The travel insurance market has experienced significant growth in recent years, driven by several key factors. One of the primary drivers is the increasing awareness among travelers about the importance of having comprehensive protection while traveling. With the rise in global travel, people are becoming more conscious of potential risks such as trip cancellations, medical emergencies, natural disasters, and even geopolitical events. Additionally, technological advancements have also played a crucial role in shaping the travel insurance market. The emergence of online booking platforms and mobile applications has made it easier for travelers to research, compare, and purchase travel insurance policies. Additionally, innovations in data analytics and risk assessment have enabled insurers to tailor their offerings to meet the specific needs of different types of travelers, whether they are backpackers, business travelers, or families on vacation.
The scope of the travel insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is experiencing rapid growth and is anticipated to hold a significant travel insurance market share. It is anticipated to stay the biggest market as we advance, mostly due to the rising demand for travel and tourism in Europe. The industry is expected to develop as a result of the region's economic expansion as well as the growing benefits that travel insurance providers provide to regular customers. The European government has set mandatory rules and regulations that compel consumers to buy travel insurance services as a prerequisite to acquiring a VISA. In addition, the growth of the travel business and tourism has brought about a number of consumer-affecting events, including medical emergencies, lost luggage, and misplaced important documents. The region's growing need for travel insurance is further fueling the travel insurance market growth.
The report includes growth prospects in light of current travel insurance market trends and driving factors influencing the market growth. The " Travel Insurance Market Analysis" was carried out based on insurance coverage, end-user, and geography. In terms of insurance coverage, the market is segmented into single-trip travel insurance and annual multi-trip travel insurance. Based on end-users, the travel insurance market is segmented into family travelers, education travelers, business travelers, senior citizens, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the travel insurance market. A few recent key market developments are listed below:
(Source: Company Website)
(Source: Company Website)
The market report on “Travel Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Travel Insurance Market - By Distribution Channel
1.3.2 Travel Insurance Market - By Cover Type
1.3.3 Travel Insurance Market - By End-Users
1.3.4 Travel Insurance Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. TRAVEL INSURANCE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. TRAVEL INSURANCE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. TRAVEL INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. TRAVEL INSURANCE - GLOBAL MARKET OVERVIEW
6.2. TRAVEL INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
7.1. OVERVIEW
7.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
7.3. INSURANCE INTERMEDIARIES
7.3.1. Overview
7.3.2. Insurance Intermediaries Market Forecast and Analysis
7.4. INSURANCE COMPANIES
7.4.1. Overview
7.4.2. Insurance Companies Market Forecast and Analysis
7.5. BANKS
7.5.1. Overview
7.5.2. Banks Market Forecast and Analysis
7.6. INSURANCE BROKERS
7.6.1. Overview
7.6.2. Insurance Brokers Market Forecast and Analysis
7.7. INSURANCE AGGREGATORS
7.7.1. Overview
7.7.2. Insurance Aggregators Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - COVER TYPE
8.1. OVERVIEW
8.2. COVER TYPE MARKET FORECASTS AND ANALYSIS
8.3. SINGLE TRIP
8.3.1. Overview
8.3.2. Single Trip Market Forecast and Analysis
8.4. ANNUAL MULTI-TRIP
8.4.1. Overview
8.4.2. Annual Multi-Trip Market Forecast and Analysis
8.5. LONG STAY
8.5.1. Overview
8.5.2. Long stay Market Forecast and Analysis
9. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - END-USERS
9.1. OVERVIEW
9.2. END-USERS MARKET FORECASTS AND ANALYSIS
9.3. SENIOR CITIZENS
9.3.1. Overview
9.3.2. Senior Citizens Market Forecast and Analysis
9.4. EDUCATIONAL TRAVELERS
9.4.1. Overview
9.4.2. Educational Travelers Market Forecast and Analysis
9.5. LEISURE TRAVELERS
9.5.1. Overview
9.5.2. Leisure Travelers Market Forecast and Analysis
9.6. BUSINESS TRAVELERS
9.6.1. Overview
9.6.2. Business Travelers Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. TRAVEL INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Travel Insurance Market Overview
