Press release
Travel Insurance Global Market By Insurance Coverage, By Distribution Channel, By Age Group, By End User, By Region And Segment Forecasts, 2023-2032 | Allianz SE, Aviva plc, Axa S.A., Bajaj Finserv Limited, Chubb Limited
Travel Insurance Market
Travel Insurance Market Size, Growth Rate, And Forecast
The global travel insurance market size grew from $19.14 billion in 2022 to $22.44 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The travel insurance market size is expected to grow to $40.58 billion in 2027 at a CAGR of 16.0%.
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Travel Insurance Market Drivers
The rise in tourism is contributing to the growth of the travel insurance market. Travel insurance helps the tourism sector by providing financial help through certain packages that help travellers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage.
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Travel Insurance Market Segments
• By Type: Domestic, International
• By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance
• By Coverage: Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, Other Coverages
• By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Other End-Users
• By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Other Distribution Channels
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Travel Insurance market.
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Travel Insurance Market Key Players
Major competitors in the Travel Insurance market include Allianz SE, American Express Company, American International Group Inc., Assicurazioni Generali S.P.A, Atlas Travel Insurance, Aviva plc, Axa S.A., Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc., Saga PLC., Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc., Zurich Insurance, and Arch Capital Group Ltd.
The Business Research Company's "Global Travel Insurance Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high-level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table of Content for The Travel Insurance Market Include:
1. Executive Summary
2. Travel Insurance Market Characteristics
3. Travel Insurance Market Trends And Strategies
4. Travel Insurance Market - Macro Economic Scenario
5. Travel Insurance Market Size And Growth
.....
26. Africa Travel Insurance Market
27. Travel Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Travel Insurance Market
29. Travel Insurance Market Future Outlook and Potential Analysis
30. Appendix
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