledge in terms of premium rates and coverages
- 3.4.3 Market opportunity analysis
- 3.4.3.1 Increasing travel laws and regulations by the government
- 3.4.1 Market driver analysis
- 3.5 Travel Insurance Market - Porter's Five Forces Analysis
- 3.6 Travel Insurance Market - PESTEL Analysis
- 3.7 COVID-19 Impact on the Travel Insurance Market
Chapter 4 Travel Insurance Coverage Outlook
- 4.1 Travel Insurance Market Share By Insurance Coverage, 2021
- 4.2 Single-trip Travel Insurance
- 4.2.1 Travel insurance single-trip travel insurance market, 2017 - 2030
- 4.3 Annual Multi-trip Travel Insurance
- 4.3.1 Travel insurance annual multi-trip travel insurance market, 2017 - 2030
- 4.4 Long-stay Travel Insurance
- 4.4.1 Travel insurance long-stay travel insurance market, 2017 - 2030
Chapter 5 Travel Insurance Distribution Channel Outlook
- 5.1 Travel Insurance Market Share By Distribution Channel, 2021
- 5.2 Insurance Intermediaries
- 5.2.1 Travel insurance intermediaries market, 2017 - 2030
- 5.3 Insurance Companies
- 5.3.1 Travel insurance companies market, 2017 - 2030
- 5.4 Banks
- 5.4.1 Travel insurance banks market, 2017 - 2030
- 5.5 Insurance Brokers
- 5.5.1 Travel insurance brokers market, 2017 - 2030
- 5.6 Insurance Aggregators
- 5.6.1 Travel insurance aggregators market, 2017 - 2030
Chapter 6 Travel Insurance End-users Outlook
- 6.1 Travel Insurance Market Share By End-users, 2021
- 6.2 Education Travelers
- 6.2.1 Travel insurance education travelers market, 2017 - 2030
- 6.3 Business Travelers
- 6.3.1 Travel insurance business travelers market, 2017 - 2030
- 6.4 Senior Citizens
- 6.4.1 Travel insurance senior citizens market, 2017 - 2030
- 6.5 Family Travelers
- 6.5.1 Travel insurance family travelers market, 2017 - 2030
- 6.6 Others
- 6.6.1 Travel insurance others market, 2017 - 2030
Chapter 7 Travel Insurance Regional Outlook
- 7.1 Travel Insurance Market Share By Region, 2021
- 7.2 North America
- 7.2.1 North America travel insurance market, 2017 - 2030
- 7.2.2 North America travel insurance market, by insurance coverage, 2017 - 2030
- 7.2.3 North America travel insurance market, by distribution channel, 2017 - 2030
- 7.2.4 North America travel insurance market, by end-users, 2017 - 2030
- 7.2.5 U.S.
- 7.2.5.1 U.S. travel insurance market, 2017 - 2030
- 7.2.5.2 U.S. travel insurance market, by insurance coverage, 2017 - 2030
- 7.2.5.3 U.S. travel insurance market, by distribution channel, 2017 - 2030
- 7.2.5.4 U.S. travel insurance market, by end-users, 2017 - 2030
- 7.2.6 Canada
- 7.2.6.1 Canada travel insurance market, 2017 - 2030
- 7.2.6.2 Canada travel insurance market, by insurance coverage, 2017 - 2030
- 7.2.6.3 Canada travel insurance market, by distribution channel, 2017 - 2030
- 7.2.6.4 Canada travel insurance market, by end-users, 2017 - 2030
- 7.3 Europe
- 7.3.1 Europe travel insurance market, 2017 - 2030
- 7.3.2 Europe travel insurance market, by insurance coverage, 2017 - 2030
- 7.3.3 Europe travel insurance market, by distribution channel, 2017 - 2030
- 7.3.4 Europe travel insurance market, by end-users, 2017 - 2030
- 7.3.5 U.K.
