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($106.8 billion) Insights into the travel Insurance market Growing at CAGR of 20.1% | Understanding Coverage and Claims
NEW CASTLE, DE, UNITED STATES, September 23, 2024 /EINPresswire / -- The value of global travel insurance premiums is expected to be almost seven times higher than in 2022 to reach $107 billion in 2032, attaining a growth rate of 20.1%. The report titled“Travel Insurance Market” reflects on the current growth of travel insurance, emphasizing notable trends and opportunities on a global scale as well as across different regions. Business leaders and companies can harness these insights to engage with this significantly growing sector.
The global travel insurance market is experiencing significant growth owing to the increasing number of people traveling for business and vacations purposes which is significantly driving to the expansion of the market. The rising awareness of the potential risks associated with travel, such as medical emergencies and trip insurance, fueled the demand for travel insurance as a means of protection.
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The travel insurance market trends include regulatory requirements in certain countries mandating travel insurance, further boosted market growth. However, the market face challenges, including low awareness and price sensitivity among the travelers. Moreover, the adoption of digital technologies such as AI and ML by key providers for prompt response and customized plans is providing numerous opportunities for market growth. Travel health insurance emphasis on healthcare protection and COVID-19 coverage reassures travelers, fueling demand and expanding the travel insurance market.
Allied Market Research published a report, titled, "Travel Insurance Market by Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years): Global Opportunity Analysis and Industry Forecast, 2022-2031, and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032."
The long-stay travel insurance segment to maintain its leadership status throughout the forecast period.
By insurance cover, the single-trip travel insurance segment held the largest market share in 2022, accounting for more than three-fifths of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its comprehensive coverage for a single journey, including trip cancellations, medical emergencies, and baggage loss, providing travelers with peace of mind. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032, owing to the increasing number of long-term travelers seeking comprehensive insurance coverage for extended stays abroad.
The insurance aggregators segment to maintain its leadership status throughout the forecast period.
By distribution channel, the insurance intermediaries segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its wide network, personalized services, and strong customer relationships, which cater to the diverse needs of travelers efficiently. However, the insurance aggregators segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to its ability to offer a wide range of insurance options from different providers, providing customers with greater choice and convenience in selecting suitable policies.
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The business travelers segment to maintain its leadership status throughout the forecast period.
By end user, the family travelers segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rising number of families opting for travel insurance to protect their loved ones against unforeseen events such as medical emergencies and trip cancellations. However, the business travelers segment is projected to manifest the highest CAGR of 22.6% from 2023 to 2032, owing to the increasing globalization of businesses, rising frequency of business trips, and the need for comprehensive coverage against travel-related risks for employees on corporate travel.
The 18-30 years old segment to maintain its leadership status throughout the forecast period.
By age group, the 31-49 years old segment held the largest market share in 2022, accounting for more than one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its active participation in travel activities, higher disposable income, and a growing awareness of the importance of travel insurance, especially for longer trips. However, the 18-30 years old segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to the increasing number of young travelers seeking adventurous and experiential travel experiences, leading to a higher demand for travel insurance among this demographic.
Asia-Pacific region to maintain its dominance by 2032.
By region, the Europe segment held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the travel insurance market revenue, owing to the region's robust tourism industry, high awareness about travel risks, and the availability of a wide range of travel insurance products tailored to different traveler needs, which is boosting the growth of the market in this region. The Asia-Pacific region is expected to witness the fastest CAGR of 22.1% from 2023 to 2032, owing to the increasing awareness about travel insurance, rising disposable incomes, and a growing number of outbound travelers, particularly from countries like China and India, driving the demand for travel insurance policies in the region.
Key Market Players: Assicurazioni Generali S.p.A., Just Travel Cover, Zurich Insurance Group, Staysure, PassportCard, Trailfinders Ltd., AXA, American International Group, Inc., Aviva, Insurefor
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Travel Insurance Market Report Highlights
By Age Group
Above 50
1–17 Years Old
18–30 Years Old
31–49 Years Old
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
By End User
Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Others
By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Norway, Netherlands, Spain, Italy, Switzerland, Finland, Belgium, Russia, Sweden, Austria, Rest of Europe)
Asia-Pacific (China, Japan, Australia, Hong Kong, South Korea, Malaysia, Singapore, New Zealand, Rest of Asia-Pacific)
LAMEA (Brazil, Argentina, Rest of Latin America, Middle East, Africa)
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Innovations and Future Landscape
Rise in innovation demonstrates the travel insurance industry's ability to adapt to changing consumer needs and new trends in the global travel industry. Advancements in technology and changing travel patterns lead to new innovations aimed at improving the availability, flexibility and reliability of travel insurance products and services.
Digitalization and Online Platforms
Many travel insurance companies have moved to digital platforms that allow customers to purchase policies, manage claims, and access support services online or through mobile apps. Digital platforms provide convenience, accessibility, and real-time updates, improving the overall customer experience. In September 2022, insurtech startup, InsuranceDekho, expanded its service offering by launching travel insurance on its online platform. The company has partnered with leading insurance organizations such as Reliance General, Bajaj Allianz, ICICI Lombard, and others to offer travel insurance services on a regular basis
Innovative Coverage for Adventure Travel
With rise in popularity for adventure travel and extreme sports, insurers are developing specific insurance options for activities such as hiking, diving, and skiing. These policies provide comprehensive protection against injuries, property damage, and trip disruption associated with adventure travel. In October 2021, Travel Insured International, Inc. launched cruise travel protection plan that provides coverage up to $50,000 in accidental & sickness medical expense and up to $250,000 in medical evacuation coverage. It also provides protection for missed cruise connection, cruise disablement, and cruise diversion.
Future Outlook for Market
The future of the travel insurance market is expected to evolve significantly due to various factors that are changing the travel landscape. Technological advances, changing consumer behaviour, and global events such as the COVID-19 pandemic are driving the market growth. Technological advancements are revolutionizing the way users purchase, manage, and report travel insurance. Mobile apps, AI-powered chatbots, and digital platforms provide convenience and personalization, enhancing the overall customer experience. Consumer inclination towards travel insurance is also changing. Higher awareness of the health and safety issues caused by the pandemic has highlighted the importance of comprehensive protection. Travelers are increasingly looking for policies that offer protection against unexpected events, including medical emergencies, cancellations, and trip interruptions.
Partnerships with airlines, travel agencies, and online platforms are anticipated to further expand distribution channels and reach a wider audience. In addition, rise in educational initiatives are expected to play a key role in increasing consumer understanding and awareness of the benefits and options of travel insurance. Overall, the future of the travel insurance market lies in innovation, adaptability, and customer-focused solutions that meet the changing needs of travelers in an increasingly complex global environment. Get in touch with AMR analysts for more information.
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David Correa
Allied Market Research
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