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2022
Travel Insurance Market

Travel Insurance Market

By Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A01285
Pages: 253
Feb 2022 | 44702 Views
Author(s) : Keshav Kumar, Pramod Borasi , Vineet Kumar
Tables: 132
Charts: 60
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Travel Insurance Market Outlook – 2030 

The global travel insurance market size was valued at $12.38 billion in 2020, and is projected to reach $119.31 billion by 2030, growing at a CAGR of 26.1% from 2021 to 2030. Travel insurance aids the traveler in preparing them for any unprecedented events that can negatively affect their travel. Moreover, the fear of the COVID-19 pandemic post its outbreak in early 2020, is enabling travel insurance vendors to offer COVID-19 related covers which may include testing and quarantine costs. Furthermore, growing tourism demands post the ease of COVID-19 related lockdowns is propelling the travel insurance industry forward.

The COVID-19 outbreak had a negatively impact on the growth of travel insurance market owing to, sudden implementation of lockdown by majority of the countries to prevent the spread of COVID-19 and increase in self isolation behaviour to protect themselves has majorly impacted the market.

The global travel insurance market growth is driven by factors such as rising tourism demands after pandemic. In addition, government-mandated travel policies are further fueling the growth of the travel insurance market. However, the low penetration of insurance policies limits the growth of this market. Conversely, new technological developments for the travel industries are expected to provide numerous opportunities for the expansion of the travel insurance market during the forecast period.

Depending on coverage type, the annual multi-trip travel insurance segment dominated the travel insurance market share in 2020 and is expected to witness the highest growth, the segment is expected to continue this trend during the forecast period. The growth of the segment is attributed owing to, travel restrictions being normalized post the COVID-19 pandemic and the travel industry gaining back its traction In addition to this, the multi-trip travel insurance segment is expected to provide travelers appropriate insurance coverage to ensure their annual vacations going smoothly which propels the growth of the market. 

Region wise, the travel insurance market was dominated by Europe in 2020 and is expected to climb to the highest position during the forecast period, owing to growing travel and tourism within the European region and the rapid economic growth of the region, is aiding the growth of the travel insurance industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth of multiple industries in the Asia-Pacific region which is promoting business-related travel and the growing tourism industry of the region is aiding the growth of the travel insurance market in this region.

The report focuses on growth prospects, restraints, and analysis of the global travel insurance market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the global market.

Travel Insurance Market
By Coverage Type

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Annual Multi-Trip Travel Insurance segment projected to be the most lucrative segment

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Segment Overview

The global travel insurance market is segmented into coverage type, distribution channel, end user, and region. Depending on coverage type, the market is bifurcated into single-trip travel insurance and annual multi-trip travel insurance. On the basis of distribution channel, it is segregated into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. As per end user, it is differentiated into senior citizens, education travelers, business travelers, family travelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Travel Insurance Market
By Distribution Channel

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Insurance Intermediaries segment will dominate the market during 2021 - 2030

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Competitive Analysis

The global travel insurance market is dominated by key players such as ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali S.P.A., AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., Trip Mate Inc., Travel Insured International, Travel Safe Insurance, and USI INSURANCE SERVICES LLC. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Travel Insurance Market
By End User

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Family Travelers segment will maintain the lead throughout the forecast period

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COVID-19 Impact Analysis

The COVID-19 pandemic brought the globe to a standstill, with unprecedented and unanticipated consequences affecting people's lives, global economies, communities, and even livelihoods, and the possibility of a worldwide recession and layoffs were at an all-time high. Furthermore, as a result of stringent quarantine regulations and travel restrictions throughout the world, the travel and tourism sector experienced severe economic slowdowns. According to a report published by World Tourism Organization (UNWTO) in January 2021, the international arrivals dropped by over 74% in 2020 when compared to the previous year of 2019. Such factors impacted the global travel insurance market. 

However, with the easing travel restrictions the travel and hospitality sectors are expected to regain their customers soon. According to a survey conducted by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) in February 2021, more than 56% of Americans indicated their plans to travel in recent future. Such instances are promising great opportunities for the growth of the travel insurance market in the coming years.

Travel Insurance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region will exhibit the highest CAGR of 28.3% during 2021 - 2030

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Top Impacting Factors

Rise in Tourism

The global tourism industry has witnessed steady growth in the past decade. According to WTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach $1,184 million, with North America witnessing the highest inbound travel. Factors such as an increase in disposable income, package holidays, extensive coverage of holiday types by media, and easy online travel bookings have attributed to the growth in the tourism industry. 