10.1.2 North America Travel Insurance Market Forecasts and Analysis
10.1.3 North America Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.1.4 North America Travel Insurance Market Forecasts and Analysis - By Cover Type
10.1.5 North America Travel Insurance Market Forecasts and Analysis - By End-Users
10.1.6 North America Travel Insurance Market Forecasts and Analysis - By Countries
10.1.6.1 United States Travel Insurance Market
10.1.6.1.1 United States Travel Insurance Market by Distribution Channel
10.1.6.1.2 United States Travel Insurance Market by Cover Type
10.1.6.1.3 United States Travel Insurance Market by End-Users
10.1.6.2 Canada Travel Insurance Market
10.1.6.2.1 Canada Travel Insurance Market by Distribution Channel
10.1.6.2.2 Canada Travel Insurance Market by Cover Type
10.1.6.2.3 Canada Travel Insurance Market by End-Users
10.1.6.3 Mexico Travel Insurance Market
10.1.6.3.1 Mexico Travel Insurance Market by Distribution Channel
10.1.6.3.2 Mexico Travel Insurance Market by Cover Type
10.1.6.3.3 Mexico Travel Insurance Market by End-Users
10.2. EUROPE
10.2.1 Europe Travel Insurance Market Overview
10.2.2 Europe Travel Insurance Market Forecasts and Analysis
10.2.3 Europe Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.2.4 Europe Travel Insurance Market Forecasts and Analysis - By Cover Type
10.2.5 Europe Travel Insurance Market Forecasts and Analysis - By End-Users
10.2.6 Europe Travel Insurance Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Travel Insurance Market
10.2.6.1.1 Germany Travel Insurance Market by Distribution Channel
10.2.6.1.2 Germany Travel Insurance Market by Cover Type
10.2.6.1.3 Germany Travel Insurance Market by End-Users
10.2.6.2 France Travel Insurance Market
10.2.6.2.1 France Travel Insurance Market by Distribution Channel
10.2.6.2.2 France Travel Insurance Market by Cover Type
10.2.6.2.3 France Travel Insurance Market by End-Users
10.2.6.3 Italy Travel Insurance Market
10.2.6.3.1 Italy Travel Insurance Market by Distribution Channel
10.2.6.3.2 Italy Travel Insurance Market by Cover Type
10.2.6.3.3 Italy Travel Insurance Market by End-Users
10.2.6.4 United Kingdom Travel Insurance Market
10.2.6.4.1 United Kingdom Travel Insurance Market by Distribution Channel
10.2.6.4.2 United Kingdom Travel Insurance Market by Cover Type
10.2.6.4.3 United Kingdom Travel Insurance Market by End-Users
10.2.6.5 Russia Travel Insurance Market
10.2.6.5.1 Russia Travel Insurance Market by Distribution Channel
10.2.6.5.2 Russia Travel Insurance Market by Cover Type
10.2.6.5.3 Russia Travel Insurance Market by End-Users
10.2.6.6 Rest of Europe Travel Insurance Market
10.2.6.6.1 Rest of Europe Travel Insurance Market by Distribution Channel
10.2.6.6.2 Rest of Europe Travel Insurance Market by Cover Type
10.2.6.6.3 Rest of Europe Travel Insurance Market by End-Users
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Travel Insurance Market Overview
10.3.2 Asia-Pacific Travel Insurance Market Forecasts and Analysis
10.3.3 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.3.4 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Cover Type
10.3.5 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By End-Users
10.3.6 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Travel Insurance Market
10.3.6.1.1 Australia Travel Insurance Market by Distribution Channel
10.3.6.1.2 Australia Travel Insurance Market by Cover Type
10.3.6.1.3 Australia Travel Insurance Market by End-Users
10.3.6.2 China Travel Insurance Market
10.3.6.2.1 China Travel Insurance Market by Distribution Channel
10.3.6.2.2 China Travel Insurance Market by Cover Type
10.3.6.2.3 China Travel Insurance Market by End-Users
10.3.6.3 India Travel Insurance Market
10.3.6.3.1 India Travel Insurance Market by Distribution Channel
10.3.6.3.2 India Travel Insurance Market by Cover Type
10.3.6.3.3 India Travel Insurance Market by End-Users
10.3.6.4 Japan Travel Insurance Market
10.3.6.4.1 Japan Travel Insurance Market by Distribution Channel
10.3.6.4.2 Japan Travel Insurance Market by Cover Type
10.3.6.4.3 Japan Travel Insurance Market by End-Users
10.3.6.5 South Korea Travel Insurance Market
10.3.6.5.1 South Korea Travel Insurance Market by Distribution Channel
10.3.6.5.2 South Korea Travel Insurance Market by Cover Type
10.3.6.5.3 South Korea Travel Insurance Market by End-Users
10.3.6.6 Rest of Asia-Pacific Travel Insurance Market
10.3.6.6.1 Rest of Asia-Pacific Travel Insurance Market by Distribution Channel
10.3.6.6.2 Rest of Asia-Pacific Travel Insurance Market by Cover Type
10.3.6.6.3 Rest of Asia-Pacific Travel Insurance Market by End-Users
