Travel Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F
The global travel insurance market is anticipated to project robust growth in the forecast period because of easy access to online travel reservations and increasing corporate travel, package deals with various discount offers, etc.
Travel insurance aims to protect from potential hazards and financial losses. The costs of lost or stolen property, urgent medical attention, unintentional death, and travel cancellation & interruption are typically covered under travel insurance. From the time of departure until the insured person's return, it is in effect. Nowadays, several companies provide travel insurance with 24/7 emergency services, such as replacing lost passports, assisting with monetary wires, and rebooking postponed flights. Additionally, they offer the option for customization based on the requirements of the insured individuals and their specific geographical area.
The market for travel insurance suffered as a result of the coronavirus pandemic. The U.S. Travel Insurance Association (UStiA) reported that customers spent about USD1.72 billion on various travel insurance products between 2018 and 2020, a decrease from the previous peak of USD4 billion in the study from 2016 to 2018. Therefore, the pandemic significantly impacted the global travel and transportation industry in the year 2020, causing prominent travel disruptions. On the other hand, the post-pandemic period saw an increase in demand for travel protection and medical insurance, which led to expansion in the travel insurance industry. According to the most recent UNWTO World Tourism Barometer, in comparison to the same period in 2021, international tourist arrivals nearly tripled from January to July 2022 (+172%). This indicates that the industry has almost reached its pre-pandemic levels.
Customized Offerings Aiding the Market Growth
Various travel insurance providers offer travel insurance plans and packages that the buyer can customize. They can adjust their coverage limit through the same. For instance, American Express provides a customizable travel insurance package. Amex allows individuals to "create your own" or "purchase a bundle" when they purchase policies on its website. The company offers various options when someone enters travel information on its website. Amex allows customers to choose the level of baggage loss, damage, or theft insurance, depending on the price a person is willing to pay. The degree of emergency medical evacuation coverage can also be changed from USD 25,000 to USD 100,000. The amount of medical coverage can also be adjusted.
Rising Trend of ‘Workation’ as well as ‘Slow Tourism’ to Boost the Market Growth
Additionally, new spending patterns have been observed in the past couple of years. Concepts such as "slow tourism," which means taking a longer journey rather than splitting it up into multiple short stays, or "workcation," a new method of working while traveling that has been made possible by the advent of remote work, have been observed. These recent trends have several benefits, such as decreased mass consumption, increased travel to new places, and the developing of eco-friendly tourism that considers the surroundings and the environment, etc. Such factors are anticipated to further enhance the market growth of travel insurance worldwide in the forecast period.
Ease of Availability Fueling the Market Growth
The rising internet penetration and increased usage of smartphones have led to a significant increase in online purchases. The expansion of the online insurance market is fueled by online portals such as direct airline websites, online travel agents, and company websites & applications, which raise consumer knowledge of the market. Additionally, since these websites only offer a few options from a single provider, they give customers the most straightforward approach to researching and purchasing top-tier travel insurance policies. Hence the increasing presence of travel insurance providers on online platforms is expected to bolster the growth of the market.
Market Segmentation
The global travel insurance market is segmented based on coverage type, provider, end user, region, and competitive landscape. The market is further fragmented based on coverage type into single-trip travel insurance, annual multi-trip travel insurance, and extended stay travel insurance. It is also segmented based on provider, in terms of banks, insurance companies, insurance intermediaries, and others (insurance aggregators, etc.)). Based on end-user, it is segmented into education travelers, business travelers, family travelers, and others (senior citizens, etc.). The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Company Profiles
Allianz SE, American Express Company, American International Group, Inc., AXA SA, Assicurazioni Generali S.p.A., Insure & Go Insurance Services Limited, Seven Corners Inc., Crum & Forster Holdings Corp. USI Insurance Services, LLC, and Zurich Insurance Company Ltd are among the major market players of the global travel insurances market.
Report Scope:
In this report, the global travel insurance market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Travel Insurance Market, By Coverage Type:
- Single Trip Travel Insurance
- Annual Multi-trip Travel Insurance
- Long Stay Travel Insurance
- Travel Insurance Market, By Provider:
- Banks
- Insurance Companies
- Insurance Intermediaries
- Others
- Travel Insurance Market, By End User:
- Education Travelers
- Business Travelers
- Family Travelers
- Others
- Travel Insurance Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Netherlands
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
Company Profiles: Detailed analysis of the major companies present in the global travel insurance market.
