Press release
Travel Insurance Market Growth to Reach US$ 103.56 Billion at a CAGR of 7.2% by 2034 | Fact.MR
Travel Insurance Market
The rise in global tourism directly influences the demand for travel insurance. These policies provide financial protection against a range of travel-related risks, including lost passports, stolen baggage, and misplaced funds. Additionally, they cover trip cancellations initiated by travelers. Beyond coverage, travel insurance providers also offer support services such as assisting policyholders with claims and helping them locate medical facilities during emergencies.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8102
Key Growth Drivers
1. Rebound in Global Travel: As international and domestic tourism resumes post-pandemic, demand for travel insurance rises in tandem.
2. Risk Mitigation Needs: Travelers increasingly seek safety nets against flight disruptions, medical emergencies, and baggage loss.
3. Adventure and Niche Travel: Growth in niche travel activities, such as scuba diving or trekking, fuels demand for specialized insurance policies.
4. Corporate Travel Programs: Companies are seeking coverage for business travel-including lost luggage, evacuation, and medical care for employees abroad.
5. Regulatory Mandates: Visa rules and immigration policies-especially in Europe-drive demand for travel insurance as a prerequisite.
6. Digital Distribution & Tech Integration: Online travel agents and booking portals integrating insurance offerings simplify buying and expand market reach.
7. Technological Innovation: Adoption of AI, data analytics, blockchain, and IoT accelerates market transformation through faster claims and personalization.
Challenges & Restraining Factors
1. Policy Complexity & Awareness Gaps: Many travelers lack understanding of policy features and exclusions, limiting adoption.
2. Premium Sensitivity: High costs for robust plans may deter budget-conscious consumers.
3. Geopolitical & Climate Threats: Escalating travel risks prompt demand but also raise insurance costs.
Browse Full Report: https://www.factmr.com/report/travel-insurance-market
Country-wise Insights
North America is poised to capture approximately 21.9% of the global travel insurance market share in 2024, with projections indicating an increase to 24.7% by 2034. Europe-both Western and Eastern-also commands a substantial share, driven largely by Schengen visa requirements, which mandate travel insurance for entry.
In the United States, the rise of international business expansion is fueling a surge in corporate travel. As a result, companies are increasingly investing in travel insurance for employees. This type of coverage is becoming a vital business asset, helping organizations manage potential disruptions such as medical emergencies, trip cancellations, and lost baggage, thereby safeguarding both operations and employee welfare.
Competitive Landscape
The travel insurance market is witnessing intensified competition as key players broaden their portfolios to cater to evolving traveler needs. Companies are launching specialized insurance plans tailored for adventure sports, extended trips, and niche travel categories-strategies aimed at increasing profitability and attracting a wider customer base.
In July 2024, World Nomads, a leading global travel insurance provider, introduced a new Annual Multi-Trip (AMT) package for travelers in the United Kingdom and Ireland. This launch followed a strategic underwriting partnership with Collinson, one of the UK's premier travel insurance firms, dedicated to simplifying travel through accessible, reliable protection solutions.
Earlier, in March 2024, TATA AIG General Insurance unveiled its 'Travel Guard Plus' plan-designed to accommodate both single and multiple international trips within a year. Notably, this product already covers nearly one-third of India's international travel insurance premiums, underscoring its strong market impact and popularity among frequent travelers.
Get Full Access of the Complete Report: https://www.factmr.com/checkout/8102
Segmentation of Travel Insurance Market Research
By Coverage Type :
Single Trips
Annual/Multiple Trips
By Trip Type :
Domestic
International
By End-use Application :
Individual
Group
By Region :
North America
Western Europe
Eastern Europe
Latin America
East Asia
South Asia & Pacific
Middle East & Africa
Check out More Related Studies Published by Fact.MR:
Insurance Broker & Agency Market
https://www.factmr.com/report/insurance-broker-and-agency-market
Tourism Market
https://www.factmr.com/report/tourism-market
Waste Management Market
https://www.factmr.com/report/waste-management-market
Electric Rice Cooker Market
https://www.factmr.com/report/4509/electric-rice-cooker-market
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
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 Travel Insurance Market Growth to Reach US$ 103.56 Billion at a CAGR of 7.2% by 2034 | Fact.MR here
News-ID: 4107423 • Views: …
More Releases from Fact.MR
Ambulance Stretcher Market is Forecasted to Reach USD 273.4 Million by 2034 | Fa …
The global ambulance stretcher market, valued at USD 254.2 million in 2024, is projected to grow at a compound annual growth rate (CAGR) of 0.7%, reaching USD 273.4 million by 2034. This modest growth is driven by demographic shifts, advancements in healthcare technology, and an increasing demand for efficient emergency medical services (EMS).
