Travel Insurance Market by Insurance Cover (Single trip, Annual multi-trip, and Long stay), User (Senior citizens, Education travelers, Backpackers, Business travelers, Family travelers, and Fully independent travelers), and Distribution Channel (Insuranc
Travelling internationally is becoming easy with the increased aging population, growth in middle class, and improved infrastructure combined with technological advances and propelled demand for travel insurance. Low dependency ratio, rise in disposable income, more spare time, and rise in aspirations gave rise to Gen S travelers. A notable increase in the number of senior citizen travelers especially leisure travelers would have remarkable impact on travel insurance industry.
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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.
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.
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.
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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., TravelSafe Insurance, MH Ross Travel Insurance Services, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, and InsureandGo. Other players in the value chain include Berkshire Hathaway Specialty Insurance, Travelex Group, Tokio Marine HCC Medical Insurance Services Group, Aviva PLC, American Express Company, and Travel Insured International.
Key Findings of the 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 Tables
TABLE 1 WORLD TRAVEL INSURANCE MARKET REVENUE, BY GROWING SEGMENTS, 2014-2022 ($MILLION)
TABLE 2 WORLD TRAVEL INSURANCE MARKET REVENUE BY DISTRIBUTION CHANNELS, 2014-2022 ($MILLION)
TABLE 3 TRAVEL INTERMEDIARIES TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 4 INSURANCE COMPANY TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 5 BANK TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 6 INSURANCE BROKERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 7 INSURANCE AGGREGATORS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 8 OTHERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 9 WORLD TRAVEL INSURANCE MARKET REVENUE, BY INSURANCE COVER, 20142022 ($MILLION)
TABLE 10 SINGLE TRIP TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 11 ANNUAL MULTI- TRIP TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 12 LONG STAY TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 13 WORLD TRAVEL INSURANCE MARKET REVENUE, BY USERS, 20142022 ($MILLION)
TABLE 14 SENIOR CITIZENS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 15 BACKPACKERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 16 FAMILY TRAVELERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 17 EDUCATION TRAVELERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 18 FULLY INDEPENDENT TRAVELERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 19 BUSINESS TRAVELERS TRAVEL INSURANCE MARKET REVENUE, BY GEOGRAPHY, 20142022 ($MILLION)
TABLE 20 WORLD TRAVEL INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 21 NORTH AMERICA TRAVEL INSURANCE MARKET REVENUE BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 22 NORTH AMERICA TRAVEL INSURANCE MARKET REVENUE BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 23 NORTH AMERICA TRAVEL INSURANCE MARKET REVENUE BY USERS, 2014-2022 ($MILLION)
TABLE 24 EUROPE TRAVEL INSURANCE MARKET REVENUE BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 25 EUROPE TRAVEL INSURANCE MARKET REVENUE BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 26 EUROPE TRAVEL INSURANCE MARKET REVENUE BY USERS, 2014-2022 ($MILLION)
TABLE 27 LAMEA TRAVEL INSURANCE MARKET REVENUE BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 28 LAMEA TRAVEL INSURANCE MARKET REVENUE BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 29 LAMEA TRAVEL INSURANCE MARKET REVENUE BY USERS, 2014-2022 ($MILLION)
TABLE 30 ASIA-PACIFIC TRAVEL INSURANCE MARKET REVENUE BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 31 ASIA-PACIFIC TRAVEL INSURANCE MARKET REVENUE BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 32 ASIA-PACIFIC TRAVEL INSURANCE MARKET REVENUE BY USERS, 2014-2022 ($MILLION)
TABLE 33 CSA TRAVEL PROTECTION-COMPANY SNAPSHOT
TABLE 34 CSA TRAVEL PROTECTION -OPERATING SEGMENTS
TABLE 35 USI AFFINITY-COMPANY SNAPSHOT
TABLE 36 USI AFFINITY-OPERATING SEGMENT
TABLE 37 SEVEN CORNERS INC.-COMPANY SNAPSHOT
TABLE 38 SEVEN CORNERS INC. - OPERATING SEGMENTS
TABLE 39 TRAVEL SAFE-COMPANY SNAPSHOT
TABLE 40 TRAVEL SAFE- OPERATING SEGMENTS
TABLE 41 MH ROSS-COMPANY SNAPSHOT
TABLE 42 MH ROSS- OPERATING SEGMENTS
TABLE 43 TRAVEL SAFE-COMPANY SNAPSHOT
TABLE 44 TRAVEL SAFE- OPERATING SEGMENTS
TABLE 45 ALLIANZ GLOBAL ASSISTANCE -COMPANY SNAPSHOT
TABLE 46 ALLIANZ GLOBAL ASSISTANCE - OPERATING SEGMENTS
TABLE 47 TRAVEL INSURED INTERNATIONAL-COMPANY SNAPSHOT
TABLE 48 TRAVEL INSURED INTERNATIONAL- OPERATING SEGMENTS
TABLE 49 AIG TRAVEL-COMPANY SNAPSHOT
TABLE 50 AIG TRAVEL- OPERATING SEGMENTS
TABLE 51 INSUREANDGO -COMPANY SNAPSHOT
TABLE 52 INSUREANDGO - OPERATING SEGMENTS
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