Demand for Global Travel Insurance Market Size to Surpass USD 49,132.95 Million by 2028, Exhibit a CAGR of 24.50%

Facts & Factors

Facts & Factors

According to Facts and Factors, the Global Travel Insurance Market size was valued at around USD 13,193.40 million in 2021 and is estimated to grow about USD 49,132.95 million by 2028, at a CAGR of approximately 24.50% between 2022 and 2028. The key players are covered in the report are ALLIANZ, A.X.A., Insure and Go Insurance Services Limited, Seven Corners Inc., AMERICAN INTERNATIONAL GROUP INC., AssicurazioniGenerali S.P.A., Trip Mate Inc., Travel Insured International, Travel Safe Insurance and USI INSURANCE SERVICES LLC., and others.

NEW YORK, USA, Oct. 07, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Travel Insurance Market Size, Share, Growth Analysis Report By Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), By Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), By End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

The report analyses the Travel Insurance market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Travel Insurance market.

Travel Insurance Market Overview:

A sort of insurance known as travel insurance covers any unexpected or undesirable losses that may happen while traveling (either internationally or domestically). While more comprehensive travel insurance policies may also cover trip cancellation, lost luggage, public liability, delayed flights, and other unexpected costs during the travel period, typical travel insurance policies are typically designed to cover any medical emergencies during travel. It is in force from the day of departure until the insured person returns home.

Many businesses now offer travel insurance with round-the-clock emergency services, including replacing cash wires & lost passports and helping & rebooking delayed flights. Following the needs of the insured people and their geographic region, they also provide customization possibilities.

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  • Includes Tables and figures have been updated

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(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Key Insights from Primary Research

  • As per the analysis, the Travel Insurance market is likely to grow above a CAGR of around 24.50% between 2022 and 2028.

  • The Travel Insurance market size was worth around US$ 13,193.40 Million in 2021 and is estimated to hit approximately US$ 49,132.95 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • Rising tourism demand following the pandemic is one factor driving the growth of the travel insurance market. Another is the overall increase in insurance coverage.

  • By coverage type, the single-trip travel insurance category dominated the market in 2021.

  • By end-user, the business traveler category dominated the market in 2021.

  • North America dominated the global travel insurance market in 2021.

Competitive Players

The report contains qualitative and quantitative research on the global Travel Insurance Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.

Some of the main players in the global Travel Insurance market include:

  • ALLIANZ

  • AXA

  • Insure and Go Insurance Services Limited

  • Seven Corners Inc.

  • AMERICAN INTERNATIONAL GROUP INC.

  • AssicurazioniGenerali S.P.A.

  • Trip Mate Inc.

  • Travel Insured International

  • Travel Safe Insurance

  • USI INSURANCE SERVICES LLC.

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Market Growth Drivers

The ease with which travelers can book flights online using smartphones and websites that offer a large selection of holiday packages is causing tourism growth, driving the global travel insurance market’s expansion. Flight delays, missing luggage, and medical problems are just a few of the occurrences that the increase in tourism could bring about. One of the main factors driving the market’s growth is how customers purchase travel insurance to lower these risks.

Additionally, solution providers should considerably profit from integrating cutting-edge technologies like Artificial Intelligence (A.I.), data analytics, and machine learning with G.P.S. during the forecasted period to enhance the current travel insurance platform. Many travel insurance providers are working to grow their relationships with insurers to improve their services and meet client expectations. These improvements are intended to improve the consumer experience. This fuels market expansion.

Relaxations of government regulations and mandates have encouraged people to purchase travel insurance, which is predicted to continue the market’s expansion. Venture capital firms have recently been concentrating on start-ups and assisting them in obtaining money to expand their product portfolios and solidify their market positions, thereby spurring market growth.

Travel Insurance Market: Segmentation Analysis

The global travel insurance market has been segmented into coverage type, distribution channel, end-user, and region.

Based on the coverage type, the travel insurance market is segregated into single-trip travel insurance and annual multi-trip travel insurance. Among these, the single-trip travel insurance segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

Based on the distribution channel, the travel insurance market is segregated into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. Among these, the insurance companies segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

Based on end users, the travel insurance market is segmented into senior citizens, education travelers, business travelers, family travelers, and others. Among these, the business travelers segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

Browse the full “Travel Insurance Market Size, Share, Growth Analysis Report – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028″ report at https://www.fnfresearch.com/travel-insurance-market

Regional Analysis:

The global travel insurance market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Due to the rising tendency of passengers to purchase yearly travel insurance packages to avoid the trouble of doing so for each trip, North America topped the worldwide travel insurance market in 2021. The easing of travel restrictions and lifting the state of emergency will greatly expand the market. The domestic travel insurance plan offers extensive coverage for people traveling abroad. Domestic travel insurance plans make travel simple for different U.S. cities and locations.

Spending on travel insurance is increasing, which helps the domestic market’s growth due to the insurance offering complete compensation in unforeseen scenarios. The number of business visits is increasing as market participants in this country expand. Multiple trip insurance serves as a one-time complete solution, removing the inconvenience of purchasing a new plan for each trip. These insurance policies provide simple renewal, financial help, and document clearing.

Report Scope:

Report Attribute

Details

Market Size in 2021

USD 13,193.40 Million

Projected Market Size in 2028

USD 49,132.95 Million

CAGR Growth Rate

24.50% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

ALLIANZ, AXA, Insure and Go Insurance Services Limited, Seven Corners Inc., AMERICAN INTERNATIONAL GROUP INC., AssicurazioniGenerali S.P.A., Trip Mate Inc., Travel Insured International, Travel Safe Insurance, USI INSURANCE SERVICES LLC. , and Others

Key Segment

By Coverage Type, Distribution Channel, End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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The global Travel Insurance market is segmented as follows:

By Coverage Type

By Distribution Channel

  • Insurance Intermediaries

  • Insurance Companies

  • Banks

  • Insurance Brokers

  • Insurance Aggregators

By End-User

  • Senior Citizens

  • Education Travelers

  • Business Travelers

  • Family Travelers

  • Others

By Region

  • North America

  • Europe

    • France

    • The UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • The Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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