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Travel Insurance Market Report by Insurance Type, Coverage, Distribution Channel, End User, and Region 2024-2032

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    Report

  • 145 Pages
  • January 2024
  • Region: Global
  • IMARC Group
  • ID: 5936057
Description Jump to:
The global travel insurance market size reached US$ 17.9 billion in 2023. The market is projected to reach US$ 47.1 billion by 2032, exhibiting a growth rate (CAGR) of 11.34% during 2023-2032.

Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home. Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.

Travel Insurance Market Trends

The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth. Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience.

Key Market Segmentation:

The report provides an analysis of the key trends in each sub-segment of the global travel insurance market report, along with forecasts at the global, regional and country level from 2023-2032. The report has categorized the market based on insurance type, coverage, distribution channel and end user.

Breakup by Insurance Type:

  • Single-Trip Travel Insurance
  • Annual Multi-Trip Insurance
  • Long-Stay Travel Insurance

Breakup by Coverage:

  • Medical Expenses
  • Trip Cancellation
  • Trip Delay
  • Property Damage
  • Others

Breakup by Distribution Channel:

  • Insurance Intermediaries
  • Banks
  • Insurance Companies
  • Insurance Aggregators
  • Insurance Brokers
  • Others

Breakup by End User:

  • Senior Citizens
  • Education Travelers
  • Business Travelers
  • Family Travelers
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape

The report has also analysed the competitive landscape of the market with some of the key players being Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG.

