Market Overview:
The global travel insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to various factors such as the increasing number of travelers, rising awareness about travel insurance, and growing demand for long-stay travel insurance. The global travel insurance market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into single trip, annual multi-trip, long-stay, and others. On the basis of application, it is divided into family traveler, senior citizens’ traveler business traveler and others segments.
Product Definition:
Travel insurance is a policy that provides insurance protection for the policyholder when traveling. It can provide coverage for trip cancellation, interruption, delay, lost baggage and travel documents, emergency medical expenses and more.
Single Trip:
Single trip is a term used in travel insurance for the policy that covers one journey with no return. It is also known as open-ended travel insurance or non-renewable coverage. The major factor driving the growth of this market includes an increase in global tourism and rise in adventure seeking travelers across the globe, which has led to a surge in demand for single trip policies.
Annual Multi-trip:
The annual multi-trip is a travel document that allows the holder to travel more than once but with limited or reduced tarifs. It is issued by most of the international airlines and some national carriers. The annual multi-trip can be used for multiple destinations at one time and does not have to be used in sequence.
Application Insights:
The family traveler segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The rising number of nuclear families in developed countries including U.S., Canada, France, Germany, and UK is one of the major factors driving this segment. Additionally, easy availability of air tickets at low prices on online travel agencies has boosted this segment further.
The senior citizens travel application segment is also projected to witness significant growth during the forecast period owing to increasing awareness about health issues among geriatric population across countries including India, China Japan Brazil etc which has resulted in increased demand for travels insurance policies especially during long-distance travels or international trips by them. For instance according to a study conducted by Lifestyle Analytics Inc., it was found that nearly 60% of Japanese people aged 65 years or above have purchasedtravel insurance while 55% Americans aged 75 years or above have done so as well (Lifeline Assure Japan).
Regional Analysis:
Europe dominated the global travel insurance market in 2017. Europe has been witnessing increasing cases of medical tourism due to the availability of advanced healthcare services at cheaper costs as compared to that in the home country. The growing trend of traveling alone or with friends and relatives for vacation or leisure is a major factor contributing towards growth in this region.
Asia Pacific is expected to witness significant growth over the forecast period owing to an increase in disposable income, coupled with rising awareness about various insurance plans among travelers from emerging economies such as India and China, who have recently started traveling overseas extensively. In addition, increased adoption of international travel and tourism by countries such as Japan on account of its high economic benefits coupled with low operating cost is also anticipated to drive demand for these policies over the next eight years.
Growth Factors:
- Increasing disposable income of people
- Rising number of international travelers
- Proliferation of online booking platforms
- Growing demand for customized travel insurance plans
- Emergence of new risks associated with travel
Scope Of The Report
Report Attributes
Report Details
Report Title
Travel Insurance Market Research Report
By Type
Single Trip, Annual Multi-trip, Long-Stay, Travel Insuranc
By Application
Family Traveler, Senior Citizens, Business Traveler, Others
By Companies
Allianz, AIG, Munich RE, Generali, Tokio Marine, Sompo Japan, CSA Travel Protection, AXA, Pingan Baoxian, Mapfre Asistencia, USI Affinity, Seven Corners, Hanse Merkur, MH Ross, Travel Insuranc
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
235
Number of Tables & Figures
165
Customization Available
Yes, the report can be customized as per your need.
Global Travel Insurance Market Report Segments:
The global Travel Insurance market is segmented on the basis of:
Types
Single Trip, Annual Multi-trip, Long-Stay, Travel Insuranc
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Family Traveler, Senior Citizens, Business Traveler, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- AIG
- Munich RE
- Generali
- Tokio Marine
- Sompo Japan
- CSA Travel Protection
- AXA
- Pingan Baoxian
- Mapfre Asistencia
- USI Affinity
- Seven Corners
- Hanse Merkur
- MH Ross
- Travel Insuranc
Highlights of The Travel Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Single Trip
- Annual Multi-trip
- Long-Stay
- Travel Insuranc
- By Application:
- Family Traveler
- Senior Citizens
- Business Traveler
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Travel Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Travel insurance is a type of insurance that helps protect you financially if something happens while you are traveling. It can cover things like medical expenses, lost luggage, and more.