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Introduction
- 1.1. Product Overview
- 1.2. Key Highlights of the Report
- 1.3. Market Coverage
- 1.4. Market Segments Covered
- 1.5. Research Tenure Considered
- 2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
- 3. Executive Summary
- 3.1. Market Overview
- 3.2. Market Forecast
- 3.3. Key Regions
- 3.4. Key Segments
- 4. Voice of Customer Analysis (B2C Model Analysis)
- 4.1. Sample Size Determination
- 4.1.1. Respondent Demographics
- 4.1.2. By Gender
- 4.1.3. By Age
- 4.1.4. By Occupation
- 4.2. Brand Awareness
- 4.3. Factors Influencing Purchase Decision
- 4.4. Customer Satisfaction
- 4.5. Challenges Faced After Purchase
- 5. Global Travel Insurance Market Outlook
- 5.1. Market Size & Forecast
- 5.1.1. By Value
- 5.2. Market Share & Forecast
- 5.2.1. By Coverage Type Market Share Analysis (Single Trip Travel Insurance, Annual Multi-trip Travel Insurance, Long Stay Travel Insurance)
- 5.2.2. By Provider Market Share Analysis (Banks, Insurance Companies, Insurance Intermediaries, Others (Insurance Aggregators, etc.))
- 5.2.3. By End User Market Share Analysis (Education Travelers, Business Travelers, Family Travelers, Others (Senior Citizens, etc.))
- 5.2.4. By Regional Market Share Analysis
- 5.2.4.1. Asia -Pacific Market Analysis
- 5.2.4.2. Europe Market Analysis
- 5.2.4.3. North America Market Analysis
- 5.2.4.4. Middle East & Africa Market Analysis
- 5.2.4.5. South America Market Analysis
- 5.2.5. By Company Market Share Analysis
- 5.3. Global Travel Insurance Market Mapping & Opportunity Assessment
- 5.3.1. By Coverage Type Market Mapping & Opportunity Assessment
- 5.3.2. By Provider Market Mapping & Opportunity Assessment
- 5.3.3. By End User Market Mapping & Opportunity Assessment
- 5.3.4. By Regional Market Mapping & Opportunity Assessment
- 6. North America Travel Insurance Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value
- 6.2. Market Share & Forecast
- 6.2.1. By Coverage Type Market Share Analysis
- 6.2.2. By Provider Market Share Analysis
- 6.2.3. By End User Market Share Analysis
- 6.2.4. By Country Market Share Analysis
- 6.2.4.1. United States Travel Insurance Market Outlook
- 6.2.4.1.1. Market Size & Forecast
- 6.2.4.1.1.1. By Value
- 6.2.4.1.2. Market Share & Forecast
- 6.2.4.1.2.1. By Coverage Type Market Share Analysis
- 6.2.4.1.2.2. By Provider Market Share Analysis
- 6.2.4.1.2.3. By End User Market Share Analysis
- 6.2.4.2. Canada Travel Insurance Market Outlook
- 6.2.4.2.1. Market Size & Forecast
- 6.2.4.2.1.1. By Value
- 6.2.4.2.2. Market Share & Forecast
- 6.2.4.2.2.1. By Coverage Type Market Share Analysis
- 6.2.4.2.2.2. By Provider Market Share Analysis
- 6.2.4.2.2.3. By End User Market Share Analysis
- 6.2.4.3. Mexico Travel Insurance Market Outlook
- 6.2.4.3.1. Market Size & Forecast
- 6.2.4.3.1.1. By Value
- 6.2.4.3.2. Market Share & Forecast
- 6.2.4.3.2.1. By Coverage Type Market Share Analysis
- 6.2.4.3.2.2. By Provider Market Share Analysis
- 6.2.4.3.2.3. By End User Market Share Analysis
- 7. Europe Travel Insurance Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Value
- 7.2. Market Share & Forecast
- 7.2.1. By Coverage Type Market Share Analysis
- 7.2.2. By Provider Market Share Analysis
- 7.2.3. By End User Market Share Analysis
- 7.2.4. By Country Market Share Analysis
- 7.2.4.1. France Travel Insurance Market Outlook
- 7.2.4.1.1. Market Size & Forecast
- 7.2.4.1.1.1. By Value
- 7.2.4.1.2. Market Share & Forecast
