Global Travel Insurance Market to Reach US$ 47.1 Billion by 2032, Impelled by Rising Number of Travelers

February 08, 2023 | BFSI

According to the latest report by IMARC Group, 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 global travel insurance market size reached US$ 17.9 Billion in 2023. Travel insurance refers to a type of guaranteed policy scheme that offers financial protection for losses or expenses incurred due to unexpected events during overseas or domestic travel. It usually covers the cost of emergency medical care, trip cancellation and interruption, lost or stolen belongings, accidental death, and losses that may occur while traveling. It provides different levels of travel protection, such as the maximum amount of coverage and any exclusions or restrictions. Several insurance companies are offering travel insurance with continuous emergency services, including cash wire assistance, re-booking canceled flights, restoring expired visas, replacing lost passports, and customization options as per geographical location and the requirements of the insured individuals, due to which its demand is augmenting among the masses.

Global Travel Insurance Market Trends:

Significant growth in the tourism industry majorly drives the global market. This can be supported by the escalating number of individuals traveling for leisure, business, or educational purposes. Since business travelers often require more comprehensive travel insurance policies, such as for liability, legal assistance, and emergency evacuation, this is further impacting the market. Along with this, the growing geriatric population is impelling the demand for travel insurance policies as it provides coverage for pre-existing medical conditions, hospitalization, and prescription drug coverage to senior travelers. With a considerable rise in the number of travelers post-pandemic, there is a significant increase in the demand for travel insurance among individuals. Coupled with this, the governments of numerous countries are making it mandatory to attach travel insurance documents, especially while applying for a visa, which is acting as another growth-inducing factor for the market. Moreover, the escalating adoption of digital tools, such as artificial intelligence (AI), the global positioning system (GPS), data analytics, and application program interface (API), to enhance distribution systems and provide personalized user experiences is creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 47.1 Billion by 2032, exhibiting a CAGR of 11% during 2024-2032.

Market Summary:

On the basis of the insurance type, the market has been segmented into single-trip travel, annual multi-trip, and long-stay travel insurance.
Based on the coverage, the market has been classified into medical expenses, trip cancellation, trip delay, property damage and others.
On the basis of the distribution channel, the market has been segregated into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others.
Based on the end user, the market has been bifurcated into senior citizens, education travelers, business travelers, family travelers, and others.
Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the 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) and Zurich Insurance Group AG.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Insurance Type, Coverage, Distribution Channel, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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) and Zurich Insurance Group AG
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Global Travel Insurance Market to Reach US$ 47.1 Billion by 2032, Impelled by Rising Number of Travelers

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