Some of the major players in the travel insurance market are Allianz, AIG, Munich RE, Generali, Tokio Marine, Sompo Japan, CSA Travel Protection, AXA, Pingan Baoxian, Mapfre Asistencia, USI Affinity, Seven Corners, Hanse Merkur, MH Ross, Travel Insuranc.
The travel insurance market is expected to grow at a compound annual growth rate of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Travel Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Travel Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Travel Insurance Market - Supply Chain
4.5. Global Travel Insurance Market Forecast
4.5.1. Travel Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Travel Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Travel Insurance Market Absolute $ Opportunity
5. Global Travel Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Travel Insurance Market Size and Volume Forecast by Type
5.3.1. Single Trip
5.3.2. Annual Multi-trip
5.3.3. Long-Stay
5.3.4. Travel Insuranc
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Travel Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Travel Insurance Market Size and Volume Forecast by Application
6.3.1. Family Traveler
6.3.2. Senior Citizens
6.3.3. Business Traveler
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Travel Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Travel Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Travel Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Travel Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Travel Insurance Demand Share Forecast, 2019-2026
9. North America Travel Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Travel Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Travel Insurance Market Size and Volume Forecast by Application
9.4.1. Family Traveler
9.4.2. Senior Citizens
9.4.3. Business Traveler
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Travel Insurance Market Size and Volume Forecast by Type
9.7.1. Single Trip
9.7.2. Annual Multi-trip
9.7.3. Long-Stay
9.7.4. Travel Insuranc
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Travel Insurance Demand Share Forecast, 2019-2026
10. Latin America Travel Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Travel Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Travel Insurance Market Size and Volume Forecast by Application
10.4.1. Family Traveler
10.4.2. Senior Citizens
10.4.3. Business Traveler
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Travel Insurance Market Size and Volume Forecast by Type
10.7.1. Single Trip
10.7.2. Annual Multi-trip
10.7.3. Long-Stay
10.7.4. Travel Insuranc
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Travel Insurance Demand Share Forecast, 2019-2026
11. Europe Travel Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Travel Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Travel Insurance Market Size and Volume Forecast by Application
11.4.1. Family Traveler
11.4.2. Senior Citizens
11.4.3. Business Traveler
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Travel Insurance Market Size and Volume Forecast by Type
11.7.1. Single Trip
11.7.2. Annual Multi-trip
11.7.3. Long-Stay
11.7.4. Travel Insuranc
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Travel Insurance Demand Share, 2019-2026
12. Asia Pacific Travel Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Travel Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Travel Insurance Market Size and Volume Forecast by Application
12.4.1. Family Traveler
12.4.2. Senior Citizens
12.4.3. Business Traveler
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Travel Insurance Market Size and Volume Forecast by Type
12.7.1. Single Trip
12.7.2. Annual Multi-trip
12.7.3. Long-Stay
12.7.4. Travel Insuranc
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Travel Insurance Demand Share, 2019-2026
13. Middle East & Africa Travel Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Travel Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Travel Insurance Market Size and Volume Forecast by Application
13.4.1. Family Traveler
13.4.2. Senior Citizens
13.4.3. Business Traveler
13.4.4. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Travel Insurance Market Size and Volume Forecast by Type
13.7.1. Single Trip
13.7.2. Annual Multi-trip
13.7.3. Long-Stay
13.7.4. Travel Insuranc
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Travel Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Travel Insurance Market: Market Share Analysis
14.2. Travel Insurance Distributors and Customers
14.3. Travel Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Allianz
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. AIG
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Munich RE
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Generali
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Tokio Marine
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Sompo Japan
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. CSA Travel Protection
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. AXA
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Pingan Baoxian
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Mapfre Asistencia
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. USI Affinity
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Seven Corners
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Hanse Merkur
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. MH Ross
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Travel Insuranc
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
