Travel Insurance Market to Reach $143.5 billion, Globally, by 2033 at 20.1% CAGR | Insurefor.com, Zurich Insurance Company Ltd, Allianz

Allied Market Research published a report, titled, "Travel Insurance Market by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years), Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Distribution Channel (Airlines, Bank, Insurance Company, Online Travel Agency (OTA), Railway Operators, Travel Agents/Tour Operators, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the travel insurance market was valued at $22.6 billion in 2023, and is estimated to reach $143.5 billion by 2033, growing at a CAGR of 20.1% from 2024 to 2033.

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The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.

Prime Determinants of Growth

The travel insurance market is driven by an increase in emergency and medical expenses, rapid growth in tourism, and rise in baby boomer travel. However, lack of awareness regarding benefits related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the travel insurance industry are expected to offer ample growth opportunities in the upcoming years.

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The single-trip travel insurance segment to maintain its leadership status throughout the forecast period

By insurance cover, the single-trip travel insurance segment held the highest market share in 2023, and is estimated to maintain its leadership status throughout the forecast period, this was attributed to single-trip travel insurance covering a combination of eventualities including trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others, whether consumers are visiting multiple destinations or countries. Key growth factors include customized coverages that are covered under this policy and are available at an extra premium cost, depending on customer needs and demands. However, the long stay travel insurance segment is projected to manifest the highest CAGR from 2023 to 2033, as this policy is largely purchased by backpackers, and travelers on sabbaticals. Further, backpackers can work in countries they visit, which is expected to increase their stay; thereby, leading to an increase in sales of long stay insurance policies in the market.

The family travelers' segment is dominating the market in 2023

By end user, the family travelers segment held the highest market share in 2023, accounting for more than one-fourth of the travel insurance market revenue, this is attributed to several key factors such as rise in multigenerational travel trend among families, which is expected to lead to increase in demand for travel insurance policies. In addition, due to the increase in adventure travel packages, families are traveling with children above 18 years of age, as the young generation of travel influencers is growing rapidly; thereby boosting the growth of the segment. However, the business travelers segment is projected to manifest the highest CAGR from 2023 to 2033. The growing network of co-working and remote workers is rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a major trend.

The 31-49 years old segment is dominating the market in 2023

By age group, the 31-49 years segment held the highest market share in 2023, this is attributed to several key factors such as 31-49 years old are more likely to opt for travel insurance as they often seek out adventure activities, unique experiences, and off-the-beaten-path destinations. In addition, they are more likely to participate in activities such as hiking, diving, or extreme sports. As a result, they may look for travel insurance that covers a wide range of adventure activities and offers higher limits for medical coverage and emergency evacuation in case of accidents. However, the 18-30 years old segment is projected to manifest the highest CAGR from 2023 to 2033. 18-30-year-olds have realized the importance and need to stay protected, thereby creating a safety net for themselves and their loved ones. Therefore, there has also been a steady rise in demand for health insurance. In addition, the younger generation is looking forward to a personalized and better customized insurance policy with personalized options and flexibility in payment along with the digital first approach for insurance.

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North America to maintain its dominance by 2033

Region wise, North America held the highest market share in terms of revenue in 2023, as domestic and international travel insurance has witnessed stable growth over the past five years, primarily due to increasing baggage loss with 1.77 mishandled bags per 1,000 passengers annually and growing need to compensate against the losses. Furthermore, the total number of missing cases increased drastically due to Asia-Pacific having the largest number of travelers.

Leading Market Players: -

Allianz Partners
American International Group, Inc.
Assicurazioni Generali S.p.A
Aviva Plc.
AXA
Berkshire Hathaway Specialty Insurance Company
Chubb Limited
ERGO Travel Insurance Services Ltd.
Seven Corners, Inc.
Insurefor.com
Just Insurance Agents Limited
PassportCard Deutschland GmbH
TICORP Limited
Trailfinders Ltd.
Zurich Insurance Company Ltd

The report provides a detailed analysis of these key players in the travel insurance market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel insurance market analysis from 2023 to 2033 to identify the prevailing travel insurance market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the travel insurance market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global travel insurance market trends, key players, market segments, application areas, and market growth strategies
Travel Insurance Market Key Segments:

By Age Group

1-17 Years Old
18-30 Years Old
31-49 Years Old
Above 50 Years

By Insurance Cover

Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance

By End User

Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Others

By Distribution Channel

Airlines
Bank
Insurance Company
Online Travel Agency (OTA)
Railway Operators
Travel Agents/Tour Operators
Others

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, South East Asia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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