Travel Insurance Market Top Companies, Trends and Future Details for Business Opportunity 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Travel Insurance Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20 23-2028

," the global travel insurance market size reached US$ 15.9 Billion in 2022.

Travel insurance refers to a type of guaranteed policy scheme that offers financial protection for losses or expenses incurred due to unexpected events during overseas or domestic travel. It usually covers the cost of emergency medical care, trip cancellation and interruption, lost or stolen belongings, accidental death, and losses that may occur while traveling. It provides different levels of travel protection, such as the maximum amount of coverage and any exclusions or restrictions. Several insurance companies are offering travel insurance with continuous emergency services, including cash wire assistance, re-booking canceled flights, restoring expired visas, replacing lost passports, and customization options as per geographical location and the requirements of the insured individuals, due to which its demand is augmenting among the masses.

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Global Travel Insurance Market Trends:

Significant growth in the tourism industry majorly drives the global market. This can be supported by the escalating number of individuals traveling for leisure, business, or educational purposes. Since business travelers often require more comprehensive travel insurance policies, such as for liability, legal assistance, and emergency evacuation, this is further impacting the market. Along with this, the growing geriatric population is impelling the demand for travel insurance policies as it provides coverage for preexisting medical conditions, hospitalization, and prescription drug coverage to senior travelers.

With a considerable rise in the number of travelers post-pandemic, there is a significant increase in the demand for travel insurance among individuals. Coupled with this, the governments of numerous countries are making it mandatory to attach travel insurance documents, especially while applying for a visa, which is acting as another growth-inducing factor for the market. Moreover, the escalating adoption of digital tools, such as artificial intelligence (AI), the global positioning system (GPS), data analytics, and application program interface (API), to enhance distribution systems and provide personalized user experiences is creating a positive market outlook.

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On account of the aforementioned factors, the market is anticipated to reach a value of US$ 33.7 Billion by 2028, exhibiting a CAGR of 12.6% during 2023-2028.

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Key Market Segmentation

The research report includes the following segments:

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

• Others

Breakup by End User:

• Senior Citizens

• Education Travelers

• Business Travelers

• Family Travelers

Breakup by Distribution Channel:

• Insurance Intermediaries

• Banks

• Insurance Companies

• Insurance Aggregators

• Insurance Brokers

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• 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.

1. What was the size of the global travel insurance market in 2022?

2. What is the expected growth rate of the global travel insurance market during 2023-2028?

3. What are the key factors driving the global travel insurance market?

4. What has been the impact of COVID-19 on the global travel insurance market?

5. What is the breakup of the global travel insurance market based on the insurance type?

6. What is the breakup of the global travel insurance market based on the coverage?

7. What is the breakup of the global travel insurance market based on distribution channel?

8. What is the breakup of the global travel insurance market based on the end user?

9. What are the key regions in the global travel insurance market?

10. Who are the key players/companies in the global travel insurance market?

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