- 7.3.5.1 U.K. travel insurance market, 2017 - 2030
- 7.3.5.2 U.K. travel insurance market, by insurance coverage, 2017 - 2030
- 7.3.5.3 U.K. travel insurance market, by distribution channel, 2017 - 2030
- 7.3.5.4 U.K. travel insurance market, by end-users, 2017 - 2030
- 7.3.6 Germany
- 7.3.6.1 Germany travel insurance market, 2017 - 2030
- 7.3.6.2 Germany travel insurance market, by insurance coverage, 2017 - 2030
- 7.3.6.3 Germany travel insurance market, by distribution channel, 2017 - 2030
- 7.3.6.4 Germany travel insurance market, by end-users, 2017 - 2030
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific travel insurance market, 2017 - 2030
- 7.4.2 Asia Pacific Travel Insurance market, by insurance coverage, 2017 - 2030
- 7.4.3 Asia Pacific travel insurance market, by distribution channel, 2017 - 2030
- 7.4.4 Asia Pacific travel insurance market, by end-users, 2017 - 2030
- 7.4.5 China
- 7.4.5.1 China travel insurance market, 2017 - 2030
- 7.4.5.2 China travel insurance market, by insurance coverage, 2017 - 2030
- 7.4.5.3 China travel insurance market, by distribution channel, 2017 - 2030
- 7.4.5.4 China travel insurance market, by end-users, 2017 - 2030
- 7.4.6 India
- 7.4.6.1 India travel insurance market, 2017 - 2030
- 7.4.6.2 India travel insurance market, by insurance coverage, 2017 - 2030
- 7.4.6.3 India travel insurance market, by distribution channel, 2017 - 2030
- 7.4.6.4 India travel insurance market, by end-users, 2017 - 2030
- 7.4.7 Japan
- 7.4.7.1 Japan travel insurance market, 2017 - 2030
- 7.4.7.2 Japan travel insurance market, by insurance coverage, 2017 - 2030
- 7.4.7.3 Japan travel insurance market, by distribution channel, 2017 - 2030
- 7.4.7.4 Japan travel insurance market, by end-users, 2017 - 2030
- 7.5 Latin America
- 7.5.1 Latin America travel insurance market, 2017 - 2030
- 7.5.2 Latin America travel insurance market, by insurance coverage, 2017 - 2030
- 7.5.3 Latin America travel insurance market, by distribution channel, 2017 - 2030
- 7.5.4 Latin America travel insurance market, by end-users, 2017 - 2030
- 7.5.5 Brazil
- 7.5.5.1 Brazil travel insurance market, 2017 - 2030
- 7.5.5.2 Brazil travel insurance market, by insurance coverage, 2017 - 2030
- 7.5.5.3 Brazil travel insurance market, by distribution channel, 2017 - 2030
- 7.5.5.4 Brazil travel insurance market, by end-users, 2017 - 2030
- 7.6 MEA
- 7.6.1 MEA travel insurance market, 2017 - 2030
- 7.6.2 MEA travel insurance market, by insurance coverage, 2017 - 2030
- 7.6.3 MEA travel insurance market, by distribution channel, 2017 - 2030
- 7.6.4 MEA travel insurance market, by end-users, 2017 - 2030
Chapter 8 Competitive Analysis
- 8.1 Recent Developments & Impact Analysis, By Key Market Participants
- 8.2 Vendor Landscape
- 8.2.1 Company Market Share Analysis, 2021
- 8.2.2 Vendor landscape
- 8.3 Company Analysis Tools
- 8.3.1 Competitive Dashboard Analysis
Chapter 9 Competitive Landscape
- 9.1 Allianz
- 9.1.1 Company overview
- 9.1.2 Financial performance
- 9.1.3 Product benchmarking
- 9.1.4 Strategic initiatives
- 9.2 American International Group, Inc.
- 9.2.1 Company overview
- 9.2.2 Financial performance
- 9.2.3 Product benchmarking
- 9.2.4 Strategic initiatives
- 9.3 AXA
- 9.3.1 Company overview
- 9.3.2 Financial performance
- 9.3.3 Product benchmarking
- 9.3.4 Strategic initiatives
- 9.4 ASSICURAZIONI GENERALI S.P.A.
