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Travel Insurance Market to Reach $106.8 billion, by 2032 at 20.1% CAGR: Allied Market Research
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208 – Tables
67 – Charts
381 – Pages
Rapid growth in tourism, convenient shopping due to online comparison sites and travel rules and regulations primarily drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policy hampers the market growth. On the contrary, expansion of products and services and new technological developments in the travel insurance industry is expected to provide lucrative opportunities for the market growth during the forecast period.
Travel rules and regulations
By insurance cover, the single-trip travel insurance segment held the largest market share in 2022, accounting for more than three-fifths of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its comprehensive coverage for a single journey, including trip cancellations, medical emergencies, and baggage loss, providing travelers with peace of mind. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032, owing to the increasing number of long-term travelers seeking comprehensive insurance coverage for extended stays abroad.
By distribution channel, the insurance intermediaries segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its wide network, personalized services, and strong customer relationships, which cater to the diverse needs of travelers efficiently. However, the insurance aggregators segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to its ability to offer a wide range of insurance options from different providers, providing customers with greater choice and convenience in selecting suitable policies.
By end user, the family travelers segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rising number of families opting for travel insurance to protect their loved ones against unforeseen events such as medical emergencies and trip cancellations. However, the business travelers segment is projected to manifest the highest CAGR of 22.6% from 2023 to 2032, owing to the increasing globalization of businesses, rising frequency of business trips, and the need for comprehensive coverage against travel-related risks for employees on corporate travel.
By age group, the 31-49 years old segment held the largest market share in 2022, accounting for more than one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its active participation in travel activities, higher disposable income, and a growing awareness of the importance of travel insurance, especially for longer trips. However, the 18-30 years old segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to the increasing number of young travelers seeking adventurous and experiential travel experiences, leading to a higher demand for travel insurance among this demographic.
By region, the Europe segment held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the travel insurance market revenue, owing to the region's robust tourism industry, high awareness about travel risks, and the availability of a wide range of travel insurance products tailored to different traveler needs, which is boosting the growth of the market in this region. The Asia-Pacific region is expected to witness the fastest CAGR of 22.1% from 2023 to 2032, owing to the increasing awareness about travel insurance, rising disposable incomes, and a growing number of outbound travelers, particularly from countries like China and India , driving the demand for travel insurance policies in the region.
The report provides a detailed analysis of these key players of the 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.
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