Travel Insurance Global Market Report 2024

Travel insurance is a specialized insurance product designed to mitigate various risks associated with travel. It offers coverage for a range of potential issues such as medical expenses, flight cancellations, lost luggage, and other unforeseen losses that travelers may encounter during their journeys.

The two main categories of travel insurance are domestic and international. International travel insurance is tailored for individuals traveling outside their home country. The diverse types of travel insurance coverage include single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance, catering to the needs of different traveler segments such as senior citizens, corporate travelers, families, educational travelers, and more. The coverage provided by travel insurance encompasses aspects such as medical expenses, trip cancellation, trip delay, property damage, and other relevant scenarios. These insurance products are distributed through various channels, including insurance intermediaries, insurance companies, banks, insurance brokers, and other distribution channels.

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 the 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.

The travel insurance market size has grown rapidly in recent years. It will grow from $22.56 billion in 2023 to $26.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth observed in the historical period can be attributed to several factors, including the overall increase in travel and tourism activities, a higher frequency of natural disasters prompting awareness about travel protection, the growing trend of business travel due to urbanization, and the upsurge in disposable income among individuals.

The travel insurance market size is expected to see rapid growth in the next few years. It will grow to $49.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth is linked to increased demand for embedded, event-driven insurances, heightened awareness of travel-related risks, and escalating medical expenses. Key trends in this period involve emphasis on tech-oriented platforms, digitalization with mobile integration, a focus on blockchain technology, and the formation of strategic partnerships and collaborations.

The surge in tourism is significantly bolstering the travel insurance market's expansion. Travel insurance plays a pivotal role in supporting the tourism sector by offering financial assistance through tailored packages that address contingencies such as medical emergencies, passport loss, flight cancellations, and the misplacement or loss of luggage. Notably, the United Nations World Trade Organization (UNWTO) reported a 4% increase in global tourism, rising from 400 million in 2020 to 415 million in 2021. This surge underscores the escalating impact of tourism on propelling the growth of the travel insurance market.

The escalating expenses associated with medical care are poised to propel the upward trajectory of the travel insurance market. The soaring costs of medical treatments, hospitalization, and emergency services have generated a heightened demand for travel insurance, which frequently encompasses coverage for medical expenses such as doctor's visits, hospital stays, prescription medications, emergency medical evacuations, and repatriation. An April 2023 report by the American Hospital Association (AHA) revealed that 84% of hospitals in the USA have faced escalating costs linked to adherence to insurer policies. Furthermore, drug expenses in the USA witnessed a 36.9% increase on a per-patient basis in 2022 compared to pre-pandemic levels. Additional data from the Bureau of Labor Statistics, as of 2022, indicates an average annual growth of 2.1% in hospital prices over the past decade in the USA, representing approximately half of the average yearly rise in health insurance premiums. Consequently, the surge in medical costs is anticipated to steer the growth of the travel insurance market.

The prominent trend gaining traction in the travel insurance platform is the integration of advanced technologies. Leading companies within the travel insurance sector are actively leveraging new technologies to solidify their market positioning. An illustrative example is Policybazaar, an India-based online insurance marketplace, which, in February 2022, introduced an AI-enabled WhatsApp chatbot to streamline the claims settlement process for its clientele.

Travel insurance entities are increasingly directing their efforts toward technology-driven platforms to fortify and elevate their service offerings. These tech-driven platforms not only improve accessibility, personalization, and efficiency for travelers but also empower market players to deliver seamless experiences, personalized notifications, data-driven personalization, and automation in claims processing. A case in point is Battleface Inc., a US-based travel insurance provider, that, in January 2023, unveiled Robin Assist, a Platform as a Service (PaaS) designed to aid insurance carriers, brokers, managing general agents (MGAs), and self-insured enterprise partners in meeting their travel insurance needs. Robin Assist, a global API (application programming interface)-driven insurtech platform, offers comprehensive support for travel insurance, including round-the-clock multilingual customer assistance, efficient claims management, emergency medical evacuation and travel assistance, medical case management, medical care and cost containment networks, as well as the capability to facilitate immediate payments in over 140 currencies.

In July 2021, Staysure Group, a UK-centered travel insurance firm, completed the acquisition of Rock Insurance Group for an undisclosed sum. This strategic move is anticipated to bolster Staysure Group's standing as the predominant player in the market, enabling them to exert influence in both B2B and B2C sectors. This acquisition expands their capacity to deliver high-quality policies to an expanded consumer base, consolidating their presence in the travel, gadget, and commercial insurance sectors within the UK.

Major companies operating in the travel insurance market report are Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc., American Express Company, Chubb Limited, Aviva PLC, Seven Corners Inc., Travelex Insurance Services Inc., Corporate Risks India Insurance Brokers Pvt Ltd., TATA AIG, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co. Ltd., Fanhua Holdings, Ping an Insurance Company of China, People's Insurance Company (Group) of China, China Pacific Insurance (Group) Co. Ltd., New China Life Insurance, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson PLC, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Credit Agricole Assurances, Sogaz Insurance Group, Ingosstrakh Insurance Co, Marsh McLennan, UNIQA, Ceska Pojistovna, MetLife Inc., Assicurazioni Generali, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, John Hancock Insurance Agency, Trawick International, USI Affinity Travel Insurance Services, GoReady Insurance, TU AGENCIA DE SEGUROS CO, 111 Seguros Ltda, Agencia de seguros, BSB Capital Corretora de Seguros, Indeniza Corretora em Balsas MA, Emirates Insurance Co., Sukoon Insurance, Union Insurance, Doha Insurance Group, Qatar Insurance Co, KIB Takaful Insurance Company, Gulf Insurance Group, Misr Life Insurance, QNB Alahli Life Insurance, Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Travel Africa Insurance, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited

Asia-Pacific was the largest region in the travel insurance market in 2023. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the travel insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The travel insurance market includes revenues earned by entities through 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 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.

Travel Insurance Global Market Report 2024 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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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.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

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 Distribution Channel: Insurance Intermediaries; Insurance Companies; Banks; Other Distribution Channels
• 5) By End User: Senior Citizens; Corporate Travelers; Family Travelers; Education Travelers; Other End-Users
• Companies Mentioned: Allianz Group; Axa S.A; Berkshire Hathaway Specialty Insurance Company; Zurich Insurance Group AG; American International Group Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• 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.