Press release
Travel Insurance Market to Hit USD 70.35 Bn by 2030
Travel Insurance Market
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.
๐๐ซ๐๐ ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ง๐จ๐ฐ: https://www.maximizemarketresearch.com/request-sample/16133/
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐๐ข๐๐ญ๐ง๐๐ฆ
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. ๐๐๐จ ๐๐ข๐๐ญ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐ง๐ ๐๐๐ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ have recently launched new comprehensive plans catering to family and business travel.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐๐ก๐๐ข๐ฅ๐๐ง๐
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 like๐๐ฅ๐ฅ๐ข๐๐ง๐ณ ๐๐ฒ๐ฎ๐๐ก๐ฒ๐ collaborating with local travel agencies to provide seamless insurance services.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐๐ฉ๐๐ง
Japan is witnessing a shift towards digitalization in the travel insurance sector. Mobile applications and online platforms dominate the market, with providers such as ๐๐จ๐ฆ๐ฉ๐จ ๐๐๐ฉ๐๐ง ๐๐ง๐ ๐๐จ๐ค๐ข๐จ ๐๐๐ซ๐ข๐ง๐ 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.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐จ๐ฎ๐ญ๐ก ๐๐จ๐ซ๐๐
South Korea has experienced significant consolidation within the travel insurance industry. Companies like ๐๐๐ฆ๐ฌ๐ฎ๐ง๐ ๐ ๐ข๐ซ๐ & ๐๐๐ซ๐ข๐ง๐ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ and ๐๐ฒ๐ฎ๐ง๐๐๐ข ๐๐๐ซ๐ข๐ง๐ & ๐ ๐ข๐ซ๐ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ 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.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐ข๐ง๐ ๐๐ฉ๐จ๐ซ๐
Singapore has positioned itself as a leader in offering comprehensive travel insurance policies. Recent developments include the launch of pandemic coverage plans by ๐๐ซ๐๐๐ญ ๐๐๐ฌ๐ญ๐๐ซ๐ง ๐๐ง๐ ๐๐๐๐ ๐๐ง๐๐จ๐ฆ๐, addressing the changing needs of travelers post-COVID-19. The market is growing at a CAGR, supported by a robust regulatory framework.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐
The US travel insurance market remains the largest globally, driven by a high volume of outbound and domestic travelers. Key players like ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ฎ๐๐ซ๐ ๐๐ฒ ๐๐๐ ๐๐ง๐ ๐๐ฅ๐ฅ๐ข๐๐ง๐ณ ๐๐ฅ๐จ๐๐๐ฅ ๐๐ฌ๐ฌ๐ข๐ฌ๐ญ๐๐ง๐๐ have introduced innovative policies covering adventure activities and high-risk travel. The recent rise in business travel is further boosting market growth.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐
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 ๐๐๐ ๐๐ฌ๐ฌ๐ข๐ฌ๐ญ๐๐ง๐๐ and European airlines aim to provide integrated travel solutions.
๐๐จ ๐๐ข๐ง๐ ๐ฆ๐จ๐ซ๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก, ๐ฉ๐ฅ๐๐๐ฌ๐ ๐ฏ๐ข๐ฌ๐ข๐ญ: https://www.maximizemarketresearch.com/request-sample/16133/
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
๐๐ฒ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐จ๐ฏ๐๐ซ๐๐ ๐
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.
๐๐ฒ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ง๐๐ฅ
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.
๐๐ฒ ๐๐ง๐-๐๐ฌ๐๐ซ๐ฌ
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.
๐๐๐๐ค๐ข๐ง๐ ๐ ๐ญ๐ก๐จ๐ซ๐จ๐ฎ๐ ๐ก ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐๐ข๐ง๐ ? ๐๐ข๐ฏ๐ ๐ข๐ง๐ญ๐จ ๐ญ๐ก๐ ๐ฌ๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ: https://www.maximizemarketresearch.com/request-sample/16133/
๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
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
๐๐๐๐๐ง๐ญ ๐๐๐ซ๐ ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ซ๐๐ฏ๐๐ฅ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
๐จ๐๐๐๐๐๐ ๐ฎ๐๐๐๐ acquired a majority stake in a Southeast Asian insurance provider to expand its presence in emerging markets like Vietnam and Thailand.
๐ช๐๐๐๐ recently completed a merger with a European travel insurer to diversify its offerings and enhance its foothold in Europe.
๐จ๐ฐ๐ฎ announced a strategic acquisition of a tech-driven insurance startup in Japan to improve its digital offerings.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ ๐ญ๐ก๐ ๐ญ๐ซ๐๐ง๐๐ข๐ง๐ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ซ๐จ๐ฆ ๐๐๐ฑ๐ข๐ฆ๐ข๐ณ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐ญ๐ก๐๐ญ ๐๐ซ๐ ๐ฆ๐๐ค๐ข๐ง๐ ๐ฐ๐๐ฏ๐๐ฌ:
Power Monitoring Market https://www.maximizemarketresearch.com/market-report/global-power-monitoring-market/1230/
Global Electronic Toll Collection Market https://www.maximizemarketresearch.com/market-report/global-electronic-toll-collection-market/23914/
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Global Offshore Lubricants Market https://www.maximizemarketresearch.com/market-report/global-offshore-lubricants-market/52285/
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Global Artificial Intelligence Chipset Market https://www.maximizemarketresearch.com/market-report/global-artificial-intelligence-chipset-market/66849/
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Electric Vehicle Motor Market https://www.maximizemarketresearch.com/market-report/global-electric-vehicle-motor-market/63034/
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ
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