The Global Travel Insurance Market size was valued at USD 15.87 billion in 2020 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.4% from 2021-2030.
Travel insurance provides financial security to the insured person in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single trip or multiple trips. There are also few banks and financial institutions that offer such insurances free of cost along with their credit cards.
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Competitive Landscape :
The travel insurance market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include CSA Travel Protection, Travel Safe, AIG Travel, Allianz Global Assistance, Berkshire Hathaway Specialty Insurance, Seven Corners Inc., USI Affinity, AXA SA, MH Ross, Tokio Marine HCC Medical Insurance Services Group, American Express Company, Insure and Go., Travel Insured International, Travel Insured International, Travelex Group, and Aviva PLC among others.
There have been various developments taken place in the past and will take place in near future which is expected to drive the market growth. For instance, in December 2020, AXA Insurance declared its enhanced travel insurance offering ‘AXA SmartTraveller’ with COVID-19 cover. This will provide benefits for a range of situation occurring due to COVID-19 such as overseas hospitalization allowance, overseas medical expenses, emergency medical evacuation and repatriation, overseas quarantine allowance, pre-departure trip cancellations and postponement, and trip curtailment or rearrangement losses.
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Market Segmentations and Scope of the Study:
The global travel insurance market share is analyzed on the basis of insurance cover, distribution channel, end user and geography. On the basis of insurance cover, the market is segmented into Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. On the basis of distribution channel, the market is divided into Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, and Others. On the basis of users, the market is divided into Senior Citizens, Education Traveller, Backpackers, Business Traveller, Family Traveller, and Fully independent Traveller. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW
Geographical Analysis:
North America has been witnessing the increased adoption of travel insurance and is expected to continue holding the major market share during the forecast period. This is attributable to factors such as growth in tourism industry, increase in trade practices, and presence of global organizations in the U.S.
Asia Pacific is also expected to develop significantly with the gradual increase in market size owing to the growing connectivity among the countries in this region, expanding population creating more demand for international travel, and increasing cargo traffic led to luggage loss.
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