- 7.2.4.1.2.1. By Coverage Type Market Share Analysis
- 7.2.4.1.2.2. By Provider Market Share Analysis
- 7.2.4.1.2.3. By End User Market Share Analysis
- 7.2.4.2. Germany Travel Insurance Market Outlook
- 7.2.4.2.1. Market Size & Forecast
- 7.2.4.2.1.1. By Value
- 7.2.4.2.2. Market Share & Forecast
- 7.2.4.2.2.1. By Coverage Type Market Share Analysis
- 7.2.4.2.2.2. By Provider Market Share Analysis
- 7.2.4.2.2.3. By End User Market Share Analysis
- 7.2.4.3. United Kingdom Travel Insurance Market Outlook
- 7.2.4.3.1. Market Size & Forecast
- 7.2.4.3.1.1. By Value
- 7.2.4.3.2. Market Share & Forecast
- 7.2.4.3.2.1. By Coverage Type Market Share Analysis
- 7.2.4.3.2.2. By Provider Market Share Analysis
- 7.2.4.3.2.3. By End User Market Share Analysis
- 7.2.4.4. Italy Travel Insurance Market Outlook
- 7.2.4.4.1. Market Size & Forecast
- 7.2.4.4.1.1. By Value
- 7.2.4.4.2. Market Share & Forecast
- 7.2.4.4.2.1. By Coverage Type Market Share Analysis
- 7.2.4.4.2.2. By Provider Market Share Analysis
- 7.2.4.4.2.3. By End User Market Share Analysis
- 7.2.4.5. Spain Kingdom Travel Insurance Market Outlook
- 7.2.4.5.1. Market Size & Forecast
- 7.2.4.5.1.1. By Value
- 7.2.4.5.2. Market Share & Forecast
- 7.2.4.5.2.1. By Coverage Type Market Share Analysis
- 7.2.4.5.2.2. By Provider Market Share Analysis
- 7.2.4.5.2.3. By End User Market Share Analysis
- 7.2.4.6. Netherlands Travel Insurance Market Outlook
- 7.2.4.6.1. Market Size & Forecast
- 7.2.4.6.1.1. By Value
- 7.2.4.6.2. Market Share & Forecast
- 7.2.4.6.2.1. By Coverage Type Market Share Analysis
- 7.2.4.6.2.2. By Provider Market Share Analysis
- 7.2.4.6.2.3. By End User Market Share Analysis
- 8. Asia-Pacific Travel Insurance Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Value
- 8.2. Market Share & Forecast
- 8.2.1. By Coverage Type Market Share Analysis
- 8.2.2. By Provider Market Share Analysis
- 8.2.3. By End User Market Share Analysis
- 8.2.4. By Country Market Share Analysis
- 8.2.4.1. China Travel Insurance Market Outlook
- 8.2.4.1.1. Market Size & Forecast
- 8.2.4.1.1.1. By Value
- 8.2.4.1.2. Market Share & Forecast
- 8.2.4.1.2.1. By Coverage Type Market Share Analysis
- 8.2.4.1.2.2. By Provider Market Share Analysis
- 8.2.4.1.2.3. By End User Market Share Analysis
- 8.2.4.2. India Travel Insurance Market Outlook
- 8.2.4.2.1. Market Size & Forecast
- 8.2.4.2.1.1. By Value
- 8.2.4.2.2. Market Share & Forecast
- 8.2.4.2.2.1. By Coverage Type Market Share Analysis
- 8.2.4.2.2.2. By Provider Market Share Analysis
- 8.2.4.2.2.3. By End User Market Share Analysis
- 8.2.4.3. Japan Travel Insurance Market Outlook
- 8.2.4.3.1. Market Size & Forecast
- 8.2.4.3.1.1. By Value
- 8.2.4.3.2. Market Share & Forecast
- 8.2.4.3.2.1. By Coverage Type Market Share Analysis
- 8.2.4.3.2.2. By Provider Market Share Analysis
- 8.2.4.3.2.3. By End User Market Share Analysis
- 8.2.4.4. South Korea Travel Insurance Market Outlook
- 8.2.4.4.1. Market Size & Forecast
- 8.2.4.4.1.1. By Value
- 8.2.4.4.2. Market Share & Forecast
- 8.2.4.4.2.1. By Coverage Type Market Share Analysis
- 8.2.4.4.2.2. By Provider Market Share Analysis
- 8.2.4.4.2.3. By End User Market Share Analysis
- 8.2.4.5. Australia Travel Insurance Market Outlook
- 8.2.4.5.1. Market Size & Forecast
- 8.2.4.5.1.1. By Value
- 8.2.4.5.2. Market Share & Forecast
- 8.2.4.5.2.1. By Coverage Type Market Share Analysis
- 8.2.4.5.2.2. By Provider Market Share Analysis
- 8.2.4.5.2.3. By End User Market Share Analysis
