Newark, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22.45 billion in 2023 global travel insurance market will reach USD 76.21 billion in 2033. Travel insurance is a specialized sector within the broader insurance industry. It serves as a financial safety net, protecting individuals from unexpected losses or expenses that may arise while traveling. This type of insurance provides coverage for a range of potential issues such as lost or stolen luggage, flight delays or cancellations, medical emergencies, and other unforeseen events. The coverage extends from the beginning of the trip until the traveller’s return. Travel insurance is often bundled with holiday packages offered by tour and travel companies, enhancing their appeal to consumers by mitigating travel-related risks. This insurance allows travellers to enjoy their trips with greater peace of mind, knowing they are protected against potential financial setbacks. In some countries, having travel insurance is a mandatory requirement for obtaining a visa, which not only safeguards travellers but also supports the tourism sector.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 22.45 billion |
| Market Size in 2033 | $ 76.21 billion |
| CAGR | 13% |
| No. of Pages in Report | 137 |
| Segments Covered | type, end-user, distribution channel, and regions |
| Drivers | Growing tourism industry |
| Opportunity | Customization of travel insurance plans |
| Restraints | Lack of awareness |
Key Insight of the Global Travel insurance Market
Europe will dominate the market during the forecast period.
Currently, the European region leads the travel insurance market due to its strong travel and tourism activities. The European Union’s efforts to facilitate cross-border and intra-regional travel contribute to the market's growth.
In 2023, the single trip travel insurance segment dominated the market with the largest market share of 48% and revenue of 10.77 billion.
The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. In 2023, the single trip travel insurance segment dominated the market with the largest market share of 48% and revenue of 10.77 billion.
Over the forecast period, the education travelers segment is expected to grow at the fastest CAGR of 19.3%.
The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the education travelers segment is expected to grow at the fastest CAGR of 19.3%.
In 2023, the insurance intermediaries segment dominated the market with the largest market share of 39% and revenue of 8.75 billion.
The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. In 2023, the insurance intermediaries segment dominated the market with the largest market share of 39% and revenue of 8.75 billion.
Advancement in market
Global speciality insurer SiriusPoint and Gigasure have formed a collaborative agreement to provide passengers with more configurable, adaptable travel insurance plans. This will be accomplished by utilising Gigasure's platform, which offers policyholders an alternative to traditional "off the shelf" insurance by enabling them to adjust their coverage in accordance with their needs and budget. Because of this flexibility, travellers may easily gain extra coverage options, such real-time rewards for delays in flights and baggage, by adjusting their insurance through the Gigasure app after it has been purchased.
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Market Dynamics
Driver: Growing Tourism Industry.
The COVID-19 pandemic severely impacted global tourism. However, as normalcy returns and governments and travel companies implement measures to boost travel demand, the travel insurance market is expected to grow. The introduction of policies covering COVID-related expenses, such as testing and quarantine, along with pent-up travel demand, will likely drive market expansion.
Restraints: Lack of Awareness.
Many travellers are not fully aware of the benefits of travel insurance, and the complicated claims process can deter potential customers. Improving awareness and simplifying the claims process could help address these barriers and stimulate market growth.
Opportunities: Customization of Travel Insurance Plans.
Travelers have diverse needs based on their trip type and activities. For instance, trekking in the Himalayas poses different risks compared to a European sightseeing tour. Customized insurance plans tailored to specific activities and destinations can enhance product appeal and attract more consumers, offering significant growth opportunities for the market.
Challenges: Lingering Effects of the Pandemic.
Ongoing requirements such as vaccination certificates, negative COVID test reports, and mandatory quarantines can restrict travel and dampen market growth. Additionally, increased freight and hotel costs, remnants of the pandemic’s impact, have led to a decrease in international travel.
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Some of the major players operating in the global travel insurance market are:
• Allianz
• AXA
• American International Group Inc.
• American Express Company
• Generali Group
• Zurich Insurance Group AG
• Chubb Ltd.
• Travel Insured International
• Assicurazioni Generali S.P.A
• Travel Safe Insurance
Key Segments covered in the market:
By Type
• Single Trip Travel Insurance
• Multiple Trip Travel Insurance
• Extended Trip Travel Insurance
By End User
• Family Travelers
• Business Travelers
• Education Travelers
• Senior Citizens
• Adventure Travelers
• Others
By Distribution Channel
• Insurance Companies
• Insurance Intermediaries
• Insurance Brokers
• Insurance Aggregators
• Banks
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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