Global Travel Insurance Market Growth (Status and Outlook) 2023-2029

Global Travel Insurance Market Growth (Status and Outlook) 2023-2029

Travel insurance is a product focused on protecting policyholders against specified losses, accidents or other adverse events, which may occur before or during travel. Examples include trip cancellation/interruption, overseas medical expenses for injury or illness, theft of valuables, and baggage delay or damage. Many travel insurance policies also include the provision of emergency medical assistance services, such as call center operating 24 hours, seven days a week, and an international network of specialist health care providers.

There are standard general exclusions and invalidations on most types of travel insurance policies (for example, self‑inflicted injury, acts of terrorism, non‑approved pre‑existing medical conditions, “dangerous” or extreme activities, and policyholders being under the influence of alcohol or drugs). Travel insurance is generally available in two forms: (i) as a single-trip insurance policy, which provides cover for a specific trip and is matched to the exact characteristic of the trip (e.g. number of travelling days and destination) and (ii) as an annual insurance policy, which covers multiple trips in a year. Travel insurance can be purchased from travel agents, travel suppliers (airlines, hotels, cruise lines, tour operators) a private insurance firm, insurance brokers, or online. The GWP in this report all refer to the Gross written premium from Travel Insurance. The characteristics of fine travel insurance unit of measurement as follow:

LPI (LP Information)' newest research report, the “Travel Insurance Industry Forecast” looks at past sales and reviews total world Travel Insurance sales in 2022, providing a comprehensive analysis by region and market sector of projected Travel Insurance sales for 2023 through 2029. With Travel Insurance sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Travel Insurance industry.

This Insight Report provides a comprehensive analysis of the global Travel Insurance landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Travel Insurance portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Travel Insurance market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Travel Insurance and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Travel Insurance.

The global Travel Insurance market size is projected to grow from US$ 20380 million in 2022 to US$ 32170 million in 2029; it is expected to grow at a CAGR of 6.7% from 2023 to 2029.

The main global Travel Insurance players include Allianz, Munich Re Group, AIG, etc. The top three Travel Insurance players account for approximately 30% of the total global market. Asia-Pacific is the largest consumer market for Travel Insurance, accounting for about 26%, followed by Europe and North America. In terms of product, Trip Cancellation is the largest segment, with a share about 45%. And in terms of application, the largest application is Family Traveler, followed by Business Traveler.

This report presents a comprehensive overview, market shares, and growth opportunities of Travel Insurance market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Trip Cancellation
Trip Delay
Medical Expense
Property Damage
Other

Segmentation by application
Family Traveler
Senior Citizens
Business Traveler
Other

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Allianz
Munich Re Group
AIG
Assicurazioni Generali
Prudential
ACE&Chubb
Manulife
UnitedHealthcare Global
Mapfre
AXA
Tokio Marine Holdings
China Pacific insurance
Hanse Merkur
Ping An Insurance (Group) Company of China
People's insurance company of China
China Life
Sompo Japan Nipponkoa

Please note: The report will take approximately 2 business days to prepare and deliver.