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Travel Insurance Market 2024-2033: Key Trends, Growth Analysis, and Insights
Travel Insurance Market
Travel Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $49.3 billion In 2028 At A CAGR Of 16.8% :
The travel insurance market size has grown rapidly in recent years. It will grow from $22.56 billion in 2023 to $26.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increased travel and tourism, increased occurrences of natural disasters, the rise in business travel driven by urbanization, and the rise in disposable income.
The travel insurance market size is expected to see rapid growth in the next few years. It will grow to $49.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to growing demand for embedded, event-driven insurances, a growing awareness of travel associated risks, and the rising medical costs. Major trends in the forecast period include focus on tech-driven platforms, digitalization and mobile integration, focus on blockchain technology, and strategic partnerships and collaborations.
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Travel Insurance Market Major Segments
The travel insurance market covered in this report is segmented -
1) By Type: Domestic, International
2) By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance
3) By Coverage: Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, Other Coverages
4) By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Other Distribution Channels
5) By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Other End-Users
Key Driver - Tourism's Impact On The Growth Of The Travel Insurance Market
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 travelers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage. For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.
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Prominent Trend - Integration Of Advanced Technologies In Travel Insurance Platforms
The incorporation of advanced technologies has emerged as the key trend gaining popularity in the travel insurance platform. Major companies operating in the travel insurance sector are focused on new technologies to strengthen their position in the market. For instance, in February 2022, Policybazaar, an Indian-based online insurance marketplace, launched an AI-enables WhatsApp chatbot for automating the claim settlement process for its clients.
Travel Insurance Market Players
Major companies operating in the travel insurance market report are Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc., American Express Company, Chubb Limited, Aviva Plc, Seven Corners Inc, Travelex Insurance Services Inc., Corporate Risks India Insurance Brokers Pvt Ltd, TATA AIG, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd., Fanhua Holdings, Ping an Insurance Company of China, People's Insurance Company (Group) of China, China Pacific Insurance (Group) Co. Ltd, New China Life Insurance, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Sogaz Insurance Group, Ingosstrakh Insurance Co, Marsh McLennan, UNIQA, Česká Pojišťovna, MetLife Inc., Assicurazioni Generali, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, John Hancock Insurance Agency, Trawick International, USI Affinity Travel Insurance Services, GoReady Insurance, TU AGENCIA DE SEGUROS CO, 111 Seguros Ltda, Agencia de seguros, BSB Capital Corretora de Seguros, Indeniza Corretora em Balsas MA, Emirates Insurance Co., Sukoon Insurance, Union Insurance, Doha Insurance Group, Qatar Insurance Co, KIB Takaful Insurance Company, Gulf Insurance Group, Misr Life Insurance, QNB Alahli Life Insurance, Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Travel Africa Insurance, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the travel insurance market in 2023. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Travel Insurance Market Report Structure
3. Travel Insurance Market Trends And Strategies
4. Travel Insurance Market - Macro Economic Scenario
5. Travel Insurance Market Size And Growth
…..
27. Travel Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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