Senior Citizen Travel Insurance Market By Insurance Cover (Single-trip travel insurance, Annual multi-trip travel insurance, Long-stay travel insurance) , By Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Senior Citizen Travel Insurance Market
The senior citizen travel insurance market was valued at $3.6 billion in 2023 and is projected to reach $16.7 billion by 2032, growing at a CAGR of 18.3% from 2024 to 2032.
Senior citizen travel insurance is a coverage plan designed for elderly travelers that particularly focuses on their health and age. It offers protection to individuals from unforeseen circumstances and covers the expenditure for medical expenses, trip interruptions, & travel-related risks. The crucial features of senior citizen travel insurance include high medical coverage, emergency treatment, lost baggage insurance, 24/7 assistance, and coverage for accidental death or dismemberment.
Increase in enthusiasm for traveling among the elderly population is a key driver of the senior citizen travel insurance market. In addition, rise in caution among the aged population regarding the potential health hazards fuels the adoption of travel insurance, thereby propelling the development of the market. Furthermore, the assimilation of travel insurance with wellness initiatives funded by the government propels the market growth significantly. A significant trend gaining prominence in the senior citizen travel insurance market is the availability of customization options in the coverage. This offers elderly travelers the flexibility to compose the terms of coverage as per their budget and requirements such as lost or delayed baggage, trip cancellation/interruption, annual or multi-trip coverage, and pre-existing conditions.
However, senior citizens remain at a high risk of medical emergencies, which increases the premium for travel insurance and hampers the development of the market. Moreover, lack of awareness regarding the existence of insurance policies dedicated to elderly travelers limits the customer base and restrains the market growth. On the contrary, partnerships and collaborations of insurance providers with travel booking agents & online websites are expected to present remunerative opportunities for the market. According to Business of Apps—a company providing critical insights into the app industry—travel apps generated a revenue of $629 billion in 2023, which was a 13% increase from 2022. Therefore, partnership with travel apps that particularly tailor tour plans for senior citizens is expected to open new avenues for the market.
Segment ReviewThe senior citizen travel insurance market is segmented into insurance cover, distribution channel, and region. On the basis of insurance cover, the market is divided into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Depending on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of insurance cover, the single-trip travel insurance segment held a high share of the market in 2023.
Depending on distribution channel, the insurance intermediaries segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global senior citizen travel insurance market include Zurich Insurance Group, AXA, Assicurazioni Generali S.p.A., PassportCard, Staysure, Just Travel Cover, American International Group, Inc., Trailfinders Ltd., Aviva, and Insurefor.com. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Insurance CoverSingle-trip travel insurance
Annual multi-trip travel insurance
Long-stay travel insurance
By Distribution ChannelInsurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersZurich Insurance Group
AXA
Assicurazioni Generali S.p.A.
PassportCard
Staysure
Just Travel Cover
American International Group, Inc.
Trailfinders Ltd.
Aviva
Insurefor.com