Ambulance stretchers, critical for safe patient transport in emergencies, are evolving from basic manual designs to sophisticated,…
Telemedicine Market is Forecasted to Reach USD 57 Billion by 2034 | Fact.MR Repo …
The global telemedicine market, valued at USD 17.83 billion in 2024, is projected to grow at a robust compound annual growth rate (CAGR) of 12.3%, reaching USD 57 billion by 2034. This significant expansion is driven by increasing adoption of digital healthcare solutions, advancements in telecommunication technologies, and growing demand for accessible medical services.
Telemedicine, encompassing real-time consultations and remote patient monitoring, is transforming healthcare delivery by enabling remote diagnosis,…
Alopecia Treatment Market in Asia Pacific is Forecasted to Reach USD 5.03 Billio …
The Asia Pacific alopecia treatment market is valued at USD 2.66 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.6%, reaching USD 5.03 billion by 2034. This growth is driven by rising awareness of hair loss conditions, increasing prevalence of alopecia, particularly alopecia areata, and advancements in treatment options.
Alopecia, characterized by hair loss due to genetic, hormonal, autoimmune, or environmental factors,…
DisplayPort Adapter Market is Projected to Reach USD 406.9 Million by 2033 | Fac …
The global DisplayPort adapter market, valued at USD 249 million in 2022, is forecasted to grow to USD 406.9 million by 2033, offering an absolute dollar opportunity of USD 157.9 million over the forecast period from 2023 to 2033. This growth corresponds to a compound annual growth rate (CAGR) of 4.6%, driven by increasing demand for high-resolution displays, the proliferation of smart devices, and the need for versatile connectivity solutions.…
More Releases for Travel
Solo Travel Service Market Next Big Thing | Ftlo Travel, Weroad Travel, EL Camin …
The "Solo Travel Service - Market Development Outlook" Study has been added to AMA repository. The study envisage detailed qualitative as well as quantitative market data insights and follows Industry benchmark classification and NAICS standards to build strong players coverage in the study. Some of the major and emerging players identified are Exodus Travel (United Kingdom), G Adventures (Canada), Ftlo Travel (Canada), Weroad Travel (United Kingdom), EL Camino Travel (United…
Honeymoon Travel Market to Witness Remarkable Growth by 2029 | AAA Travel, World …
HTF MI introduces new research on Honeymoon Travel covering the micro level of analysis by competitors and key business segments (2023-2029). The Honeymoon Travel 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…
Travel Agencies Market Giants Spending Is Going To Boom | Carlson Wagonlit Trave …
Advance Market Analytics published a new research publication on "Global Travel Agencies Market Insights, to 2028" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study, you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market-associated stakeholders. The growth of the Travel Agencies market was mainly driven by the increasing R&D spending across the world.
Get Free Exclusive PDF Sample Copy of…
Educational Travel Market to See Competition Rise | STA Travel, Key Travel, Elli …
According to HTF Market Intelligence, the Global Educational Travel market to witness a CAGR of 17.01% during forecast period of 2023-2028. The market is segmented by Global Educational Travel Market Breakdown by Application (Primary School Students, Middle & High School Students, College Students) by Type (Below 3 Days, 3 to 7 Days, Above 7 Days) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Educational Travel market…
Excellent Growth of Business Travel Management Service Market Key Players- Carls …
“Business Travel Management Service Industry 2020 Market Research Report” A new report added by reportsandmarkets.com to its research database. Business Travel Management Service Market is segmented by Regions/Countries. All the key market aspects that influence the Business Travel Management Service market presently and will have an impact on it have been evaluated and propounded in the Business Travel Management Service market research status and development trends reviewed in the new…
Honeymoon Tourism Market Is Thriving Worldwide : China Travel, HRG North America …
A fresh market research study titled Honeymoon Tourism Market explores several significant facets related to Honeymoon Tourism Market covering industry environment, segmentation analysis, and competitive landscape. Realistic concepts of the market are mentioned in a simple and plain manner in this report. A comprehensive and elaborate primary analysis report highlights numerous facts such as development factors, business enhancement strategies, statistical growth, financial gain or loss to help readers and clients…
