Travel Insurance Market to Reach $143.5 billion, Globally, by 2033 at 20.1% CAGR: Allied Market Research

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The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition. 

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182 – Tables
72 – Charts
200 – Pages

Prime Determinants of Growth  

The travel insurance market is driven by an increase in emergency and medical expenses, rapid growth in tourism, and rise in baby boomer travel. However, lack of awareness regarding benefits related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the travel insurance industry are expected to offer ample growth opportunities in the upcoming years. 

Report Coverage & Details: 

•  Rise in baby boomer travel

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The single-trip travel insurance segment to maintain its leadership status throughout the forecast period 

By insurance cover, the single-trip travel insurance segment held the highest market share in 2023, and is estimated to maintain its leadership status throughout the forecast period, this was attributed to single-trip travel insurance covering a combination of eventualities including trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others, whether consumers are visiting multiple destinations or countries. Key growth factors include customized coverages that are covered under this policy and are available at an extra premium cost, depending on customer needs and demands. However, the long stay travel insurance segment is projected to manifest the highest CAGR from 2023 to 2033, as this policy is largely purchased by backpackers, and travelers on sabbaticals. Further, backpackers can work in countries they visit, which is expected to increase their stay; thereby, leading to an increase in sales of long stay insurance policies in the market.

The family travelers' segment is dominating the market in 2023  

By end user, the family travelers segment held the highest market share in 2023, accounting for more than one-fourth of the travel insurance market revenue, this is attributed to several key factors such as rise in multigenerational travel trend among families, which is expected to lead to increase in demand for travel insurance policies. In addition, due to the increase in adventure travel packages, families are traveling with children above 18 years of age, as the young generation of travel influencers is growing rapidly; thereby boosting the growth of the segment. However, the business travelers segment is projected to manifest the highest CAGR from 2023 to 2033. The growing network of co-working and remote workers is rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a major trend.

The 31-49 years old segment is dominating the market in 2023  

By age group, the 31-49 years segment held the highest market share in 2023, this is attributed to several key factors such as 31-49 years old are more likely to opt for travel insurance as they often seek out adventure activities, unique experiences, and off-the-beaten-path destinations. In addition, they are more likely to participate in activities such as hiking, diving, or extreme sports. As a result, they may look for travel insurance that covers a wide range of adventure activities and offers higher limits for medical coverage and emergency evacuation in case of accidents. However, the 18-30 years old segment is projected to manifest the highest CAGR from 2023 to 2033. 18–30-year-olds have realized the importance and need to stay protected, thereby creating a safety net for themselves and their loved ones. Therefore, there has also been a steady rise in demand for health insurance. In addition, the younger generation is looking forward to a personalized and better customized insurance policy with personalized options and flexibility in payment along with the digital first approach for insurance.

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North America to maintain its dominance by 2033 

Region wise, North America held the highest market share in terms of revenue in 2023, as domestic and international travel insurance has witnessed stable growth over the past five years, primarily due to increasing baggage loss with 1.77 mishandled bags per 1,000 passengers annually and growing need to compensate against the losses. Furthermore, the total number of missing cases increased drastically due to Asia-Pacific having the largest number of travelers.

Leading Market Players: - 

The report provides a detailed analysis of these key players in the travel insurance market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. 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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Key Benefits for Stakeholders

Travel Insurance Market Key Segments:

By Age Group

By Insurance Cover

By End User

By Distribution Channel

By Region

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