Travel Insurance Global Market Opportunities And Strategies To 2032

Description

“Travel Insurance Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on travel insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for travel insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The travel insurance market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Domestic; International

2) By Insurance Cover: Single-Trip Travel Insurance; Annual Multi-Trip Travel Insurance; Long-Stay Travel Insurance

3) By Coverage: Medical Expenses; Trip Cancellation; Trip Delay; Property Damage; Other Coverages

4) By End User: Senior Citizens; Corporate Travelers; Family Travelers; Education Travelers; Other End-Users

5) By Distribution Channel: Insurance Intermediaries; Insurance Companies; Banks; Insurance Brokers; Other Distribution Channels

Companies Mentioned: Allianz SE; American Express Company; American International Group Inc.,; Assicurazioni Generali S.P.A; Atlas Travel Insurance

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Executive 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 from The Business Research Company 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.

Product Code: r4183

1. Executive Summary

2. Travel Insurance Market Characteristics

3. Travel Insurance Market Trends And Strategies

4. Travel Insurance Market - Macro Economic Scenario

4.1 COVID-19 Impact On Travel Insurance Market
4.2 Ukraine-Russia War Impact On Travel Insurance Market
4.3 Impact Of High Inflation On Travel Insurance Market

5. Travel Insurance Market Size And Growth

5.1. Global Travel Insurance Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
5.2. Global Travel Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market

6. Travel Insurance Market Segmentation

6.1. Global Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Domestic
International
6.2. Global Travel Insurance Market, Segmentation By Insurance Cover, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance
6.3. Global Travel Insurance Market, Segmentation By Coverage, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Medical Expenses
Trip Cancellation
Trip Delay
Property Damage
Other Coverages
6.4. Global Travel Insurance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Senior Citizens
Corporate Travelers
Family Travelers
Education Travelers
Other End-Users
6.5. Global Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Other Distribution Channels

7. Travel Insurance Market Regional And Country Analysis

7.1. Global Travel Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Travel Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

8. Asia-Pacific Travel Insurance Market

8.1. Asia-Pacific Travel Insurance Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8.3. Asia-Pacific Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

9. China Travel Insurance Market

9.1. China Travel Insurance Market Overview
9.2. China Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
9.3. China Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

10. India Travel Insurance Market

10.1. India Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
10.2. India Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

11. Japan Travel Insurance Market

11.1. Japan Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.2. Japan Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

12. Australia Travel Insurance Market

12.1. Australia Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12.2. Australia Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

13. Indonesia Travel Insurance Market

13.1. Indonesia Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13.2. Indonesia Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

14. South Korea Travel Insurance Market

14.1. South Korea Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14.2. South Korea Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

15. Western Europe Travel Insurance Market

15.1. Western Europe Travel Insurance Market Overview
15.2. Western Europe Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15.3. Western Europe Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

16. UK Travel Insurance Market

16.1. UK Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16.2. UK Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

17. Germany Travel Insurance Market

17.1. Germany Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17.2. Germany Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

18. France Travel Insurance Market

18.1. France Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18.2. France Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

19. Eastern Europe Travel Insurance Market

19.1. Eastern Europe Travel Insurance Market Overview
19.2. Eastern Europe Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19.3. Eastern Europe Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

20. Russia Travel Insurance Market

20.1. Russia Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20.2. Russia Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

21. North America Travel Insurance Market

21.1. North America Travel Insurance Market Overview
21.2. North America Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21.3. North America Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

22. USA Travel Insurance Market

22.1. USA Travel Insurance Market Overview
22.2. USA Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22.3. USA Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

23. South America Travel Insurance Market

23.1. South America Travel Insurance Market Overview
23.2. South America Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23.3. South America Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

24. Brazil Travel Insurance Market

24.1. Brazil Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24.2. Brazil Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

25. Middle East Travel Insurance Market

25.1. Middle East Travel Insurance Market Overview
25.2. Middle East Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25.3. Middle East Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

26. Africa Travel Insurance Market

26.1. Africa Travel Insurance Market Overview
26.2. Africa Travel Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26.3. Africa Travel Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

27. Travel Insurance Market Competitive Landscape And Company Profiles

27.1. Travel Insurance Market Competitive Landscape
27.2. Travel Insurance Market Company Profiles
- 27.2.1. Allianz SE
  - 27.2.1.1. Overview
  - 27.2.1.2. Products and Services
  - 27.2.1.3. Strategy
  - 27.2.1.4. Financial Performance
- 27.2.2. American Express Company
  - 27.2.2.1. Overview
  - 27.2.2.2. Products and Services
  - 27.2.2.3. Strategy
  - 27.2.2.4. Financial Performance
- 27.2.3. American International Group Inc.
  - 27.2.3.1. Overview
  - 27.2.3.2. Products and Services
  - 27.2.3.3. Strategy
  - 27.2.3.4. Financial Performance
- 27.2.4. Assicurazioni Generali S.P.A
  - 27.2.4.1. Overview
  - 27.2.4.2. Products and Services
  - 27.2.4.3. Strategy
  - 27.2.4.4. Financial Performance
- 27.2.5. Atlas Travel Insurance
  - 27.2.5.1. Overview
  - 27.2.5.2. Products and Services
  - 27.2.5.3. Strategy
  - 27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The Travel Insurance Market

29. Travel Insurance Market Future Outlook and Potential Analysis

30. Appendix

30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. The Business Research Company
30.6. Copyright And Disclaimer