Press release
Travel Insurance Market is Anticipated to Expand upto $57.26 Billion in 2029
Travel Insurance Market
What Is the Forecasted Market Growth Rate of the Travel Insurance Industry?
There has been a swift expansion in the size of the travel insurance market in recent times. Expected to rise from $26.36 billion in 2024 to $30.77 billion in 2025, it is projected to have a compound annual growth rate (CAGR) of 16.8%. This escalation in the past can be credited to the surge in travel and tourism, heightened instances of natural calamities, the increase in business travel promoted by urbanization, and an increase in discretionary income.
How Will the Travel Insurance Market Size Evolve From 2025 to 2029?
In the foreseeable future, a swift expansion is anticipated in the travel insurance market size. The market is predicted to climb up to a valuation of $57.26 billion in 2029, which signifies a compound annual growth rate (CAGR) of 16.8%. The surge predicted during the forecast period is attributed to factors like increasing interest in embedded, event-driven insurances, heightened awareness regarding risks associated with travel, and escalating medical expenses. The forecast period is also expected to witness significant trends such as emphasis on technology-infused platforms, the rise of digitalization and mobile compatibility, attention towards blockchain technology, and tactful partnerships and collaborations.
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What Are the Main Growth Drivers in the Travel Insurance Market Today?
The surge in travel activities is playing a part in the expansion of the travel insurance sector. By offering financial aid via certain plans that assist tourists in instances of medical crises, lost passports, flight call-offs, and misplaced or vanished luggage, travel insurance boosts the tourism industry. For example, in January 2024, the United Nations World Tourism Organization (UNWTO), a Spanish United Nations institution, reported a whopping 1.3 billion global tourist arrivals, signifying a 34% rise compared to 2022. The bounce-back brought international tourism to 88% of the levels seen before the pandemic, propelled by robust demand from various regions. In addition, according to UNWTO projections, global tourism will overshoot pre-pandemic numbers by 2% in 2024, fueled by the relaxation of travel restrictions and accumulated desire to travel. Consequently, this spike in tourism is the key factor driving the expansion of the travel insurance sector.
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Which Travel Insurance Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Travel Insurance Industry Growth?
The emergence of sophisticated technology integration marks a growing trend in the travel insurance industry. Companies in this sector are giving priority to novel technologies to bolster their place in the market. For example, Policybazaar, an online insurance marketplace from India, inaugurated an AI-driven WhatsApp chatbot for streamlining the claim settlement process for its customers in February 2022. The chatbot smoothes interaction for customers covered under business health schemes, allowing clients to start and monitor claims directly from WhatsApp. It simplifies the process of uploading required paperwork and hospitalization and expense details, thereby improving accessibility and user interactions.
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Which Companies Hold the Largest Market Share in the Travel Insurance Sector?
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, Ceská Pojištovna, 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
Where Is the Travel Insurance Market Experiencing the Highest Growth?
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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