Press release
Travel Insurance Market Set to Surge with 16% Revenue Growth to USD 21 Billion by 2029
Travel Insurance Market
Travel Insurance Market Overview:
In a post-pandemic world, the global travel insurance market is set for substantial growth, projected to increase by 16% from 2022 to 2029, reaching nearly USD 21 billion. This surge comes as travelers increasingly prioritize protection against unforeseen events like COVID-19-related disruptions, including testing and quarantine expenses. The market, valued at USD 21.46 billion in 2022, is benefiting from rising tourism demand facilitated by easy online bookings and increased disposable income. Travel insurance, which covers risks such as flight cancellations, medical emergencies, and baggage loss, is becoming essential for travelers navigating the uncertainties of modern travel.
Major players in the market, including Allianz Global Assistance, are adapting by offering comprehensive COVID-19 coverage, further driving market expansion. The growth is not only fueled by leisure travelers but also by corporate travelers seeking to mitigate business travel risks. Regions such as Europe, which dominated with a 43.1% market share in 2022, and Asia-Pacific, expected to grow at the fastest rate of 16.7%, are pivotal in driving this global market growth. The market's resilience post-pandemic underscores its vital role in supporting safe and secure international travel. For more insights, the Global Travel Insurance Market report offers detailed analysis on market dynamics, key segments, and regional trends shaping the future of travel insurance.
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Travel Insurance Market Scope and Methodology:
This report aims to deliver a thorough understanding of the Travel Insurance market, emphasizing market-centric strategies. It identifies key trends, growth drivers, challenges, and potential opportunities. Data is collected through both primary and secondary research methods. Primary data is gathered from interviews and surveys with key industry stakeholders such as manufacturers, suppliers, distributors, customers, and experts. Secondary data is sourced from industry reports, market analyses, corporate websites, annual reports, trade journals, government publications, and databases.
The report offers a detailed analysis of the business strategies of top companies, including partnerships, mergers, acquisitions, and collaborations. A SWOT analysis evaluates the market position of these companies, highlighting strengths, weaknesses, opportunities, and threats. The Travel Insurance market is examined using feasibility studies, investment return analyses, and Porter's Five Forces framework. Global and regional Travel Insurance market sizes are calculated using a bottom-up approach.
Travel Insurance Market Regional Insights:
The Regional Analysis section offers an overview of the current state of the Travel Insurance market in each participating country. Local perspectives are vital due to the complex nature of the Travel Insurance industry. The market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Each region's market size, growth rate, import and export details, and other specifics are examined in detail.
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Market Segmentation:
Discover how the Travel Insurance market is segmented and gain insights into each segment's performance and growth potential.
by Insurance Coverage
• Single-trip Travel Insurance
• Annual Multi-trip Travel Insurance
• Long-stay Travel Insurance
by Distribution Channel
• Insurance Intermediaries
• Insurance Companies
• Banks
• Insurance Brokers
• Insurance Aggregators
by End-Users
• Education Travelers
• Business Travelers
• Senior Citizens
• Family Travelers
• Others
Based on the end users, End-user segments in the market include education travelers, business travelers, senior persons, family travelers, and others. The other sub-segment includes individuals as well as groups. The senior citizen sector had the most revenue in 2022, totaling USD 5,805.5 million, and is predicted to expand at a CAGR of 13.9% over the forecast period. The services offered, such as emergency evacuation, ticket subsidies, trip cancellation coverage, and luggage loss coverage, are driving market expansion in this area. Furthermore, the business travel insurance sector held a substantial market share of USD 2,724.1 million in 2021 and is predicted to grow at the fastest CAGR of 17.6% over the forecast period.
Market Key Players:
Identify the leading companies and their portfolios in the Travel Insurance market.
• American International Group, Inc.
• ASSICURAZIONI GENERALI S.P.A.
• USI Insurance Services, LLC
• battleface
• Insure & Go Insurance Services Limited
• Seven Corners Inc.
• Travel Insured International
• Zurich
• Delphi Financial Group, Inc.
• Ping An Insurance (Group) Company of China, Ltd.
• Allianz Group
• Munchener-Ruck-Gruppe
• Talanx Konzern
• R+V Konzern
• Generali Deutschland AG
• AXA Konzern AG
• Bayern
• Huk-Coburg
• Signal Iduna
• Travelex Insurance Services Inc.
• Berkshire Hathaway Travel Protection
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Key questions answered in the Travel Insurance Market include:
• Who are the leading companies and what are their portfolios in the Travel Insurance Market?
• What segments are covered in the Travel Insurance Market?
• Who are the key players in the Travel Insurance market?
• Which application holds the highest potential in the Travel Insurance market?
• What are the key challenges and opportunities in the Travel Insurance market?
• What is Travel Insurance?
• What was the Travel Insurance market size in 2023?
• What will be the CAGR at which the Travel Insurance market will grow?
• What is the growth rate of the Travel Insurance Market?
• Which factors are expected to drive the Travel Insurance market growth?
• What are the different segments of the Travel Insurance Market?
• What growth strategies are players considering to increase their presence in Travel Insurance?
• What are the upcoming industry applications and trends for the Travel Insurance Market?
• What recent industry trends can be implemented to generate additional revenue streams for the Travel Insurance Market?
Key Offerings:
• Historical Market Size and Competitive Landscape (2018 to 2022)
• Historical Pricing and Price Trends by Region (2018 to 2022)
• Market Size, Share, and Forecast by Different Segments (2024-2030)
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - Detailed Analysis by Segment and Sub-Segment by Region
• Competitive Landscape - Profiles of Key Players by Region from a Strategic Perspective
• Competitive Landscape - Market Leaders, Market Followers, Regional Players
• Competitive Benchmarking of Key Players by Region
• PESTLE Analysis
• PORTER's Analysis
• Value Chain and Supply Chain Analysis
• Legal Aspects of Business by Region
• Lucrative Business Opportunities with SWOT Analysis
• Recommendations
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