Global Travel Insurance Market Size 2024, Forecast To 2033
11 Mar, 2024
The travel insurance market has undergone rapid growth, escalating from $22.56 billion in 2023 to $26.46 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 17.3% during the historical period. This growth is attributed to increased travel and tourism, a surge in natural disasters, the rise in business travel driven by urbanization, and the increase in disposable income. Looking ahead to 2028, the market is poised for rapid growth, reaching $49.3 billion at a CAGR of 16.8%. Growth drivers in the forecast period include a growing demand for embedded, event-driven insurances, a heightened awareness of travel-associated risks, and the rising costs of medical expenses. Key trends in the forecast period involve a focus on tech-driven platforms, digitalization, and mobile integration, emphasis on blockchain technology, and strategic partnerships and collaborations.
Global Travel Insurance Market Key Driver
The growth of the travel insurance market is fueled by the rise in tourism, as travel insurance plays a crucial role in providing financial assistance during medical emergencies, passport loss, flight cancellations, and the misplacement or loss of luggage. The United Nations World Trade Organization (UNWTO) reported a 4% increase in global tourism from 400 million in 2020 to 415 million in 2021. This surge in tourism contributes to the expansion of the travel insurance market, with market sizes in 2023, 2024, and 2028 shaping the industry landscape.
Get A Free Sample Of The Global Travel Insurance Market ReportGlobal Travel Insurance Market Segments
The travel insurance market covered in this report is segmented –
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
By Geography:The regions covered in the travel insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Travel Insurance Industry Players
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, Crédit Agricole Assurances, Sogaz Insurance Group, Ingosstrakh Insurance Co, Marsh McLennan, UNIQA, Ceská Pojištovna, 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
Get The Full Global Travel Insurance Market ReportTravel Insurance Market Overview
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.
Travel Insurance Global Market Report 2023 provides data on the global travel insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The travel insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.