- 8.2.4.6. Vietnam Travel Insurance Market Outlook
- 8.2.4.6.1. Market Size & Forecast
- 8.2.4.6.1.1. By Value
- 8.2.4.6.2. Market Share & Forecast
- 8.2.4.6.2.1. By Coverage Type Market Share Analysis
- 8.2.4.6.2.2. By Provider Market Share Analysis
- 8.2.4.6.2.3. By End User Market Share Analysis
- 9. Middle East & Africa Travel Insurance Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Value
- 9.2. Market Share & Forecast
- 9.2.1. By Coverage Type Market Share Analysis
- 9.2.2. By Provider Market Share Analysis
- 9.2.3. By End User Market Share Analysis
- 9.2.4. By Country Market Share Analysis
- 9.2.4.1. Saudi Arabia Travel Insurance Market Outlook
- 9.2.4.1.1. Market Size & Forecast
- 9.2.4.1.1.1. By Value
- 9.2.4.1.2. Market Share & Forecast
- 9.2.4.1.2.1. By Coverage Type Market Share Analysis
- 9.2.4.1.2.2. By Provider Market Share Analysis
- 9.2.4.1.2.3. By End User Market Share Analysis
- 9.2.4.2. South Africa Travel Insurance Market Outlook
- 9.2.4.2.1. Market Size & Forecast
- 9.2.4.2.1.1. By Value
- 9.2.4.2.2. Market Share & Forecast
- 9.2.4.2.2.1. By Coverage Type Market Share Analysis
- 9.2.4.2.2.2. By Provider Market Share Analysis
- 9.2.4.2.2.3. By End User Market Share Analysis
- 9.2.4.3. UAE Travel Insurance Market Outlook
- 9.2.4.3.1. Market Size & Forecast
- 9.2.4.3.1.1. By Value
- 9.2.4.3.2. Market Share & Forecast
- 9.2.4.3.2.1. By Coverage Type Market Share Analysis
- 9.2.4.3.2.2. By Provider Market Share Analysis
- 9.2.4.3.2.3. By End User Market Share Analysis
- 9.2.4.4. Turkey Travel Insurance Market Outlook
- 9.2.4.4.1. Market Size & Forecast
- 9.2.4.4.1.1. By Value
- 9.2.4.4.2. Market Share & Forecast
- 9.2.4.4.2.1. By Coverage Type Market Share Analysis
- 9.2.4.4.2.2. By Provider Market Share Analysis
- 9.2.4.4.2.3. By End User Market Share Analysis
- 10. South America Travel Insurance Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Value
- 10.2. Market Share & Forecast
- 10.2.1. By Coverage Type Market Share Analysis
- 10.2.2. By Provider Market Share Analysis
- 10.2.3. By End User Market Share Analysis
- 10.2.4. By Country Market Share Analysis
- 10.2.4.1. Brazil Travel Insurance Market Outlook
- 10.2.4.1.1. Market Size & Forecast
- 10.2.4.1.1.1. By Value
- 10.2.4.1.2. Market Share & Forecast
- 10.2.4.1.2.1. By Coverage Type Market Share Analysis
- 10.2.4.1.2.2. By Provider Market Share Analysis
- 10.2.4.1.2.3. By End User Market Share Analysis
- 10.2.4.2. Argentina Travel Insurance Market Outlook
- 10.2.4.2.1. Market Size & Forecast
- 10.2.4.2.1.1. By Value
- 10.2.4.2.2. Market Share & Forecast
- 10.2.4.2.2.1. By Coverage Type Market Share Analysis
- 10.2.4.2.2.2. By Provider Market Share Analysis
- 10.2.4.2.2.3. By End User Market Share Analysis
- 10.2.4.3. Colombia Travel Insurance Market Outlook
- 10.2.4.3.1. Market Size & Forecast
- 10.2.4.3.1.1. By Value
- 10.2.4.3.2. Market Share & Forecast
- 10.2.4.3.2.1. By Coverage Type Market Share Analysis
- 10.2.4.3.2.2. By Provider Market Share Analysis
- 10.2.4.3.2.3. By End User Market Share Analysis
- 11. Market Dynamics
- 11.1. Drivers
- 11.1.1. Customized Offerings
- 11.1.2. New Launches by Market Players
- 11.1.3. Rising Trend of ‘Workation’ as well as ‘Slow Tourism’
- 11.2. Challenges
- 11.2.1. Lack of Awareness Regarding Travel Insurance Policies
- 11.2.2. Dynamic Travel Conditions
- 12. Impact of COVID-19 on Global Travel Insurances Market
- 12.1. Impact Assessment Model
- 12.1.1. Key Segments Impacted
- 12.1.2. Key Regions Impacted