Key Questions Answered in This Report

1. What was the size of the global travel insurance market in 2023?
2. What is the expected growth rate of the global travel insurance market during 2024-2032?
3. What are the key factors driving the global travel insurance market?
4. What has been the impact of COVID-19 on the global travel insurance market?
5. What is the breakup of the global travel insurance market based on the insurance type?
6. What is the breakup of the global travel insurance market based on the coverage?
7. What is the breakup of the global travel insurance market based on distribution channel?
8. What is the breakup of the global travel insurance market based on the end user?
9. What are the key regions in the global travel insurance market?
10. Who are the key players/companies in the global travel insurance market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Travel Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Insurance Type
6.1 Single-Trip Travel Insurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Annual Multi-Trip Insurance
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Long-Stay Travel Insurance
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Coverage
7.1 Medical Expenses
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Trip Cancellation
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Trip Delay
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Property Damage
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Distribution Channel
8.1 Insurance Intermediaries
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Banks
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Insurance Companies
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Insurance Aggregators
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Insurance Brokers
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by End User
9.1 Senior Citizens
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Education Travelers
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Business Travelers
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Family Travelers
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Allianz SE
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 American Express Company
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 American International Group
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 AXA SA
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Berkshire Hathaway Specialty Insurance Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 Generali Group
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Insure & Go Insurance Services (Mapfre S.A.)
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 Seven Corners Inc.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Travel Insured International Inc. (Crum & Forster)
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 USI Affinity (USI Insurance Services)
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.11 Zurich Insurance Group AG
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
List of Figures
Figure 1: Global: Travel Insurance Market: Major Drivers and Challenges
Figure 2: Global: Travel Insurance Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Travel Insurance Market: Breakup by Insurance Type (in %), 2023
Figure 4: Global: Travel Insurance Market: Breakup by Coverage (in %), 2023
Figure 5: Global: Travel Insurance Market: Breakup by Distribution Channel (in %), 2023
Figure 6: Global: Travel Insurance Market: Breakup by End User (in %), 2023
Figure 7: Global: Travel Insurance Market: Breakup by Region (in %), 2023
Figure 8: Global: Travel Insurance Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 9: Global: Travel Insurance (Single-Trip Travel Insurance) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Travel Insurance (Single-Trip Travel Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Travel Insurance (Annual Multi-Trip Insurance) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Travel Insurance (Annual Multi-Trip Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Travel Insurance (Long-Stay Travel Insurance) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Travel Insurance (Long-Stay Travel Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Travel Insurance (Medical Expenses) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Travel Insurance (Medical Expenses) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Travel Insurance (Trip Cancellation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Travel Insurance (Trip Cancellation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Travel Insurance (Trip Delay) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Travel Insurance (Trip Delay) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Travel Insurance (Property Damage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Travel Insurance (Property Damage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Travel Insurance (Other Coverage Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Travel Insurance (Other Coverage Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Travel Insurance (Insurance Intermediaries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Travel Insurance (Insurance Intermediaries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Travel Insurance (Banks) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Travel Insurance (Banks) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Travel Insurance (Insurance Companies) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Travel Insurance (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: Global: Travel Insurance (Insurance Aggregators) Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: Global: Travel Insurance (Insurance Aggregators) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Global: Travel Insurance (Insurance Brokers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Global: Travel Insurance (Insurance Brokers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Global: Travel Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Global: Travel Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: Global: Travel Insurance (Senior Citizens) Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: Global: Travel Insurance (Senior Citizens) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Global: Travel Insurance (Education Travelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Global: Travel Insurance (Education Travelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Global: Travel Insurance (Business Travelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Global: Travel Insurance (Business Travelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: Global: Travel Insurance (Family Travelers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: Global: Travel Insurance (Family Travelers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Global: Travel Insurance (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Global: Travel Insurance (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: North America: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: North America: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: United States: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: United States: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Canada: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Canada: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Asia Pacific: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Asia Pacific: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: China: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: China: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: Japan: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: Japan: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: India: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: India: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: South Korea: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: South Korea: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Australia: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Australia: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Indonesia: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Indonesia: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Others: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Others: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Europe: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Europe: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Germany: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Germany: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: France: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: France: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: United Kingdom: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: United Kingdom: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Italy: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Italy: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 79: Spain: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 80: Spain: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 81: Russia: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 82: Russia: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 83: Others: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 84: Others: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 85: Latin America: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 86: Latin America: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 87: Brazil: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 88: Brazil: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 89: Mexico: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 90: Mexico: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 91: Others: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 92: Others: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 93: Middle East and Africa: Travel Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 94: Middle East and Africa: Travel Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 95: Global: Travel Insurance Industry: SWOT Analysis
Figure 96: Global: Travel Insurance Industry: Value Chain Analysis
Figure 97: Global: Travel Insurance Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Travel Insurance Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Travel Insurance Market Forecast: Breakup by Insurance Type (in Million US$), 2024-2032
Table 3: Global: Travel Insurance Market Forecast: Breakup by Coverage (in Million US$), 2024-2032
Table 4: Global: Travel Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2024-2032
Table 5: Global: Travel Insurance Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 6: Global: Travel Insurance Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Travel Insurance Market Structure
Table 8: Global: Travel Insurance Market: Key Players

Companies Mentioned

  • Allianz SE
  • American Express Company
  • American International Group
  • AXA SA
  • Berkshire Hathaway Specialty Insurance Company
  • Generali Group
  • Insure & Go Insurance Services (Mapfre S.A.)
  • Seven Corners Inc.
  • Travel Insured International Inc. (Crum & Forster)
  • USI Affinity (USI Insurance Services) and Zurich Insurance Group AG

Methodology

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Table Information

Report AttributeDetails
No. of Pages145
PublishedJanuary 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 17.9 Billion
Forecasted Market Value ( USD ) by 2032 $ 47.1 Billion
Compound Annual Growth Rate11.3%
Regions CoveredGlobal
No. of Companies Mentioned10

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About the Travel Insurance Market

The Travel Insurance market is a sector of the insurance industry that provides coverage for travelers in the event of unexpected losses or damages incurred while traveling. This type of insurance typically covers medical expenses, trip cancellations, lost luggage, flight delays, and other related losses. It is important to note that travel insurance does not cover losses due to acts of terrorism or war. Travel insurance policies are typically tailored to the individual traveler's needs and can be purchased for a single trip or for multiple trips. Policies can also be purchased for a specific period of time, such as a year or more. Some of the major companies in the Travel Insurance market include Allianz, AXA, AIG, Chubb, and Zurich. These companies offer a variety of policies and coverage options to meet the needs of travelers. Show Less Read more

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