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San Francisco, September 28, 2022 /PRNewswire/ — The size of the international travel insurance market is expected to reach 63.9 billion dollars In the year 2030 by Grand View Research Inc. According to a new report, the market is expected to expand at a CAGR of 15.4% from 2022 to 2030. The demand for travel insurance is driven by growth in the tourism industry due to factors such as easy online travel booking, wide media coverage of different types of holidays, increasing disposable income and package holidays.
Key industry insights and findings from the report:
- In terms of insurance coverage, the single trip insurance coverage segment accounts for the largest revenue share of 60.1% in 2021 and is projected to expand at the highest CAGR of 16.0% during the forecast period. Acceptance of travel insurance is increasing and companies are growing and adding additional benefits, such as travel insurance for sports activities. The annual multi-trip insurance coverage segment is expected to expand at a CAGR of 15.3% during the forecast period.
- In terms of distribution channels, the insurance companies segment dominated the market with a share of 34.8% in 2021 and is estimated to maintain its dominance during the forecast period. The market growth of this segment can be attributed to the demand for reliable sources for the distribution of these policies as they have approved packages and can properly advise the customers about travel insurance plans.
- In terms of end users, the elderly segment dominated the market by 2021 and is projected to expand at a CAGR of 13.9% during the forecast period. This growth is due to the addition of several policy schemes for senior citizens such as covid-19 insurance cover and emergency medical cover. Additionally, services like emergency evacuation, ticket subsidies, trip cancellation cover and baggage loss cover have a positive impact on the market.
- The business travelers segment is likely to register the highest CAGR of 17.6% during the forecast period. The increase in the number of business trips in recent years and the increasing number of business travel insurance product offerings by the industry players are the major factors driving the growth of this segment. For example, in March 2021Travel Insurance International introduced a new product, Global Travel Protection, to enhance a variety of insurance policies for families, business travelers and other travelers.
- Europe In the year It held the highest market share of 36.1% in 2021 and is expected to maintain its position during the forecast period. This can be attributed to the high adoption rate due to the presence of many travel insurance companies and government policies that encourage the use of travel insurance in the region. For example, in April 2022Insurance Control and Development Authority India It announced that it would improve regulations and capital requirements and offer new solutions to expand insurance coverage and provide insurers with more flexibility.
- Asia Pacific (APAC) is expected to expand at a high CAGR of over 16.7% during the forecast period. The market growth in this region is mainly due to the expansion of travel insurance policies to cover Covid-19 related cover for overseas hospital expenses, medical discharge, quarantine allowance and other businesses to benefit travelers in the region. For example, in July 2022, Chubb, a travel insurance provider, has partnered with Royal Brunei Airlines to provide travel insurance to passengers. It offers coverage including unexpected overseas medical expenses, accidents, covid-19 medical cover and travel complications, travel documents, baggage loss and trip cancellation.
Read the full 100-page market research report,Travel Insurance Market Size, Share and Trends Analysis Report by Insurance Coverage (Single-trip Travel Insurance, Annual Multi-trip Travel Insurance), Distribution Channel, End-use, Region and Segmentation Forecasts, 2022 – 2030”, published by Grand View Research.
Travel insurance market growth and trends
Adoption of various technological advancements such as AI-based applications, use of big data and blockchain is expected to create growth opportunities for travel providers in the global market. Additionally, the travel insurance market is witnessing increasing popularity due to benefits such as Covid-19 medical coverage and 24/7 emergency services.
Due to the Covid-19 pandemic, many industries around the world have been badly affected. However, the travel insurance market has seen significant growth since the pandemic due to increased demand for travel insurance services and products. The pandemic has accelerated the need for travel insurance among the general public, with various open source data portals and dashboards to inform citizens of the number of coverage included in travel insurance, active cases and infection rates, and recovery rates.
Travel insurance market segmentation
Grandview Research has segmented the global travel insurance market based on insurance coverage, distribution channel, end users, and region:
Insurance Coverage Outlook (Revenue, USD Million, 2017 – 2030)
- Single-trip travel insurance
- Annual multi-trip travel insurance
- Long-term travel insurance
Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Insurance intermediaries
- Insurance companies
- Banks
- Insurance brokers
- Insurance collectors
End User Outlook (Revenue, USD Million, 2017 – 2030)
- Educational travelers
- Business travelers
- The elderly
- Family travelers
- others
Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- middle east & Africa
List of key players in the travel insurance market
- Allianz
- American International Group, Inc.
- XA
- General Insurance Sp
- USI Insurance Services, LLC
- Battle face
- Insurance and Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insurance International
- Zurich
- Delphi Financial Group, Inc.
- Ping An Insurance (Group) Company of ChinaLtd.
See more related studies published by Grand View Research:
- Insurance analysis market – The global insurance analytics market size is expected to reach 18.3 billion dollars In the year Registering a CAGR of 11.7% from 2020 to 2027, according to Grand View Research, Inc. According to a new report. The use of big data and artificial intelligence (AI) is increasing to improve the decision-making process and target customers. It is expected to boost market growth.
- Financial rental market – The size of the global financial leasing market is expected to reach 324.40 billion dollars In the year Growing at a CAGR of 5.1% in 2030 from 2022 to 2030, according to Grand View Research, Inc. According to a new study, the market is expected to be driven by the many advantages that leasing offers over traditional loan methods, including higher margins. , tax benefits and inflation friendly and safe investments.
- Smart financial services market – The size of the global smart financial services market is expected to reach 46.85 million dollars In the year 2028 and is expected to grow at a CAGR of 2.9% from 2022 to 2028, according to a new report by Grandview Research, Inc. such as installation and management services, worldwide. In addition, the increasing popularity of smart ATMs will increase the demand for connected ATMs, further fueling the demand for smart financial services such as management and loading services.
Explore the next generation technologies industry with Grand View Research Research reports.
Research about the Grand View
Grand View Research, a US-based market research and consulting firm, provides integrated and customized research reports and consulting services. registered in California And in the headquarters San FranciscoThe company consists of more than 425 analysts and consultants and adds more than 1200 market research reports to its extensive database every year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. Through an interactive market intelligence platform, Grandview Research helps Fortune 500 companies and leading academic institutions understand the global and regional business environment and gauge future opportunities.
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