New York, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Global Travel Insurance Market Size is projected to grow from USD 13.3 billion in 2021 to USD 99.0 billion by 2030 at a CAGR of 25% during the forecast period. as per the latest research report by Spherical Insights & Consulting. The Asia Pacific is expected to grow the fastest during the forecast period.
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The travel industry has been growing rapidly owing to the proliferation of budget and luxury accommodations in the past few years. And with the increasing number of people traveling for leisure, the need for travel insurance is increasing rapidly. According to the World Health Organization (WHO), around 1.5 billion people travel annually, which is expected to increase in the coming years. Travel insurance helps travelers prepare for an unprecedented event that might affect their travel in a negative way. Moreover, post the outbreak of the COVID-19 pandemic, the need for travel insurance increased rapidly. It started covering Covid-19 tests and quarantine costs. Furthermore, the increasing demand for tourism is expected to propel the market's growth. In addition, the strict government policies related to travel are expected to further fuel the growth of the travel insurance market. However, there are very few insurance policies that cover travel. This is expected to limit the market’s growth during the forecast period. There are advancements in new technologies to help ease the travel experience of people, which is expected to provide growth opportunities for the market during the forecast period. The deaths due to the Covid-19 pandemic also posed challenges for the market’s growth over the forecast period as several insurance companies were not ready to cover death under their insurance policies. People in developing and underdeveloped countries are still reluctant to spend money on insurance facilities which hamper the market’s growth.
Browse key industry insights spread across 190 pages with 137 market data tables and figures & charts from the report “Global Travel Insurance Market Size, Share, and COVID-19 Impact Analysis, By Coverage Type (Annual Multi-Trip Travel Insurance and Single-Trip Travel Insurance), By Distribution Channel (Insurance Brokers, Insurance Companies, Banks, Insurance Aggregators, and Insurance Intermediaries), and By End User (Family Travelers, Education Travelers, Business Travelers, Senior Citizens, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030 ” in detail along with the table of contents
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This research report categorizes the market for Travel Insurance based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges that influence the Travel Insurance market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Travel Insurance market.
Based on the Coverage Type, the Global Travel Insurance market is categorized into Annual Multi-Trip Travel Insurance and Single-Trip Travel Insurance. The Annual Multi-Trip Travel Insurance segment will account for the greatest revenue in the market as travel restrictions were eased post the outbreak of the Covid-19 pandemic. Furthermore, there is rapid growth in the travel and tourism sector which propels the segments’ growth. In addition to this, the multi-trip travel insurance segment provides travelers with appropriate insurance coverage which ensures that their annual vacations go smoothly without any disturbance or health-related issues.
Based on region, the Global Travel Insurance Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. Europe is expected to be the largest market. This is mostly due to the European region's growing demand for travel and tourism. Furthermore, the rapid economic growth in the region, coupled with increasing advantages given by travel insurance companies to frequent travelers is expected to drive the market’s growth in the region. Mandatory rules & regulations by the European government force consumers to take up travel insurance services as a compulsory service before obtaining a VISA. In addition, the increase in tourism and the travel industry has caused several incidences with consumers, such as trip cancellations, medical emergencies, and loss of luggage & important documents, which increases the need for travel insurance in the region.
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The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing demand for an increasing number of organizations promoting business travel to employees with travel insurance facilities. Furthermore, there is rapid growth in the travel and tourism sector in several countries of the Asia Pacific, such as India, Pakistan, Bangladesh, China, etc., which propel the market’s growth in the region. In addition, the increasing awareness about the benefits of travel insurance among consumers in the region is expected to propel the market’s growth during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Zurich Insurance Group Ltd, Arch Capital Group Ltd., Aviva PLC, Berkshire Hathaway Specialty Insurance, China Pacific Insurance Co., Ltd., Chubb Limited, Assicurazioni Generali Group, Groupama Sigorta AS, American International Group Inc.,InsureandGo HanseMerkur Insurance Group,Ping An Insurance Company of China, Ltd., Seven Corners Inc. (US), SOMPO Holdings, Inc., American Express, Travelex Insurance Services Inc., Allianz Partners and Others.
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