Dublin, Jan. 10, 2025 (GLOBE NEWSWIRE) -- The "Travel Insurance Market - Forecasts from 2025 to 2030" report has been added to ResearchAndMarkets.com's offering.
The travel insurance market is projected to grow at a CAGR of 15.35% during the forecast period to reach US$86.391 billion by 2030, from US$49.650 billion in 2025.
Travel insurance is a protection policy for tourists and travelers covering unforeseen losses and damages while traveling. Most travel insurance plans primarily cover emergency medical bills while traveling abroad. However, comprehensive policies usually include trip cancellation, lost luggage, aircraft delays, public liability, and other costs. Travel insurance policies are usually available for both international tourists and domestic travelers.
The European tourism industry is experiencing a robust recovery in the first months of 2024 compared to the pre-pandemic levels. Based on data from reporting destinations, foreign arrivals (+7.2%) and overnights (+6.5%) in the first quarter of the year surpassed 2019 figures. The recovery is largely driven by strong intra-regional travel fuelled by Germany, France, Italy, and the Netherlands. This is coupled with demand from the US, which is the major source market.
Global travel insurance market drivers:
Increase in travel after the pandemic
Owing to the COVID-19 outbreak and the government-imposed lockdowns, the travel industry saw a massive decline in the market. However, the global tourism sector has been recovering past the pandemic, and the tourism sector is expected to see a considerable increase in revenue generation. The increase in revenge spending among people has been considered an essential factor in increasing tourism revenue. People are traveling more after the pandemic as the lockdown and travel restrictions have created enthusiasm in people to go out after being inside for very long.
In January 2022, international tourism continued to improve, with a substantially higher performance than in the first half of 2021. Global foreign tourist visits more than doubled (+130 percent) in January 2022 compared to January 2021, according to the UNWTO; the 18 million additional visitors reported in the first month of 2022 match the overall rise for the entire year of 2021.
Global travel insurance market geographical outlook:
By geography, the travel insurance market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.
India emerged as Asia's largest source market for outbound travelers in 2022, surpassing China, South Korea, and Japan. The latest report published at ITB Berlin 2024 indicates an impressive year-on-year rise of 190% for Indian outbound travelers, a sharp recovery from the depths of the pandemic. The developing economies of India and China are witnessing an increasing number of tourists outbound with increasing living standards and economic spending.
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Report Coverage:
- Historical data & forecasts from 2022 to 2030
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
Competitive Environment and Analysis
- Major Players and Strategy Analysis
- Emerging Players and Market Lucrativeness
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
Company Profiles
- Tata AIG General Insurance Company Limited
- Berkshire Hathaway Specialty Insurance Company
- AXA Travel Insurance
- Seven Corners Inc.
- AGA Service Company
- Aviva
- Travel Insured International
- Generali Global Assistance & Insurance Services
- Travelex Insurance Services Inc.
- USI Affinity Travel Insurance Services
By Type of Insurance Plan
- Trip Cancellation Insurance
- Baggage or Personal Item Loss Insurance
- Medical Insurance
- Others
By Application
- Domestic
- International
By Type of Travel
- Business
- Leisure
- Education
By Geography
- North America
- South America
- Europe
- Middle East and Africa
- Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/iofz62
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