Press release
Travel Insurance Market Growth & Key Business Strategies by Leading Industry Players CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.
Travel Insurance Market
Growth in tourism is the prime factor that drives the travel insurance market. According to UNWTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach a total of 1,184 million, with North America witnessing the highest inbound travel. With the growing tourist traffic, increased incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences, more number of travelers are opting for travel insurance.
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In addition, there are several countries, where travel insurance is mandatory for obtaining VISA. For instance, to visit countries, such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland among others, travel health insurance is a must.
In order to analyze the world travel insurance market, it is segmented based on insurance cover, users, distribution channel, and geography. Travel insurance cover is available for single trip, annual multi-trip, and long stay trips. Among the mentioned policies, single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of year-round city breaks, increase in family travelers, shopping trips abroad, and winter sun holidays. Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.
User segment comprises senior citizens, education travelers, family travelers, business travelers, backpackers, and fully independent travelers. In 2015, family travelers occupied a prominent share of the overall market revenue, followed by senior citizens. In addition, business travelers segment is anticipated to grow at the fastest CAGR of 9.7% during the forecast period, owing to increased international trade, overseas business expansion, and increase in business travel expenditure.
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Travel insurance policies are sold through insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. In 2015, across all regions, traditional channel encompassing insurance intermediaries consisting of tour operators and travel agents accounted for around half of the overall sale of travel insurance policies and is projected to lead the market during the forecast period. Insurance aggregators is anticipated to be the fastest growing channel owing to the widening usage of internet worldwide. The segment is projected to register a CAGR of 11.5% during the forecast period.
Though, Europe accounted for the majority of revenue in 2015, its relative share in the global revenue is projected to decrease during the forecast period owing to recent incidence of Brexit. Asia-Pacific travel insurance market would exhibit prominent growth during the forecast period owing to increase in the number of travel insurance users which include backpackers, senior citizens, and business travelers.
From a growth perspective, travel insurance market in LAMEA is anticipated to witness the fastest CAGR of over 10% during the forecast period, on account of increase in demand of travel insurance policies from Latin American and Middle East countries.
Key players profiled in this report are CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.
Key Findings of Travel Insurance Market
• In 2015, Europe was the highest revenue-generating region, followed by Asia-Pacific.
• Single trip travel insurance policies would continue to be the major revenue generating segment throughout the analysis period.
• Family travelers occupied prominent share of the overall market revenue in 2015 and would continue to lead the market over 2016-2022.
• Insurance intermediaries would be the highest- revenue generating market segment throughout 2014-2022.
List of Figures
FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES
FIG. 3 TOP WINNING STRATEGIES COMPARISON, 2015(%)
FIG. 4 TOP INVESTMENT POCKETS (PRODUCT TYPE)
FIG. 5 VALUE CHAIN ANALYSIS
FIG. 6 PORTERS FIVE FORCES ANALYSIS
FIG. 7 MARKET PLAYER POSITIONING, 2015
FIG. 8 INTERNATIONAL TOURISTS ARRIVALS, 2000-2014 (%)
FIG. 9 COMPARITIVE MARKET SHARE ANALYSIS OF WORLD TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2014 & 2022 (%)
FIG. 10 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD TRAVEL INTERMEDIARIES TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 11 WORLD TRAVEL INTERMEDIARIES TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 12 TRAVEL INTERMEDIARIES TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 13 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD INSURANCE COMPANY TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 14 WORLD INSURANCE COMPANY TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 15 INSURANCE COMPANY TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 16 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD BANKS TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 17 WORLD BANK TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 18 BANK TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 19 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD INSURANCE BROKER TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 20 WORLD INSURANCE BROKERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 21 INSURANCE BROKERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 22 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD INSURANCE AGGREGATOR TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 23 WORLD INSURANCE AGGREGATORS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 24 INSURANCE AGGREGATORS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 25 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD OTHERS TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 26 WORLD OTHERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 27 OTHERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 28 COMPARITIVE MARKET SHARE ANALYSIS OF WORLD TRAVEL INSURANCE MARKET, BY INSURANCE COVER, 2014 & 2022 (%)
