Travel Insurance Market to Hit USD 70.35 Bn by 2030

𝐁𝐨𝐨𝐦𝐢𝐧𝐠 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐢𝐭𝐡 𝐍𝐨𝐭𝐚𝐛𝐥𝐞 𝐂𝐨𝐮𝐧𝐭𝐫𝐲-𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

The global Travel Insurance Market, valued at USD 24.89 billion in 2023, is set to witness significant growth, projected to expand at a CAGR of 16% from 2024 to 2030. This growth is driven by the increasing number of international travelers, rising awareness about travel insurance benefits, and evolving consumer preferences for customizable policies. Here's an in-depth look at the growth, opportunities, trends, consolidation, and updates in key regions such as Vietnam, Thailand, Japan, South Korea, Singapore, the US, and Europe.

𝐆𝐫𝐚𝐛 𝐲𝐨𝐮𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐧𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/16133/

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

Vietnam is emerging as a key player in the travel insurance sector, with a growing middle-class population driving international tourism. The increasing number of outbound travelers has created opportunities for insurers to introduce tailored policies. 𝐁𝐚𝐨 𝐕𝐢𝐞𝐭 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐏𝐕𝐈 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 have recently launched new comprehensive plans catering to family and business travel.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

Thailand's vibrant tourism industry is fostering the rapid growth of travel insurance. The government's promotion of medical tourism has encouraged international visitors to opt for coverage plans. Recent data indicates a CAGR in the Thai market. Key developments include partnerships like𝐀𝐥𝐥𝐢𝐚𝐧𝐳 𝐀𝐲𝐮𝐝𝐡𝐲𝐚 collaborating with local travel agencies to provide seamless insurance services.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧

Japan is witnessing a shift towards digitalization in the travel insurance sector. Mobile applications and online platforms dominate the market, with providers such as 𝐒𝐨𝐦𝐩𝐨 𝐉𝐚𝐩𝐚𝐧 𝐚𝐧𝐝 𝐓𝐨𝐤𝐢𝐨 𝐌𝐚𝐫𝐢𝐧𝐞 leveraging AI for policy recommendations. The trend aligns with the increase in domestic and inbound tourism driven by major events like the Tokyo Olympics and cultural festivals.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚

South Korea has experienced significant consolidation within the travel insurance industry. Companies like 𝐒𝐚𝐦𝐬𝐮𝐧𝐠 𝐅𝐢𝐫𝐞 & 𝐌𝐚𝐫𝐢𝐧𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 and 𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐌𝐚𝐫𝐢𝐧𝐞 & 𝐅𝐢𝐫𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 are acquiring smaller players to expand their market reach. The recent merger between DB Insurance and a regional provider is expected to enhance product innovation and coverage diversity.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞

Singapore has positioned itself as a leader in offering comprehensive travel insurance policies. Recent developments include the launch of pandemic coverage plans by 𝐆𝐫𝐞𝐚𝐭 𝐄𝐚𝐬𝐭𝐞𝐫𝐧 𝐚𝐧𝐝 𝐍𝐓𝐔𝐂 𝐈𝐧𝐜𝐨𝐦𝐞, addressing the changing needs of travelers post-COVID-19. The market is growing at a CAGR, supported by a robust regulatory framework.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒

The US travel insurance market remains the largest globally, driven by a high volume of outbound and domestic travelers. Key players like 𝐓𝐫𝐚𝐯𝐞𝐥 𝐆𝐮𝐚𝐫𝐝 𝐛𝐲 𝐀𝐈𝐆 𝐚𝐧𝐝 𝐀𝐥𝐥𝐢𝐚𝐧𝐳 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 have introduced innovative policies covering adventure activities and high-risk travel. The recent rise in business travel is further boosting market growth.

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞

Europe is a mature market for travel insurance, with a CAGR. Countries like Germany and the UK are seeing increasing demand for policies that cover disruptions caused by strikes and weather-related incidents. Recent partnerships between 𝐀𝐗𝐀 𝐀𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 and European airlines aim to provide integrated travel solutions.

𝐓𝐨 𝐟𝐢𝐧𝐝 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐯𝐢𝐬𝐢𝐭: https://www.maximizemarketresearch.com/request-sample/16133/

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

𝐛𝐲 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞

Single-trip Travel Insurance
Annual Multi-trip Travel Insurance
Long-stay Travel Insurance

Based on insurance coverage. The market is classified into three categories depending on insurance coverage: single-trip travel insurance, annual multi-trip travel insurance, and long-term travel insurance. The single-trip travel insurance segment dominated the market with a share of 60.1%, and it is predicted to grow at the quickest CAGR of 16.0% over the forecast period. The expansion of the single-trip travel insurance category can be attributable to issues such as baggage loss, emergency dental treatment costs, personal liability coverage, fire coverage, trip interruption or cancellation, missed flight connection, and a variety of additional services. Furthermore, the yearly multi-trip travel insurance market is predicted to rise at a 15.3% CAGR throughout the projection period.

𝐛𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥

Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators

Based on distribution channels, the market is classified as insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. The insurance companies sector dominated the market in 2021, accounting for 34.8% of total revenue, and is predicted to keep this position throughout the forecast period. This segment's rise can be linked to factors such as rising risk consolidation among multiple policyholders and establishing premiums based on the chance of a certain occurrence resulting in a typical financial loss.

𝐛𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬

Education Travelers
Business Travelers
Senior Citizens
Family Travelers
Others

The market is segmented by end-users, including 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.

𝐒𝐞𝐞𝐤𝐢𝐧𝐠 𝐚 𝐭𝐡𝐨𝐫𝐨𝐮𝐠𝐡 𝐦𝐚𝐫𝐤𝐞𝐭 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠? 𝐃𝐢𝐯𝐞 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.maximizemarketresearch.com/request-sample/16133/

𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

1. American International Group, Inc.
2. ASSICURAZIONI GENERALI S.P.A.
3. USI Insurance Services, LLC
4. battleface
5. Insure & Go Insurance Services Limited
6. Seven Corners Inc.
7. Travel Insured International
8. Zurich
9. Delphi Financial Group, Inc.
10. Ping An Insurance (Group) Company of China, Ltd.
11. Allianz Group
12. Munchener-Ruck-Gruppe
13. Talanx Konzern
14. R+V Konzern
15. Generali Deutschland AG
16. AXA Konzern AG
17. Bayern
18. Huk-Coburg
19. Signal Iduna
20. Travelex Insurance Services Inc.
21. Berkshire Hathaway Travel Protection

𝐑𝐞𝐜𝐞𝐧𝐭 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐓𝐫𝐚𝐯𝐞𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

𝑨𝒍𝒍𝒊𝒂𝒏𝒛 𝑮𝒓𝒐𝒖𝒑 acquired a majority stake in a Southeast Asian insurance provider to expand its presence in emerging markets like Vietnam and Thailand.
𝑪𝒉𝒖𝒃𝒃 recently completed a merger with a European travel insurer to diversify its offerings and enhance its foothold in Europe.
𝑨𝑰𝑮 announced a strategic acquisition of a tech-driven insurance startup in Japan to improve its digital offerings.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐭𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐟𝐫𝐨𝐦 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐦𝐚𝐤𝐢𝐧𝐠 𝐰𝐚𝐯𝐞𝐬:

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