Turismo
Travel Insurance Market to Reach $143.5 billion, Globally, by 2033 at 20.1% CAGR: Allied Market Research
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.
(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)
182 – Tables
72 – Charts
200 – Pages
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.
• Rise in baby boomer travel
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.
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.
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.
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.
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.
Asia-Pacific , EMEA, and LATAM Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Age Group : Opportunity Analysis and Industry Forecast, 2024-2033. Student Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Coverage, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032
Student Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Coverage, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032
India Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Organization Size and Mode : Opportunity Analysis and Industry Forecast, 2024-2033
Southeast Asia Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel, End User, Mode : Opportunity Analysis and Industry Forecast, 2024-2032
Business Travel Accident Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032
Single Trip Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Distribution Channel and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030
Business Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Coverage Type, Distribution Channels and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030
Europe Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Insurance Cover, Distribution Channel and End User : Regional Opportunity Analysis and Industry Forecast, 2020-2027
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware . provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington , New Castle ,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India ( Pune ): +91-20-66346060
Fax: +1-800-792-5285
View original content: https://www.prnewswire.co.uk/news-releases/travel-insurance-market-to-reach-143-5-billion-globally-by-2033-at-20-1-cagr-allied-market-research-302246152.html