- 9.4.1 Company overview
- 9.4.2 Financial performance
- 9.4.3 Product benchmarking
- 9.4.4 Strategic initiatives
- 9.5 USI Insurance Services, LLC
- 9.5.1 Company overview
- 9.5.2 Product benchmarking
- 9.5.3 Strategic initiatives
- 9.6 battleface
- 9.6.1 Company overview
- 9.6.2 Product benchmarking
- 9.6.3 Strategic initiatives
- 9.7 Insure & Go Insurance Services Limited
- 9.7.1 Company overview
- 9.7.2 Product benchmarking
- 9.7.3 Strategic initiatives
- 9.8 Seven Corners Inc.
- 9.8.1 Company overview
- 9.8.2 Product benchmarking
- 9.8.3 Strategic initiatives
- 9.9 Travel Insured International
- 9.9.1 Company overview
- 9.9.2 Financial performance
- 9.9.3 Product benchmarking
- 9.9.4 Strategic initiatives
- 9.10 Zurich
- 9.10.1 Company overview
- 9.10.2 Financial performance
- 9.10.3 Product benchmarking
- 9.10.4 Strategic initiatives
- 9.11 Delphi Financial Group, Inc.
- 9.11.1 Company overview
- 9.11.2 Financial performance
- 9.11.3 Product benchmarking
- 9.11.4 Strategic initiatives
- 9.12 Ping An Insurance (Group) Company of China, Ltd.
- 9.12.1 Company overview
- 9.12.2 Financial performance
- 9.12.3 Product benchmarking
- 9.12.4 Strategic initiatives
Chapter 10 KOL Commentary
- 10.1 Key Competitor Ranking Analysis, 2021
Product Code: GVR-4-68039-972-0
List of Tables
- Table 1 Travel insurance market - industry snapshot & key buying criteria, 2017 - 2030
- Table 2 Global travel insurance market, 2017 - 2030 (USD Million)
- Table 3 Global travel insurance market, by region, 2017 - 2030 (USD Million)
- Table 4 Global travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 5 Global travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 6 Global travel insurance market, by end-user, 2017 - 2030 (USD Million)
- Table 7 Travel insurance single-trip travel insurance market, 2017 - 2030 (USD Million)
- Table 8 Travel insurance single-trip travel insurance market, by region, 2017 - 2030 (USD Million)
- Table 9 Travel insurance annual multi-trip travel insurance market, 2017 - 2030 (USD Million)
- Table 10 Travel insurance annual multi-trip travel insurance market, by region, 2017 - 2030 (USD Million)
- Table 11 Travel insurance long-stay travel insurance market, 2017 - 2030 (USD Million)
- Table 12 Travel insurance long-stay travel insurance market, by region, 2017 - 2030 (USD Million)
- Table 13 Travel insurance intermediaries market, 2017 - 2030 (USD Million)
- Table 14 Travel insurance intermediaries market, by region, 2017 - 2030 (USD Million)
- Table 15 Travel insurance companies market, 2017 - 2030 (USD Million)
- Table 16 Travel insurance companies market, by region, 2017 - 2030 (USD Million)
- Table 17 Travel insurance banks market, 2017 - 2030 (USD Million)
- Table 18 Travel insurance banks market, by region, 2017 - 2030 (USD Million)
- Table 19 Travel insurance brokers market, 2017 - 2030 (USD Million)
- Table 20 Travel insurance brokers market, by region, 2017 - 2030 (USD Million)
- Table 21 Travel insurance aggregators market, 2017 - 2030 (USD Million)
- Table 22 Travel insurance aggregators market, by region, 2017 - 2030 (USD Million)
- Table 23 Travel insurance education travelers market, 2017 - 2030 (USD Million)
- Table 24 Travel insurance education travelers market, by region, 2017 - 2030 (USD Million)
- Table 25 Travel insurance business travelers market, 2017 - 2030 (USD Million)
- Table 26 Travel insurance business travelers market, by region, 2017 - 2030 (USD Million)
- Table 27 Travel insurance senior citizens market, 2017 - 2030 (USD Million)
- Table 28 Travel Insurance senior citizens market, by region, 2017 - 2030 (USD Million)
- Table 29 Travel insurance family travelers market, 2017 - 2030 (USD Million)
- Table 30 Travel insurance family travelers market, by region, 2017 - 2030 (USD Million)
- Table 31 Travel insurance others market, 2017 - 2030 (USD Million)
- Table 32 Travel insurance others market, by region, 2017 - 2030 (USD Million)
- Table 33 North America travel insurance market, 2017 - 2030 (USD Million)
- Table 34 North America travel Insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 35 North America travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 36 North America travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 37 U.S. travel insurance market, 2017 - 2030 (USD Million)
- Table 38 U.S. travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 39 U.S. travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 40 U.S. travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 41 Canada travel insurance market, 2017 - 2030 (USD Million)