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Travel Insurance Market Overview
10.4.2 Middle East and Africa Travel Insurance Market Forecasts and Analysis
10.4.3 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.4.4 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Cover Type
10.4.5 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By End-Users
10.4.6 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Travel Insurance Market
10.4.6.1.1 South Africa Travel Insurance Market by Distribution Channel
10.4.6.1.2 South Africa Travel Insurance Market by Cover Type
10.4.6.1.3 South Africa Travel Insurance Market by End-Users
10.4.6.2 Saudi Arabia Travel Insurance Market
10.4.6.2.1 Saudi Arabia Travel Insurance Market by Distribution Channel
10.4.6.2.2 Saudi Arabia Travel Insurance Market by Cover Type
10.4.6.2.3 Saudi Arabia Travel Insurance Market by End-Users
10.4.6.3 U.A.E Travel Insurance Market
10.4.6.3.1 U.A.E Travel Insurance Market by Distribution Channel
10.4.6.3.2 U.A.E Travel Insurance Market by Cover Type
10.4.6.3.3 U.A.E Travel Insurance Market by End-Users
10.4.6.4 Rest of Middle East and Africa Travel Insurance Market
10.4.6.4.1 Rest of Middle East and Africa Travel Insurance Market by Distribution Channel
10.4.6.4.2 Rest of Middle East and Africa Travel Insurance Market by Cover Type
10.4.6.4.3 Rest of Middle East and Africa Travel Insurance Market by End-Users
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Travel Insurance Market Overview
10.5.2 South and Central America Travel Insurance Market Forecasts and Analysis
10.5.3 South and Central America Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.5.4 South and Central America Travel Insurance Market Forecasts and Analysis - By Cover Type
10.5.5 South and Central America Travel Insurance Market Forecasts and Analysis - By End-Users
10.5.6 South and Central America Travel Insurance Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Travel Insurance Market
10.5.6.1.1 Brazil Travel Insurance Market by Distribution Channel
10.5.6.1.2 Brazil Travel Insurance Market by Cover Type
10.5.6.1.3 Brazil Travel Insurance Market by End-Users
10.5.6.2 Argentina Travel Insurance Market
10.5.6.2.1 Argentina Travel Insurance Market by Distribution Channel
10.5.6.2.2 Argentina Travel Insurance Market by Cover Type
10.5.6.2.3 Argentina Travel Insurance Market by End-Users
10.5.6.3 Rest of South and Central America Travel Insurance Market
10.5.6.3.1 Rest of South and Central America Travel Insurance Market by Distribution Channel
10.5.6.3.2 Rest of South and Central America Travel Insurance Market by Cover Type
10.5.6.3.3 Rest of South and Central America Travel Insurance Market by End-Users
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. TRAVEL INSURANCE MARKET, KEY COMPANY PROFILES
12.1. ALLIANZ GLOBAL ASSISTANCE(AGA SERVICE COMPANY)
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. AXA SA
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. AMERICAN INTERNATIONAL GROUP, INC.
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. CSA TRAVEL PROTECTION DBA GENERALI GLOBAL ASSISTANCE AND INSURANCE SERVICES
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. INSURE AND GO INSURANCE SERVICES LIMITED
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. SEVEN CORNERS INC.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. TRAVELEX INSURANCE SERVICES INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. TRAVELSAFE INSURANCE
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. TRIP MATE, INC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. USI AFFINITY TRAVEL INSURANCE SERVICES
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Allianz Global Assistance(AGA Service Company)
2. AXA SA
3. American International Group, Inc.
4. CSA Travel Protection DBA Generali Global Assistance and Insurance Services
5. Insure and Go Insurance Services Limited
6. Seven Corners Inc.
7. Travelex Insurance Services Inc.
8. TravelSafe Insurance
9. Trip Mate, Inc.
10. USI Affinity Travel Insurance Services
The global alternative data market is expected to grow at a CAGR of 20% during the forecast period 2024 - 2031.
The key players holding majority shares in the global travel insurance market are Travelex Insurance Services Inc.; Bajaj Allianz; IMT SERVICES, LLC; Aviva; AXA Assistance.
The increasing demand for tourism and technological development are the major factors that propel the global travel insurance market.
The growing adoption of multigenerational travel is anticipated to play a significant role in the global travel insurance market in the coming years.