Press release
Top Trends Transforming the Travel Insurance Market Landscape in 2025: Integration Of Advanced Technologies In Travel Insurance Platforms
Travel Insurance Market
Travel Insurance Market Size Growth Forecast: What to Expect by 2025?
Over the past several years, the size of the travel insurance market has seen a considerable rise. Projected growth is from $26.36 billion in 2024 to $30.94 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. This historic period growth can be linked to elements such as the upswing in travel and tourism, more frequent natural disasters, the surge in business travel influenced by urbanization, and a rise in disposable income.
How Will the Travel Insurance Market Size Evolve and Grow by 2029?
In the coming years, the travel insurance market is anticipated to experience a swift expansion in its size, reaching $57.77 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 16.9%. The anticipated expansion during the forecast period is driven by the increased demand for integrated, event-driven insurance products, enhanced awareness of travel-related risks, and spiraling medical expenses. The future trend forecast indicates a tactical focus on technology-driven platforms, increased digitalization and incorporation of mobile technology, emphasis on blockchain technology, and the establishment of strategic partnerships and collaborations.
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What Drivers Are Propelling the Growth of Travel Insurance Market Forward?
The increasing popularity of tourism is fueling the expansion of the travel insurance market. By offering financial assistance through certain plans that cover medical emergencies, loss of passport, flight cancellation, and lost or misplaced baggage, travel insurance supports the tourism industry. As reported by the United Nations World Tourism Organization (UNWTO), a Spain-based agency of the United Nations, there were 1.3 billion international tourist arrivals in January 2024, a 34% rise from 2022. This rebound brought global tourism to 88% of its pre-pandemic standing, propelled by robust demand across all regions. Furthermore, the UNWTO predicts a 2% growth in international tourism beyond pre-pandemic levels by 2024, stimulated by relaxed travel restrictions and a backlog of demand. As such, the growing tourism trend is boosting the travel insurance market.
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Which Emerging Trends Are Transforming the Travel Insurance Market in 2025?
Adopting cutting-edge technologies has become a prominent trend in the travel insurance sector, gaining significant traction. The industry's major players are focusing on innovative technologies to consolidate their market position. For example, in February 2022, Policybazaar, a leading Indian online insurance platform, introduced an AI-powered WhatsApp chatbot to automate its customers' claim settlement process. The chatbot simplifies the communication process for users who have corporate health plans covered, allowing them to start and monitor their claims straight from WhatsApp. Users also have the convenience of uploading important documents and information about hospitalization and costs, enhancing user accessibility and overall experience.
What Are the Key Segments in the Travel Insurance Market?
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
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Who Are the Key Players Shaping the Travel Insurance Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Travel Insurance Market?
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.
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