- 12.1.3. Key Countries Impacted
- 12.1.4. Key Coverage Type Impacted
- 13. Market Trends & Developments
- 13.1. Rising Tourism
- 13.2. Government Initiatives
- 13.3. Increasing Campaigns and Marketing Strategies
- 13.4. Increased Presence on Online Portals
- 13.5. Ease of Availability
- 14. Porter’s Five Forces Model
- 14.1. Competitive Rivalry
- 14.2. Bargaining Power of Buyer
- 14.3. Bargaining Power of Supplier
- 14.4. Threat of New Entrants
- 14.5. Threat of Substitutes
- 15. SWOT Analysis
- 15.1. Strengths
- 15.2. Weaknesses
- 15.3. Opportunities
- 15.4. Threats
- 16. Competitive Landscape
- 16.1. Company Profiles
- 16.1.1. Allianz SE
- 16.1.1.1. Company Details
- 16.1.1.2. Product & Services
- 16.1.1.3. Financials (As Reported)
- 16.1.1.4. Key Market Focus & Geographical Presence
- 16.1.1.5. Recent Developments
- 16.1.1.6. Key Management Personnel
- 16.1.2. American Express Company
- 16.1.2.1. Company Details
- 16.1.2.2. Product & Services
- 16.1.2.3. Financials (As Reported)
- 16.1.2.4. Key Market Focus & Geographical Presence
- 16.1.2.5. Recent Developments
- 16.1.2.6. Key Management Personnel
- 16.1.3. AXA SA
- 16.1.3.1. Company Details
- 16.1.3.2. Product & Services
- 16.1.3.3. Financials (As Reported)
- 16.1.3.4. Key Market Focus & Geographical Presence
- 16.1.3.5. Recent Developments
- 16.1.3.6. Key Management Personnel
- 16.1.4. Assicurazioni Generali S.p.A.
- 16.1.4.1. Company Details
- 16.1.4.2. Product & Services
- 16.1.4.3. Financials (As Reported)
- 16.1.4.4. Key Market Focus & Geographical Presence
- 16.1.4.5. Recent Developments
- 16.1.4.6. Key Management Personnel
- 16.1.5. Insure & Go Insurance Services Limited
- 16.1.5.1. Company Details
- 16.1.5.2. Product & Services
- 16.1.5.3. Financials (As Reported)
- 16.1.5.4. Key Market Focus & Geographical Presence
- 16.1.5.5. Recent Developments
- 16.1.5.6. Key Management Personnel
- 16.1.6. Seven Corners Inc.
- 16.1.6.1. Company Details
- 16.1.6.2. Product & Services
- 16.1.6.3. Financials (As Reported)
- 16.1.6.4. Key Market Focus & Geographical Presence
- 16.1.6.5. Recent Developments
- 16.1.6.6. Key Management Personnel
- 16.1.7. Zurich Insurance Company Ltd
- 16.1.7.1. Company Details
- 16.1.7.2. Product & Services
- 16.1.7.3. Financials (As Reported)
- 16.1.7.4. Key Market Focus & Geographical Presence
- 16.1.7.5. Recent Developments
- 16.1.7.6. Key Management Personnel
- 16.1.8. Crum & Forster Holdings Corp.
- 16.1.8.1. Company Details
- 16.1.8.2. Product & Services
- 16.1.8.3. Financials (As Reported)
- 16.1.8.4. Key Market Focus & Geographical Presence
- 16.1.8.5. Recent Developments
- 16.1.8.6. Key Management Personnel
- 16.1.9. USI Insurance Services, LLC
- 16.1.9.1. Company Details
- 16.1.9.2. Product & Services
- 16.1.9.3. Financials (As Reported)
- 16.1.9.4. Key Market Focus & Geographical Presence
- 16.1.9.5. Recent Developments
- 16.1.9.6. Key Management Personnel
- 16.1.10. American International Group, Inc.
- 16.1.10.1. Company Details
- 16.1.10.2. Product & Services
- 16.1.10.3. Financials (As Reported)
- 16.1.10.4. Key Market Focus & Geographical Presence
- 16.1.10.5. Recent Developments
- 16.1.10.6. Key Management Personnel
- 17. Strategic Recommendations/Action Plan
- 17.1. Key Focus Areas
- 17.2. Target Regions & Countries
- 17.3. Target Coverage Type
- 17.4. Target End User
- 18. About Us & Disclaimer
- (Note: The companies list can be customized based on the client requirements.)
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