Travel Insurance Market Size and Growth 2023-2028
According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global travel insurance market size reached US$ 15.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12.6% during 2023-2028.
Travel insurance refers to financial aid offered by insurance companies to cover expenses or losses incurred during the duration of the travel. It helps in situations such as cancellation of the trip due to a medical emergency, hijacking, accidental death, and loss of travel documents and baggage.
It also offers emergency services, including re-booking canceled flights, cash wire help, and replacing lost passports. Travel insurance policies are customizable depending on the geographic area and the needs of the client.
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Market Trends and Drivers:
The increasing penetration of the internet and smartphones has enabled easy online trip reservations, which represents one of the key factors accelerating the travel insurance market growth. In line with this, the surging medical tourism and business travel activities across the globe and the increasing cases of luggage loss and trip cancellations are boosting the market growth.
Additionally, governments of various countries have mandated attaching travel insurance documents while applying for a visa, which, in turn, is creating a positive outlook for the market.
The provision of discounted travel packages and the integration of digital tools to offer personalized travel packages are providing a considerable thrust to the market.
The increasing consumer per capita income, rising tourism activities, and surging consumer awareness regarding the importance of travel insurance are bolstering the market growth.
Travel Insurance Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Allianz SE
- American Express Company
- American International Group
- AXA SA
- Berkshire Hathaway Specialty Insurance Company
- Generali Group
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- Travel Insured International Inc. (Crum & Forster)
- USI Affinity (USI Insurance Services)
- Zurich Insurance Group AG
Key Market Segmentation:
The report has segmented the global travel insurance market based on insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
- Single-Trip Travel Insurance
- Annual Multi-Trip Insurance
- Long-Stay Travel Insurance
Breakup by Coverage:
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damage
Breakup by Distribution Channel:
- Insurance Intermediaries
- Insurance Companies
- Insurance Aggregators
- Insurance Brokers
Breakup by End User:
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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