Travel Insurance Market Size, Share, Trends, Growth Outlook

The Global Travel Insurance Market Size is estimated to register 21.6% growth over the forecast period from 2023 to 2030.

 

The Travel Insurance Market is driven by factors such as increasing travel activity, increased risk awareness, regulatory requirements, global health concerns, digital distribution, customization, and emerging markets. Key trends include pandemic-related policies, digital claims processing, sustainability, blockchain, smart contracts, peer-to-peer insurance, multi-trip policies, virtual health services, and terrorist and political unrest coverage. The COVID-19 pandemic has led to the development of specialized travel insurance coverage, while digital technologies are being explored for efficiency and user-friendliness. The market is also influenced by emerging markets, such as emerging middle-class populations. The market is also evolving with the introduction of peer-to-peer insurance, multi-trip policies, virtual healthcare services, and terrorist and political unrest coverage.

 

 

Surging Travel Activity Drives Booming Travel Insurance Market.

The travel insurance market is experiencing a remarkable surge in activity, attributed to the rising demand for travel insurance policies. This boom is primarily driven by an increasing number of travelers seeking comprehensive coverage for their trips. As global travel restrictions ease and people venture back to exploring the world, the necessity of safeguarding their journeys becomes paramount. Tourists and business travellers alike are recognizing the importance of protecting their investments and health while abroad. This trend is leading to a plethora of insurance options catering to various travel needs, from trip cancellation and medical coverage to emergency assistance services. The market's growth also indicates an enhanced awareness of the unpredictability of travel, prompting travelers to seek peace of mind through insurance policies. As the industry continues to flourish, innovation in policy offerings and enhanced customer experiences are expected to shape its future trajectory.

 

The Rising Importance of Travel Insurance Amid Growing Risk Awareness is boosting the market.

In recent years, the global landscape of travel has witnessed a significant shift, placing a spotlight on the rising importance of travel insurance. This transformation is driven by a growing awareness of the numerous risks associated with modern travel, which has prompted travellers to seek protection. As travellers become more conscious of unexpected events such as trip cancellations, medical emergencies, or even natural disasters, the travel insurance market has experienced substantial growth. This expansion is fuelled by the desire for financial security and peace of mind while exploring the world. As the travel industry adapts to these changing dynamics, the travel insurance sector has emerged as a critical component of a traveller’s toolkit, ensuring a safer and more secure journey. In this evolving landscape, the travel insurance market is poised for further expansion, underscoring the increasing importance of this industry in today's travel ecosystem.

 

Understanding Mandatory Travel Insurance requirements by Countries and Providers is creating a demand in the market.

The increasing emphasis on comprehending the mandatory travel insurance requirements set forth by various countries and insurance providers has become a driving force in the dynamic Travel Insurance Market. As global travel regulations continue to evolve, travellers are increasingly aware of the need for comprehensive insurance coverage to meet these stipulations. This awareness has sparked a surge in demand for tailored travel insurance policies that not only offer essential coverage but also cater to specific entry requirements and health guidelines imposed by different nations. This trend is reshaping the landscape of the travel insurance industry, encouraging insurers to offer flexible policies that can be customized to meet the distinct prerequisites of each destination. As travellers seek peace of mind and security while venturing abroad, the Travel Insurance Market is adapting to provide a wide array of options, offering travellers the confidence to explore the world with peace of mind. This growing demand underscores the importance of staying informed about changing travel regulations and selecting the right insurance coverage for a worry-free travel experience.

 

Market Share Analysis:

Multi-peril crop insurance (MPCI) stands as the cornerstone of protection within the expansive realm of crop and livestock insurance.

The prominence within the market reflects its comprehensive nature, providing farmers with coverage against a wide array of perils that could jeopardize their agricultural investments. MPCI policies typically safeguard against various natural disasters, pests, and even market fluctuations, offering a robust safety net for farmers' financial well-being. This dominance can be attributed to the ever-present risks in agriculture, where unpredictable events can lead to devastating losses. MPCI, with its adaptability and broad coverage, thus plays a pivotal role in mitigating the vulnerabilities of farmers and fostering resilience in the agricultural sector. Its continued prevalence underscores the vital role it plays in sustaining food production and securing livelihoods for farming communities.

 

Insurance agents and intermediaries play a pivotal role in the Crop and Livestock Insurance Market, serving as the primary and most dominant distribution channel for agricultural insurance products.

Insurance agents act as the critical link between insurance companies and farmers, offering tailored policies to protect agricultural assets and livelihoods. Their expertise and local knowledge enable them to understand the unique risks and needs of farmers, ensuring that insurance solutions are well-suited to the specific challenges faced in the agricultural sector. Through personal consultations, insurance agents forge trust-based relationships with farmers, providing expert advice and facilitating the insurance purchase process. Their widespread presence in rural areas ensures that even remote farmers have access to vital insurance coverage, making them an essential cornerstone of the agricultural insurance landscape. In essence, insurance agents and intermediaries stand as key pillars in safeguarding the agricultural sector's stability and resilience.

 

Farmers and ranchers play a pivotal role in the crop and livestock insurance market, holding a position of utmost significance.

