Travel Insurance Market to be Worth $63.9 Billion by 2030: Grand View Research, Inc.
- In terms of insurance coverage, the single-trip insurance coverage segment held the largest revenue share of 60.1% in 2021 and is projected to expand at the highest CAGR of 16.0% during the forecast period. The adoption of travel insurance is skyrocketing, and organizations are developing and adding more benefits, such as travel insurance for sports activities. The annual multi-trip insurance coverage segment is anticipated to expand at a CAGR of 15.3% during the forecast period.
- In terms of distribution channels, the insurance companies' segment dominated the market with a share of 34.8% in 2021 and is projected to maintain its dominance during the forecast period. The market growth of this segment can be attributed to the demand for trusted sources for the distribution of these policies, as they have an authorized set of packages and can rightly advise the customers about the travel insurance plans.
- In terms of end-users, the senior citizen's segment dominated the market in 2021 and is projected to expand at a CAGR of 13.9% during the forecast period. This growth is attributed to the increase in numerous policy plans for senior citizens, such as COVID-19 insurance cover and emergency medical covers. In addition, services like emergency evacuation, subsidies in tickets, trip cancellation coverage, and coverage for luggage loss have a positive impact on the market.
- The business travelers segment is likely to register the highest CAGR of 17.6% during the forecast period. The surge in numbers of business trips in recent years and the increasing number of business travel insurance product offerings by the industry players are the key factors driving the growth of this segment. For instance, in
March 2021 ,Travel Insured International's launched a new product, Worldwide Trip Protector, to enhance various insurance policies for families, business travelers, and other travelers. Europe captured the highest market share of 36.1% in 2021 and is expected to retain its position during the forecast period. This can be attributed to the existence of numerous travel insurance companies as well as the high adoption rate as a result of government policies that encourage travel insurance usage throughout the region. For instance, inApril 2022 , theInsurance Regulatory and Development Authority of India announced that it will reform regulations and capital requirements and introduce new solutions to expand the penetration of insurance and provide insurers with more flexibility.Asia Pacific (APAC) is expected to expand at the highest CAGR of over 16.7% during the forecast period. The market growth in this region is primarily due to the expansion of travel insurance policies to transform businesses through the deployment of COVID-19-related coverage for overseas hospitalization expenses, medical evacuation, quarantine allowance, and others to benefit travelers across the region. For instance, inJuly 2022 , Chubb, a travel insurance provider, partnered withRoyal Brunei Airlines to provide travel insurance to passengers. It offers a product that covers unexpected overseas medical expenses, accidents, COVID-19 medical cover, and travel inconveniences, including travel documents, loss of luggage, and trip cancellation.
Travel Insurance Market Segmentation
Insurance Coverage Outlook (Revenue, USD Million, 2017 - 2030)
Single-trip Travel Insurance - Annual
Multi-Trip Travel Insurance Long-stay Travel Insurance
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
End-Users Outlook (Revenue, USD Million, 2017 - 2030)
- Education Travelers
- Business Travelers
- Senior Citizens
- Family Travelers
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America U.S. Canada Europe U.K. Germany Asia Pacific China India Japan Latin America Brazil Middle East &Africa
List of Key Players in the Travel Insurance Market
- Allianz
- American International Group, Inc.
- AXA
- ASSICURAZIONI GENERALI S.P.A.
USI Insurance Services, LLC - battleface
Insure & Go Insurance Services Limited Seven Corners Inc. Travel Insured International Zurich Delphi Financial Group, Inc. - Ping An Insurance (Group) Company of China, Ltd.
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