Pune India , Feb. 15, 2023 (GLOBE NEWSWIRE) -- Travel Insurance Market Size By Type (Single-Trip Travel Insurance, Multiple-Trip Travel Insurance and Extended-Trip Travel Insurance), By End-User (Education Travellers, Senior Citizens, Family Travellers and Others), By Distribution channel (Insurance Intermediaries, Banks, Insurance Aggregators, Reference Laboratories, Insurance Companies and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the travel insurance market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the travel insurance market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, application, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global travel insurance market are Seven Corners Inc., R+V Knozern, Zurich, Berkshire Hathway Travel Protection, Allianz Group, Bayern, Travel Insured International, USI Insurance Services, LLC, American International Group, Inc., Signal Iduna, AXA Konzern AG, Huk-Coburg, Talanx Konzern, Insure & Go Insurance Services Limited, Ping an Insurance Company of China, Ltd., Travelex Insurance Services Inc. among others. To achieve a substantial market share in the worldwide travel insurance market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An insurance policy for travelling covers certain expenses and damages incurred while on vacation, including trip cancellation, medical emergency coverage, and luggage coverage. As a result of stringent rules and regulations imposed by several governments and regulatory authorities on travellers regarding the VISA policy, the market has grown particularly post-pandemic. Travel and tourism are growing, and as a result, the number of travellers and the number of insurance providers will both grow in the travel insurance market. The tourism sector is expected to grow as well due to increased government investments in it to resurrect it after the pandemic and discounts offered by market players. It is widely believed that the increase in the travel and tourism sector in recent years is a significant factor boosting the growth of the global travel insurance market. In addition to increasing disposable incomes, online travel bookings and discounted package holidays have made it easier for consumers to book their travels online. As part of their efforts to enhance logistics procedures and offer unique user experiences, leading companies are also incorporating digital technologies like data mining, and global positioning systems. There are some factors which are hampering the market growth such as international travel restrictions during the COVID-19 pandemic and lack of awareness.
Scope of Travel Insurance Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, End-User, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Seven Corners Inc., R+V Knozern, Zurich, Berkshire Hathway Travel Protection, Allianz Group, Bayern, Travel Insured International, USI Insurance Services, LLC, American International Group, Inc., Signal Iduna, AXA Konzern AG, Huk-Coburg, Talanx Konzern, Insure & Go Insurance Services Limited, Ping an Insurance Company of China, Ltd., Travelex Insurance Services Inc. among others |
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Segmentation Analysis
Single-trip travel insurance is expected to be the fastest-growing segment in 2022.
The type segment includes single-trip travel insurance, multiple-trip travel insurance and extended-trip travel insurance. The single-trip travel insurance segment is expected to witness the highest growth rate during the forecast period. With an estimated market share of around 48% in 2021, the single-trip travel insurance segment dominated the market. The majority of international travellers are rarely frequent travellers. As the place is familiar, there is less uncertainty or emergency, or at least that is the perception, thus travel insurance does not attract significant domestic travellers. Single-trip travel insurance is the most cost effective and ideal for long-distance, extended-stay international travel with prolonged stays.
Education travellers are expected to be the fastest-growing segment in 2022.
The end-user segment includes education travellers, senior citizens, family travellers and others. The education travellers segment is expected to witness the highest growth rate during the forecasted period. Students are opting to study abroad due to the limited number of top educational institutions in developing economies. It is the exposure to diverse opportunities and job security that drives the demand for courses offered by top schools abroad. As disposable incomes rise, individuals are now able to travel and stay abroad for educational purposes.
Insurance intermediaries are expected to be the fastest-growing segment in 2022.
The distribution channel segment includes insurance intermediaries, banks, insurance aggregators, reference laboratories, insurance companies and others. The insurance intermediaries segment is expected to witness the highest growth rate during the forecasted period. Providing top-notch customer service across the market is the primary function of intermediaries, which collaborate directly with numerous hotel chains and airline companies. This has led the travel insurance intermediaries market for the past two years, and it is expected to retain its lead throughout the forecast period.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the travel insurance market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. Travel & tourism led to the growth of wealth, modern communication, and peace among neighboring countries in 2021, with a market share of 36.1% in Europe. In a survey conducted by SchengenVisaInfo.com in June 2020, which covered 2,636 respondents and 87 different nationalities from third countries, 62% of travelers planned to visit Europe soon after the EU governments reopened the borders following the COVID-19 pandemic.
Country Analysis
- Germany
Germany's travel insurance market size was valued at USD 2.8 billion in 2022 and is expected to reach USD 9.6 billion by 2030, at a CAGR of 16.7% from 2023 to 2030.
Travel insurance must be obtained by consumers as a condition of obtaining a VISA, which is expected to drive the German travel insurance market to grow. The increased travel in Germany has resulted in several incidents such as trip cancellations, luggage loss, medical emergencies, and others.
- China
China’s travel insurance market size was valued at USD 1.7 billion in 2022 and is expected to reach USD 5.8 billion by 2030, at a CAGR of 16.6% from 2023 to 2030.
Travel insurance has significant strategic opportunities for the growth of tourism and the development of the tourism industry in the coming years. It has been attributed to an increase in festival holidays and leisure time, as well as spiritual and material enjoyment activities in various places that have boosted tourism, boosting the country's market growth.
- India
India's travel insurance market size was valued at USD 1.38 billion in 2022 and is expected to reach USD 4.6 billion by 2030, at a CAGR of 16.5% from 2023 to 2030.
Different companies offer travel insurance that offers 24/7 emergency assistance services, such as replacing lost passports, sending money via wire transfer, and rebooking cancelled flights, all these factors are boosting the growth of the market.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rising disposable income and tourism.
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