Travel Insurance Market 2021 Key Data Points Mapped for Industry Professionals - 2030

The Global Travel Insurance Market size was valued at USD 15.87 billion in 2020 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.4% from 2021-2030.

Travel insurance provides financial security to the insured person in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single trip or multiple trips. There are also few banks and financial institutions that offer such insurances free of cost along with their credit cards.

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Top Companies: CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, InsureandGo., Travel Insured International, Travel Insured International, Travelex Group and others.

Market Dynamics and Trends:

Until the Covid-19 pandemic struck, the global tourism industry was on the rise with increasing globalization, multinational events and concerts. This trend had been interrupted in 2020, but with the rollout of vaccines at the global level, it is expected that the industry will gradually recover from beginning of 2022. The rapid recovery in the travel industry, increasing business travels and availability of online travel booking facilities are some factors expected to boost the demand of travel insurance market throughout the forecast period.

Other factors such as damage due to mishandling of luggage, loss or theft, flight cancelations due to several reasons including virus outbreak are expected to accelerate the market growth in the coming years. However, lack of public awareness is expected to hamper the growth of travel insurance market in the near future. On the other hand, introduction of targeted and customized insurance policies along with increasing expenditure on travel at a global level is expected to create numerous opportunities for the travel insurance market players in the near future.

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Market Segmentations and Scope of the Study:

The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW

Geographical Analysis:

North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.

Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.

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