Press release
Leading Growth Driver in the Travel Insurance Market in 2025: Tourism's Impact On The Growth Of The Travel Insurance Market Driver's Influence
Travel Insurance Market Size
The surge in tourism activities is helping to expand the travel insurance market. The tourism industry benefits from travel insurance as it offers financial aid through specific packages that assist tourists in case of medical emergencies, loss of passport, flight cancellation, and misplaced or lost luggage. For instance, as reported by the United Nations World Tourism Organization (UNWTO), a Spain-based United Nations agency, in January 2024, there were 1.3 billion international tourist arrivals, witnessing a 34% uplift since 2022. This rejuvenation brought worldwide tourism to 88% of what it was before the pandemic, fueled by robust demand from all areas. Besides, the UNWTO anticipates that by 2024, international tourism will exceed the pre-pandemic levels by 2%, propelled by the relaxation of travel restrictions and accumulated demand. Hence, the increasing trend in tourism is fueling the expansion of the travel insurance market.
Get Your Travel Insurance Market Report Here:
https://www.thebusinessresearchcompany.com/report/travel-insurance-global-market-report
What is the future CAGR of the travel insurance market, and how will it impact industry expansion?
The size of the travel insurance market has experienced significant expansion in the past few years. Projected growth is expected to rise from $26.36 billion in 2024 to $30.94 billion in 2025, exhibiting a remarkable compound annual growth rate (CAGR) of 17.4%. This growth during the historical period can be credited to factors such as the escalation in travel and tourism, rising incidence of natural disasters, an increase in business travel due to urbanization, and an uptick in disposable income.
Expectations are high for the travel insurance market, which is predicted to swiftly expand in the coming years. The estimated growth suggests an increase to $57.77 billion by 2029, with a compound annual growth rate (CAGR) of 16.9%. The impetus for this projected growth could resonate from heightened demand for embedded and event-driven insurances, an amplified awareness of travel related risks, and rising medical costs. Looking towards the forecast period, anticipated trends encompass a focus on tech-centric platforms, digitalization and mobile integration, the application of blockchain technology, and strategic alliances and partnerships.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7098&type=smp
How are the latest trends influencing the growth of the travel insurance market?
The adoption of cutting-edge technologies is a key trend that is growing in traction within the travel insurance industry. Several significant players in this sector are leveraging new technologies to solidify their market standing. For example, Policybazaar, an online insurance market from India, debuted an AI-powered WhatsApp chatbot in February 2022 with the aim to automate the claim settlement process for their clientele. The chatbot allows for streamlined communication for users with corporate health plans, providing them with the option to initiate and monitor claims directly via WhatsApp. Users also have the convenience of uploading necessary documents and details about hospitalization and costs effortlessly, hence improving accessibility and the overall user experience.
Which key market segments comprise the travel insurance market and drive its revenue growth?
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
Subsegments:
1) By Domestic: Trip Cancellation Insurance, Medical Expense Coverage, Baggage Loss Coverage, Emergency Assistance
2) By International: Trip Cancellation and Interruption Insurance, Emergency Medical and Evacuation Coverage, Travel Delay and Missed Connection Coverage, Lost or Stolen Baggage Insurance
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=7098
What regions are at the forefront of travel insurance market expansion?
Asia-Pacific was the largest region in the travel insurance market in 2024. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the travel insurance market?
Major companies operating in the travel insurance market include 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., 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
Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=7098&type=smp
What Is Covered In The Travel Insurance Global Market Report?
• Market Size Forecast: Examine the travel insurance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the travel insurance market for a structured understanding.
• Key Players Overview: Analyze major players in the travel insurance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the travel insurance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the travel insurance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the travel insurance market.
• Industry Challenges: Identify potential risks and obstacles affecting the travel insurance market.
• Competitive Landscape: Review strategic developments in the travel insurance market, including expansions, agreements, and new product launches.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Leading Growth Driver in the Travel Insurance Market in 2025: Tourism's Impact On The Growth Of The Travel Insurance Market Driver's Influence here
News-ID: 3901308 • Views: …
More Releases from The Business Research Company
Top Market Shifts Transforming the Rainwater Harvesting Systems Market Landscape …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Rainwater Harvesting Systems Market Through 2025?
Over the past few years, there has been substantial growth in the market size of rainwater harvesting systems. The industry, which was valued at $1.94 billion in 2024, is predicted to rise to $2.07 billion by…
Live Concerts Fueling Surge In Percussion Instruments Market Growth: Transformat …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Percussion Instruments Industry Market Size Be by 2025?
Over the past few years, the market size of percussion instruments has examined a steady rise. With an increase from $1.44 billion in 2024 to $1.47 billion in 2025, it expects a Compound Annual Growth Rate (CAGR) of…
Emerging Trends to Drive Hydraulic Equipment Market Growth at 3.5% CAGR Through …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Hydraulic Equipment Market Size Growth Forecast: What to Expect by 2025?
The size of the hydraulic equipment market has consistently increased in the past few years. Projections show that it will rise from $45.21 billion in 2024 to $46.86 billion in 2025, recording a compound annual growth rate (CAGR)…
Emerging Trends to Reshape the Fishing Drones Market: Innovative Advancement In …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Fishing Drones Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of fishing drones has seen a swift increase in the past few years. An expansion from $0.89 billion in 2024 to $0.99 billion in 2025, representing a compound annual growth rate (CAGR)…
More Releases for Insurance
Renters Insurance Market Dazzling Worldwide with Major Giants Travelers Insuranc …
According to HTF Market Intelligence, the Global Renters Insurance market to witness a CAGR of xx% during the forecast period (2024-2030). The Latest research study released by HTF MI "Renters Insurance Market with 120+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know-how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint, and status. Understanding the segments helps in identifying…
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
