IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global travel insurance market reached a value of US$
15.9 Billion in 2022. Travel insurance is a type of insurance that protects tourists from financial risks by covering various expenses and losses during international or domestic travels. It provides cover in case of trip cancellation, medical emergencies, baggage loss, personal property damage, and loss of tickets and passport. It also offers 24/7 emergency services in case of loss of documents and any monetary assistance. Nowadays, travel insurance also supports customization as per the geographical location and requirement of the insured customer.
Global Travel Insurance Market Trends:
The global travel insurance market is primarily driven by a significant rise in corporate trips. Travel insurance is distributed via insurance aggregators, banks, and insurance brokers, who provide different plans that cover costs and losses depending on the coverage policy of the insured. The rapid growth of the travel and tourism industry, on account of the increasing disposable incomes of consumers and the ease of booking holiday packages online, is also positively impacting the market growth. They are easily accessible via online sites, including direct airline websites and online travel agencies. Moreover, several technological developments, such as the integration application program interface (API), artificial intelligence (AI), and data analytics, have enabled travel insurance companies to create personalized user experiences. Furthermore, governments across various countries have necessitated insurance documents in visa applications to mitigate travel risks. On account of these factors, the market value is expected to reach US$
33.7 Billion by 2028, expanding at a CAGR of
12.6% during the forecast period (2023-2028).
- Based on the insurance type, the market has been categorized into single-trip, annual multi-trip and long-stay travel insurances.
- On the basis of the coverage, the market has been classified into medical expenses, trip cancellation, trip delay, property damage and others. At present, medical expenses account for the majority of the overall market share.
- The market has been divided based on the distribution channel into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers and others. Amongst these, insurance intermediaries represent the largest channel of distribution.
- On the basis of the end user, family travelers exhibit a clear dominance in the market. Other major end users are senior citizens, education travelers, business travelers and others.
- On the geographical front, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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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