Farmers and ranchers are at the heart of agricultural production, bearing the weight of unpredictable weather patterns and unforeseen challenges. As the primary end-users of insurance in the agriculture sector, they rely on these policies to safeguard their livelihoods and investments. Crop insurance provides a safety net against the perils of crop failure due to factors like drought, pests, or natural disasters, ensuring a degree of financial stability. Similarly, livestock insurance offers protection against losses caused by diseases, accidents, or other unforeseen events, supporting the sustainability of animal husbandry. In essence, the involvement of farmers and ranchers is integral to the vitality of the crop and livestock insurance market.

 

North America stands as the foremost leader in the Crop and Livestock Insurance Market, wielding a significant influence on the global agricultural insurance landscape.

With a diverse and dynamic agricultural sector, the continent boasts an extensive market for insurance products that protect against the unpredictable nature of farming. The region's dominance can be attributed to its advanced technological infrastructure, robust risk assessment models, and proactive government policies that promote agricultural risk mitigation. North America's vast geographical expanse accommodates various climate zones, necessitating a diverse array of insurance solutions to safeguard crops and livestock from natural disasters, pests, and market fluctuations. As a result, it continues to set the standard for agricultural insurance, offering invaluable support to farmers, ensuring food security, and contributing to the overall stability of the agricultural sector.

 

Travel Insurance Market Segmentation

By Coverage Type

• 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

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

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Travel Insurance Market Companies

• AXA
• Allianz
• American International Group Inc
• ASSICURAZIONI GENERALI S.P.A.
• USI Insurance Services LLC
• Battleface Insurance Company
• InsureandGo
• Seven Corners Inc.
• Travel Insured International
• Zurich
• Ping An Insurance
• Delphi Financial Group Inc

*List not exhaustive

Travel Insurance Market Outlook 2023

1 Market Overview

1.1 Introduction to the Travel Insurance Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Travel Insurance Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Travel Insurance Market Companies with Area Served

4.2.2 Products Offerings Global Travel Insurance Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Travel Insurance Market Trends

6.1 Global Travel Insurance Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Travel Insurance Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Travel Insurance Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Travel Insurance Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Travel Insurance Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Travel Insurance Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Travel Insurance Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Travel Insurance Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Travel Insurance Development Regional Status and Outlook

8.1 Global Travel Insurance Revenue (USD Million) By Regions (2018-2022)

8.2 North America Travel Insurance Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Travel Insurance Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Travel Insurance Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Travel Insurance Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Travel Insurance Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Travel Insurance Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Travel Insurance Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Travel Insurance Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Travel Insurance Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Travel Insurance Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Travel Insurance Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Travel Insurance Revenue (USD Million) by Applications (2018-2022)

8.5 South America Travel Insurance Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Travel Insurance Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Travel Insurance Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Travel Insurance Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Travel Insurance Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Travel Insurance Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Travel Insurance Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Travel Insurance Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Travel Insurance Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Travel Insurance Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Travel Insurance Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Travel Insurance Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Travel Insurance Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Travel Insurance Development Regional Status and Outlook Forecast

11.1 Global Travel Insurance Revenue (USD Million) By Regions (2023-2030)

11.2 North America Travel Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Travel Insurance Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Travel Insurance Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Travel Insurance Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Travel Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Travel Insurance Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Travel Insurance Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Travel Insurance Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Travel Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Travel Insurance Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Travel Insurance Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Travel Insurance Revenue (USD Million), by Applications (2023-2030)

11.5 South America Travel Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Travel Insurance Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Travel Insurance Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Travel Insurance Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Travel Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Travel Insurance Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Travel Insurance Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Travel Insurance Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Travel Insurance Market Companies with Areas Served

Table 3 Products Offerings Global Travel Insurance Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Travel Insurance Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Travel Insurance Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Travel Insurance Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 11 Global Travel Insurance Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Travel Insurance Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Travel Insurance Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Travel Insurance Market Share (%) By Regions (2018-2022)

Table 16 North America Travel Insurance Revenue (USD Million) By Country (2018-2022)

Table 17 North America Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 18 North America Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Travel Insurance Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Travel Insurance Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Travel Insurance Revenue (USD Million) By Country (2018-2022)

Table 26 South America Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 27 South America Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Travel Insurance Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 33 Global Travel Insurance Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Travel Insurance Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Travel Insurance Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Travel Insurance Revenue (USD)By Country (2023-2030)

Table 38 North America Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 39 North America Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Travel Insurance Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Travel Insurance Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Travel Insurance Revenue (USD Million) By Country (2023-2030)

Table 47 South America Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 48 South America Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Travel Insurance Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Travel Insurance Revenue Market Share (%) By Type (2022)

Figure 5 Global Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Travel Insurance Revenue Market Share (%) By Applications (2022)

Figure 7 Global Travel Insurance Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Travel Insurance Market Share (%) By Regions (2022)

Figure 9 North America Travel Insurance Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Travel Insurance Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Travel Insurance Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Travel Insurance Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Travel Insurance Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Travel Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Travel Insurance Revenue Market Share (%) By Type (2030)

Figure 26 Global Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Travel Insurance Revenue Market Share (%) By Applications (2030)

Figure 28 Global Travel Insurance Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Travel Insurance Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Travel Insurance Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Travel Insurance Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Travel Insurance Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Travel Insurance Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Travel Insurance Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Travel Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

Travel Insurance Market Segmentation

By Coverage Type

• 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

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

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)