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

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

Report Format: PDF+Excel | Report ID: SR112024A2432
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Market Overview 2024-2032:

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.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 17.9 Billion
Market Forecast in 2032
US$ 47.1 Billion
Market Growth Rate 2024-2032 11%


Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home. Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.

Global Travel Insurance Market Report

Travel Insurance Market Trends:

The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth. Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global travel insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on insurance type, coverage, distribution channel and end user.

Breakup by Insurance Type:

  • Single-Trip Travel Insurance
  • Annual Multi-Trip Insurance
  • Long-Stay Travel Insurance

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample
 

Breakup by Coverage:

  • Medical Expenses
  • Trip Cancellation
  • Trip Delay
  • Property Damage
  • Others
     

Breakup by Distribution Channel:

  • Insurance Intermediaries
  • Banks
  • Insurance Companies
  • Insurance Aggregators
  • Insurance Brokers
  • Others
     

Breakup by End User:

  • Senior Citizens
  • Education Travelers
  • Business Travelers
  • Family Travelers
  • Others
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market 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.

Report Coverage:

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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global travel insurance market was valued at US$ 17.9 Billion in 2023.

We expect the global travel insurance market to exhibit a CAGR of 11% during 2024-2032.

The growing availability of booking holiday packages online, along with the rising demand for travel insurance to protect tourists from financial risks, is primarily driving the global travel insurance market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of the stringent lockdown regulations across several nations, resulting in the temporary intra-and inter-national travel restrictions, thereby limiting the demand for travel insurance.

Based on the insurance type, the global travel insurance market has been segmented into single-trip travel insurance, annual multi-trip insurance, and long-stay travel insurance. Currently, annual multi-trip insurance holds the majority of the total market share.

Based on the coverage, the global travel insurance market can be divided into medical expenses, trip cancellation, trip delay, property damage, and others. Among these, medical expenses coverage exhibits a clear dominance in the market.

Based on the distribution channel, the global travel insurance market has been categorized into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others. Currently, insurance intermediaries account for the majority of the global market share.

Based on the end user, the global travel insurance market can be segregated into senior citizens, education travelers, business travelers, family travelers, and others. Among these, family travelers currently hold the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global travel insurance market 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.

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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
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