Travel Insurance Market to Grow at 14.6% CAGR by 2030
The rising need to safeguard oneself against contingent but unavoidable expenses occurred due to loss of possessions and cancellation of trips is driving the travel insurance market growth.
The Global Travel Insurance Market size was valued at USD 17.58 billion in 2021 and is projected to reach USD 58.93 billion by 2030, growing at a CAGR of 14.6% from 2022 to 2030.
Travel Insurance is a type of insurance that covers different types of financial risks while travelling. It covers medical expenses, cost of lost luggage, flight cancellation charges, and other losses that a traveller may incur during travel. The growing business travel and availability of online travel booking facilities are some of the factors expected to propel the travel insurance market growth.
However, lack of awareness towards travel insurance policies, limited coverage, and similar services offered by third-party providers are factors limiting the growth of travel insurance market to some extent during the forecast period. On the other hand, technologies such as artificial intelligence (AI), data analytics, application program interface (API), geo-location and global positioning system (GPS), among others supports the insurers to enhance the existing distribution platforms of travel insurance and promote productivity, which in turn is expected to create lucrative opportunities for the market players in the coming years.
Based on insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographically, North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
However, Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
Browse Key Industry Insights from the report, “Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), By Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and By End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2030.”
According to the report, travel insurance market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, Insure and Go., Travel Insured International, Travel Insured International, Travelex Group, and Aviva PLC among others.
The study provides an in-depth analysis of the global travel insurance market share along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
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