As the tourist traffic is growing more, more incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences, an increasing number of people are opting for travel insurance. Therefore, the growth of the tourism industry is acting as a prime driver for the travel insurance market.

Travel Rule and Regulations

Every country has its own rules and regulations for visitors of various nationalities, concerning VISA policy. However, there has been a growing trend for countries adopting travel insurance as a prerequisite for obtaining a VISA. To visit countries such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland, among others travel health insurance is necessary. This provision exists to ensure that travelers are adequately covered in case of medical emergencies owing to high medical costs and hospitalization fees in visiting countries. Travel health insurance cover ensures travelers receive medical care until they return to their home country for further treatment. This precondition by authorities to have travel health insurance is a major driver for the travel insurance market.

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the global travel insurance market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global travel insurance trend is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Travel Insurance Market Report Highlights

Aspects Details
By Coverage Type
  • Single-Trip Travel Insurance
  • Annual Multi-Trip Travel Insurance
By Distribution Channel
  • Insurance Intermediaries
  • Insurance Companies
  • Banks
  • Insurance Brokers
  • Insurance Aggregators
By End User
  • Senior Citizens
  • Education Travelers
  • Business Travelers
  • Family Travelers
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe   (U.K., Germany, France, Italy, Spain, Netherlands, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Australia, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By Key Market Players
  • ALLIANZ
  • AMERICAN INTERNATIONAL GROUP INC.
  • Assicurazioni Generali S.P.A.
  • AXA
  • Insure and Go Insurance Services Limited
  • Seven Corners Inc.
  • Trip Mate Inc.
  • Travel Insured International
  • Travel Safe Insurance
  • USI INSURANCE SERVICES LLC
 

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The adoption of travel insurance has increased substantially over time as a result of the increasing number of travelers and the widespread availability of travel insurance through online vendors and insurance intermediaries. Furthermore, the added health risks while traveling amidst the outbreak of the COVID-19 pandemic is aiding in the growth of the travel insurance market during the period. In addition, several local governments and authorities are mandating travel insurance for foreign visitors amidst the outbreak of COVID-19, which is expected to further boost the growth of the global travel insurance market.

Key providers of the travel insurance market such as ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali S.P.A., and AXA account for a significant amount of market share in the global travel insurance market. With the larger requirement from travel insurance, various companies are establishing partnerships to increase their travel insurance offering portfolio.

For instance, in November 2021, American International Group Inc. partnered with Goose Insurance Services, an innovative insurance technology company making it easier and faster for consumers to get the coverage they need through a self-serve mobile app. This partnership includes the digital launch of income protection and hospital cash plans that targets Canada’s growing gig economy. According to a May 2021 report published by PAYMENTS CANADA, Gig workers (independent contractors) accounted for over 13% of Canada’s adult population. Such flexible insurance offerings are aiding the feasibility of insurance covers in the freelance worker population of the country.

In addition, with the increasing demands for travel insurance covers, various companies are expanding their current services to continue with the rise in demand. For instance, in June 2019, AXA launched WeChat Mini Program to offer travel insurance policies to users of the dominant Chinese messaging app. WeChat is allowing AXA customers 24/7 global emergency access to AXA assistance and access to AXA customer service for security and safety information regarding any natural disasters. Such services are providing a greater level of customer satisfaction and feasibility to travel insurance customers, widening the scope of the travel insurance market.

Moreover, market players are expanding their business operations and customers by increasing their acquisitions. For instance, in February 2019, Assicurazioni Generali S.P.A announced the acquisition of a 100% stake of Trip Mate from Arthur J. Gallagher. Trip Mate is a managing general agent leader in the tour operator travel insurance market in the U.S. This acquisition will help in the expansion of Assicurazioni Generali’s travel insurance market across the U.S. and North American region.

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FREQUENTLY ASKED QUESTIONS?

A. The Travel Insurance Market is anticipated to grow at a CAGR of 26.1% from 2021 to 2030.

A. The Travel Insurance Market is projected to reach $119.31 billion by 2030.

A. To get the latest version of sample report

A. Rising tourism demands after pandemic and government-mandated travel policies etc. boost the market growth.

A. The key players profiled in the report include ALLIANZ, AMERICAN INTERNATIONAL GROUP INC., Assicurazioni Generali S.P.A., and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Travel Insurance Market is segmented on the basis of coverage type, distribution channel, end user, and region.

A. The key growth strategies of Travel Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Business Travelers segment will grow at a highest CAGR of 28.0% during the forecast period.

A. Insurance Intermediaries segment will dominate the market during 2021 - 2030.

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