- Table 42 Canada travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 43 Canada travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 44 Canada travel insurance market, by end users, 2017 - 2030 (USD Million)
- Table 45 Europe travel insurance market, 2017 - 2030 (USD Million)
- Table 46 Europe travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 47 Europe travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 48 Europe travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 49 U.K. travel insurance market, 2017 - 2030 (USD Million)
- Table 50 U.K. travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 51 U.K. travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 52 U.K. travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 53 Germany travel insurance market, 2017 - 2030 (USD Million)
- Table 54 Germany travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 55 Germany travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 56 Germany travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 57 Asia Pacific travel insurance market, 2017 - 2030 (USD Million)
- Table 58 Asia Pacific travel Insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 59 Asia Pacific travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 60 Asia Pacific travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 61 China travel insurance market, 2017 - 2030 (USD Million)
- Table 62 China travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 63 China travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 64 China travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 65 India travel insurance market, 2017 - 2030 (USD Million)
- Table 66 India travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 67 India travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 68 India travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 69 Japan travel insurance market, 2017 - 2030 (USD Million)
- Table 70 Japan travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 71 Japan travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 72 Japan travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 73 Latin America travel insurance market, 2017 - 2030 (USD Million)
- Table 74 Latin America travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 75 Latin America Travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 76 Latin America travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 77 Brazil travel insurance market, 2017 - 2030 (USD Million)
- Table 78 Brazil travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 79 Brazil travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 80 Brazil travel insurance market, by end-users, 2017 - 2030 (USD Million)
- Table 81 MEA travel insurance market, 2017 - 2030 (USD Million)
- Table 82 MEA travel insurance market, by insurance coverage, 2017 - 2030 (USD Million)
- Table 83 MEA travel insurance market, by distribution channel, 2017 - 2030 (USD Million)
- Table 84 MEA travel insurance market, by end-users, 2017 - 2030 (USD Million)
List of Figures
- Fig. 1 Market segmentation and scope
- Fig. 2 Travel insurance market, 2017 - 2030 (USD Million)
- Fig. 3 Key opportunities prioritized
- Fig. 4 Travel insurance market - market dynamics
- Fig. 5 Travel insurance market - key market driver impact
- Fig. 6 Travel Insurance market - Key market challenge impact
- Fig. 7 Travel insurance market - key market opportunity impact
- Fig. 8 Travel insurance market - Porter's five forces analysis
- Fig. 9 Travel insurance market - PESTEL analysis
- Fig. 10 Travel insurance market, by insurance coverage, 2021
- Fig. 11 Travel insurance market, by distribution channel, 2021
- Fig. 12 Travel insurance market, by end-users, 2021
- Fig. 13 Travel insurance market, by region, 2021
- Fig. 14 Travel insurance market - Regional takeaways
- Fig. 15 North America travel insurance market - Key takeaways
- Fig. 16 Europe travel insurance market - Key takeaways
- Fig. 17 Asia Pacific travel insurance market - Key takeaways
- Fig. 18 Latin America travel insurance market - Key takeaways
- Fig. 19 MEA travel insurance market - Key takeaways
- Fig. 20 Travel insurance market - company market share analysis, 2021
- Fig. 21 Travel insurance market - competitive dashboard analysis
- Fig. 22 Allianz revenue by, segment, 2021
- Fig. 23 American International Group, Inc. revenue by, segment, 2021
- Fig. 24 American International Group, Inc. revenue by, region, 2021
- Fig. 25 AXA revenue by, segment, 2021
- Fig. 26 AXA revenue by, region, 2021
- Fig. 27 Zurich revenue by, region, 2021
- Fig. 28 KoL commentary
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