Wilmington, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Senior Citizen Travel Insurance Market by Insurance Cover (Single-trip travel insurance, Annual multi-trip travel insurance and Long-stay travel insurance), and Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers and Insurance Aggregators): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the senior citizen travel insurance market was valued at $3.6 billion in 2023, and is estimated to reach $16.7 billion by 2032, growing at a CAGR of 18.3% from 2024 to 2032.
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Prime Determinants of Growth
However, increasing complexity of Integration is anticipated to hamper the growth of global market. On the contrary, expanding need for increased processing power is expected to create lucrative opportunities for the growth of the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $3.6 billion |
| Market Size in 2032 | $16.7 billion |
| CAGR | 18.3% |
| Segments covered | Insurance Cover, Distribution Channel, and Region. |
| Drivers | Increase in life expectancy Rise in healthcare costs |
| Opportunities | Customized insurance products Technological advancements |
| Restraints | Limited awareness |
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The single-trip travel insurance segment dominated the market in 2023
By insurance cover, the single-trip travel insurance segment accounted for the largest share in 2023, This type of insurance provides coverage for a specific trip, making it convenient and cost-effective for seniors who do not travel frequently, which is further expected to propel the overall market growth. However, the long-stay travel insurance segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing more senior citizens are opting for extended trips or stays abroad, whether for leisure or retirement purposes. Long-stay insurance offers comprehensive coverage for longer durations, catering to the needs of seniors looking to spend an extended period of time away from home. Thereby, driving the growth of this segment in the global senior citizen travel insurance market.
The insurance intermediaries segment to maintain its lead position during the forecast period
By distribution channel, the insurance intermediaries segment accounted for the largest share in 2023, as intermediaries, such as brokers and agents, provide personalized assistance and guidance to older travelers in selecting the most suitable insurance plans. Seniors often prefer the expertise and human touch offered by intermediaries when navigating the complexities of travel insurance, which is further expected to propel the overall market growth. However, the insurance aggregators segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing more seniors are turning to online platforms to compare multiple insurance options quickly and conveniently. Insurance aggregators offer a wide range of choices in one place, making it easier for older travelers to find competitive rates and tailored coverage that meet their specific needs. Thereby, driving the growth of this segment in the global senior citizen travel insurance market.
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Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, owing to the high awareness and adoption of travel insurance among seniors in this region. North America has a large population of senior citizens who prioritize travel and understand the importance of having insurance coverage for their trips, anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to increasing disposable income and rise in travel trends among seniors in countries within this region. As more seniors in Asia-Pacific countries embark on travel adventures, further expected to contribute to the growth of the market in this region.
Leading Market Players: -
- Zurich Insurance Group
- AXA
- Assicurazioni Generali S.p.A.
- PassportCard
- Staysure
- Just Travel Cover
- American International Group, Inc.
- Trailfinders Ltd.
- Aviva
- Insurefor.com
The report provides a detailed analysis of these key players in the senior citizen travel insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In May 2022, Wise Wanderer Insurance Agency introduced a senior travel assurance plan that provided coverage for trip interruptions, medical emergencies, and repatriation services for elderly travellers.
- In November 2023, ElderlyExplorer Insurance launched a travel security plan catering to senior citizens, offering coverage for adventurous activities, emergency medical expenses, and lost belongings.
- In April 2024, SeniorSafe Insurance Services unveiled a travel assurance package for seniors, featuring coverage for trip cancellations, emergency medical treatments, and travel assistance services.
- In October 2024, GoldenAge Insurance introduced a specialized travel protection plan for senior citizens, offering coverage for trip interruptions, lost luggage, and medical emergencies during travel.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the senior citizen travel insurance market analysis from 2024 to 2032 to identify the prevailing senior citizen travel insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the senior citizen travel insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global senior citizen travel insurance market size.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global senior citizen travel insurance market trends, key players, market segments, application areas, and senior citizen travel insurance market growth growth strategies.
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Senior Citizen Travel Insurance Market Key Segments:
By Insurance Cover
- 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 Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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