IMARC Group, a leading market research company, has recently released a report titled “Travel Insurance Market Report by Insurance Type (Single Trip Travel Insurance, Annual Multi-Trip Insurance, Long-Stay Travel Insurance), Coverage (Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, and Others), Distribution Channel (Insurance Intermediaries, Banks, Insurance Companies, Insurance Aggregators, Insurance Brokers, and Others), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global travel insurance market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global travel insurance market size reached US$ 17.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2032, exhibiting a growth rate (CAGR) of 11% during 2024-2032.
Global Travel Insurance Market Trends:
The high cost of medical treatment abroad, making travel insurance with medical coverage an attractive necessity, is boosting the market growth. Besides this, the heightened importance of travel insurance, especially policies covering trip cancellations, medical emergencies, and pandemic-related disruptions, leading to increased purchase rates, is contributing to the market growth.
Furthermore, the integration of technology in the insurance sector, such as online policy purchases, digital claim processing, and mobile apps for customer support, which has made it easier and more convenient for consumers to buy and manage travel insurance, is bolstering the market growth.
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Factors Affecting the Growth of the Travel Insurance Industry:
· Rising Global Travel:
The surge in global travel is one of the most significant factors driving the growth of the travel insurance market. Globalization and the proliferation of affordable travel options have allowed more people to travel internationally and domestically. Furthermore, the tourism industry has witnessed substantial growth, with travelers seeking new destinations for leisure, adventure, cultural experiences, and relaxation.
Additionally, the rise of budget airlines and competitive travel packages, which have made travel more accessible to a broader demographic, including middle-class and younger travelers, is driving the market growth. Besides this, the significant growth in travel for education, with students studying abroad, and for medical tourism, where individuals seek healthcare services in other countries, is further contributing to the market growth.
· Increased Awareness:
Increased awareness about the benefits of travel insurance is another pivotal factor driving the market growth. Over the years, there has been a concerted effort by insurance companies, travel agencies, and government bodies to educate travelers about the importance of travel insurance. Marketing campaigns, informative websites, and educational content have played significant roles in informing the public about the risks associated with travel and the protection that travel insurance provides.
Furthermore, travelers are becoming more conscious of potential disruptions such as flight cancellations, medical emergencies, lost luggage, and travel delays. As a result, they are more inclined to purchase travel insurance as a preventive measure.
· Stringent Visa Requirements:
Stringent visa requirements imposed by many countries are a significant driver of the travel insurance market. To mitigate the financial risks associated with potential medical emergencies, trip cancellations, or unforeseen incidents that might arise during a stay, many nations mandate proof of travel insurance as part of their visa application process. This requirement ensures that travelers have adequate coverage to handle emergencies without burdening the host country's resources. This has led to an increase in travel insurance sales, as obtaining a visa without such coverage is impossible.
Furthermore, countries with stringent healthcare costs also mandate travel insurance to protect visitors and ensure they can afford medical treatment if necessary.
Travel Insurance Market Report Segmentation:
By Insurance Type:
· Single-Trip Travel Insurance
· Annual Multi-Trip Insurance
· Long-Stay Travel Insurance
Annual multi-trip insurance holds the majority of the market share due to its cost-effectiveness and convenience for frequent travelers who make multiple trips throughout the year.
By Coverage:
· Medical Expenses
· Trip Cancellation
· Trip Delay
· Property Damage
· Others
Medical expenses accounted for the largest market share because medical emergencies abroad can incur significant costs, making comprehensive medical coverage a top priority for travelers.
By Distribution Channel:
· Insurance Intermediaries
· Banks
· Insurance Companies
· Insurance Aggregators
· Insurance Brokers
· Others
Insurance intermediaries represented the largest segment as they provide personalized advice and assistance, helping customers choose the best policies to meet their specific needs.
By End User:
· Senior Citizens
· Education Travelers
· Business Travelers
· Family Travelers
· Others
Family travelers hold the majority of the market because families often seek comprehensive travel insurance to cover multiple members and various potential risks during their trips.
Regional Insights:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
North America's dominance in the market is attributed to the high volume of outbound travel, higher disposable income, and greater awareness of the benefits of travel insurance among travelers in the region.
Competitive Landscape with Key Players:
The competitive landscape of the travel insurance market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Allianz SE
· American Express Company
· American International Group
· AXA SA
· Berkshire Hathaway Specialty Insurance Company
· Generali Group
· Insure & Go Insurance Services (Mapfre S.A.)
· Seven Corners Inc.
· Travel Insured International Inc (Crum & Forster)
· USI Affinity (USI Insurance Services)
· Zurich Insurance Group AG
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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