FIG. 29 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD SINGLE TRIP TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 30 WORLD SINGLE TRIP TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 31 SINGLE TRIP TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 32 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD ANNUAL MULTI-TRIP TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 33 WORLD ANNUAL MULTI-TRIP TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 34 ANNUAL MULTI-TRIP TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 35 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD LONG STAY TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 36 WORLD LONG STAY TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 37 LONG STAY TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 38 COMPARITIVE MARKET SHARE ANALYSIS OF WORLD TRAVEL INSURANCE MARKET, BY USERS, 2014 & 2022 (%)
FIG. 39 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD SENIOR CITIZEN TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 40 OUTBOUND LEISURE TRAVELERS OVER 65 YEARS OF AGE, BY ORIGIN
FIG. 41 WORLD SENIOR CITIZENS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 42 SENIOR CITIZENS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 43 BACKPACKERS TRAVELERS BY TYPE, 2015 (%)
FIG. 44 BACKPACKERS TRAVELERS BY GROUP TYPE, 2015 (%)
FIG. 45 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD BACKPACKERS TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 46 WORLD BACKPACKERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 47 BACKPACKERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 48 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD FAMILY TRAVELERS TRAVEL INSURANCE MARKET, 2014 & 2022 (%)
FIG. 49 WORLD FAMILY TRAVELERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 50 FAMILY TRAVELERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 51 GROWTH OF INTERNATIONAL EDUCATIONS MOBILITY
FIG. 52 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD EDUCATION TRAVELERS INSURANCE MARKET, 2014 & 2022 (%)
FIG. 53 WORLD EDUCATION TRAVELERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 54 EDUCATION TRAVELERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 55 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD FULY INDEPENDENT TRAVELERS INSURANCE MARKET, 2014 & 2022 (%)
FIG. 56 WORLD FULLY INDEPENDENT TRAVELERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 57 FULLY INDEPENDENT TRAVELERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 58 COMPARITIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD BUSINESS TRAVELERS INSURANCE MARKET, 2014 & 2022 (%)
FIG. 59 WORLD BUSINESS TRAVELERS TRAVEL INSURANCE MARKET, BY REVENUE, 20142022 ($MILLION)
FIG. 60 BUSINESS TRAVELERS TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY GEOGRAPHY, 20142022 (%)
FIG. 61 COMPARITIVE MARKET SHARE ANALYSIS OF TRAVEL INSURANCE MARKET, BY GEOGRAPHY, 2014 & 2022 (%)
FIG. 62 COMPARITIVE MARKET SHARE ANALYSIS OF NORTH AMERICA TRAVEL INSURANCE MARKET, BY COUNTRY, 2014 & 2022 (%)
FIG. 63 U.S. TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 64 CANADA TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 65 MEXICO TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 66 NORTH AMERICA TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY COUNTRY, 20142022 (%)
FIG. 67 COMPARITIVE MARKET SHARE ANALYSIS OF EUROPE TRAVEL INSURANCE MARKET, BY COUNTRY, 2014 & 2022 (%)
FIG. 68 U.K. TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 69 FRANCE TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 70 GERMANY TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 71 REST OF EUROPE TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 72 EUROPE TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY COUNTRY, 20142022 (%)
FIG. 73 COMPARITIVE MARKET SHARE ANALYSIS OF LAMEA TRAVEL INSURANCE MARKET, BY COUNTRY, 2014 & 2022 (%)
FIG. 74 LATIN AMERICA TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 75 MIDDLE EAST TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 76 AFRICA TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 77 LAMEA TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY COUNTRY, 20142022 (%)
FIG. 78 COMPARITIVE MARKET SHARE ANALYSIS OF ASIA-PACIFIC TRAVEL INSURANCE MARKET, BY COUNTRY, 2014 & 2022 (%)
FIG. 79 CHINA TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 80 JAPAN TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 81 INDIA TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 82 AUSTRALIATRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 83 REST OF APAC TRAVEL INSURANCE MARKET REVENUE, 20142022 ($MILLION)
FIG. 84 ASIA-PACIFIC TRAVEL INSURANCE MARKET SHARE ANALYSIS, BY COUNTRY, 20142022 (%)
FIG. 85 CSA TRAVEL PROTECTION: REVENUE, 2013-2015 ($MILLION)
FIG. 86 CSA TRAVEL PROTECTION: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 87 USI AFFINITY: REVENUE, 2013-2015 ($MILLION)
FIG. 88 USI AFFINITY: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 89 SEVEN CORNERS INC.: REVENUE, 2013-2015 ($MILLION)
FIG. 90 SEVEN CORNERS INC.: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 91 TRAVEL SAFE: REVENUE, 2013-2015 ($MILLION)
FIG. 92 TRAVEL SAFE: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 93 MH ROSS: REVENUE, 2013-2015 ($MILLION)
FIG. 94 MH ROSS: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 95 TRAVEL SAFE: REVENUE, 2013-2015 ($MILLION)
FIG. 96 TRAVEL SAFE: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 97 ALLIANZ GLOBAL ASSISTANCE: REVENUE, 2013-2015 ($MILLION)
FIG. 98 ALLIANZ GLOBAL ASSISTANCE: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 99 TRAVEL INSURED INTERNATIONAL: REVENUE, 2013-2015 ($MILLION)
FIG. 100 TRAVEL INSURED INTERNATIONAL: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 101 AIG TRAVEL: REVENUE, 2013-2015 ($MILLION)
FIG. 102 AIG TRAVEL: REVENUE, BY GEOGRAPHY, 2015 (%)
FIG. 103 INSUREANDGO: REVENUE, 2013-2015 ($MILLION)
FIG. 104 INSUREANDGO: REVENUE, BY GEOGRAPHY, 2015 (%)
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