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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Travel Insurance Market Outlook
The global travel insurance market size attained a value of USD 23.47 billion in 2023. The market is further expected to grow at a CAGR of 24.5% between 2024 and 2032, to reach a value of USD 168.84 billion by 2032.
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Key Trends in the Market
Travel insurance refers to a type of insurance coverage which provides protection against financial losses or expenses associated with domestic or international travelling. Depending upon coverage, travel insurance can offer financial assistance in case of ill-health, accidents, damage to personal possessions or rental vehicles, or any other kind of overhead expense. Apart from covering financial losses, travel insurance can also aid in replacing lost passports, re-booking cancelled flights, or delayed luggage, among others.
- The burgeoning tourism sector across the emerging economies, owing to the increasing affordability of flight tickets and increasing inclination of youth towards world exploration, is leading to a greater demand for travel insurance. Surge in the number of business travellers are expected to garner the market growth further.
- Rising consumer purchases of travel insurance policies to gain security against possible financial losses during travel are the key market trends. Amidst inflation and surging costs everywhere, travel insurance compensates additional medical or unexpected financial expenses which can bring peace of mind to the travellers.
Expansion of travel insurance providers with detailed offerings and custom coverage options are further escalating the travel insurance market growth. Various travel insurance policies are now available, targeted for specific travel locations, types of travel, and duration of travel, so that travellers can be fully prepared.
Travel Insurance Market Analysis
Based on 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 classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. By end user, the market is segmented into senior citizens, education travellers, business travellers, and family travellers, among others. Based on age group, the market is categorised into 1-17 years old, 18-30 years old, 31-49 years old, and above 50 years old. The regional markets for travel insurance are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global travel insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- WorldTrips Travel Insurance
- Worldwide Insurance Services, LLC
- Trawick International
- International Medical Group, Inc.
- World Nomads
- Aviva PLC
- Seven Corners Inc.
- Generali Global Assistance & Insurance Services
- Trailfinders Ltd.
- American Express
- Others
Travel Insurance Market Share by Insurance Cover
The single-trip travel insurance segment, based on insurance cover, accounts for a healthy share of the travel insurance market. Single-trip travel insurance offers customised coverage, security against flight-related risks, hijacking, and delays and cancellations, which caters to the travel needs of a particular trip. In addition, single-trip travel insurance is cost-effective for less-frequent travellers, provides tailored cover, and often contain no age restrictions. The increasing number of occasional tourists are likely to further augment the demand for single-trip insurance cover. Meanwhile, annual multi-trip travel insurance is expected to witness a decent growth in the forecast period, as this type of insurance provides affordable deals for multiple excursions.
Travel Insurance Market Share by End User
Based on end user, the senior citizens segment accounts for a significant portion of the market for travel insurance as due to their age, senior citizens are more susceptible to health complications while travelling and are likelier to invest in travel insurance for easier and safer travel. Unfortunate accidents can also result in greater severity of injuries. Furthermore, senior citizens have a greater chance of encountering difficulties in incidences such as lost luggage, robbery, and misplacement of travel documents, among others, which is increasing the dependence of senior citizens on travel insurance. As more senior citizens engage in travel, whether for tourism, to visit family, or any other purpose, the increasing demand for reliable travel insurance from geriatrics, to boost safety and convenience while travelling, is advancing the growth of this segment.
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Competitive Landscape
WorldTrips Travel Insurance is a leading travel insurance company which provides travel medical and trip cancellation insurance plans catering to the travel needs of individuals, groups, and organisations. It is a full-service travel firm which offers a comprehensive travel portfolio of travel, medical, and trip protection insurance products. The company was founded in 1998 and is headquartered in Indiana, United States.
Trawick International is an insurance company which provides expertise in international travel medical insurance and international student health insurance. The company offers medical coverage, emergency evacuation, reunion, and travel security, among others. Travel plans provided by this company include single trip travel insurance, annual trip insurance, and cruise ship insurance. It was established in 1998 and is based out of Alabama, United States.
International Medical Group, Inc. is a renowned insurance company which is a subsidiary of White Mountains RE Holdings, Inc. The company designs, distributes, and administers insurances related to medical, life, and disability, for individual and groups. It also provides protection plans which cover baggage loss, delay, and emergency medical evacuation, among others. International Medical Group, Inc. was established in 1989 and is headquartered in Indiana, United States.
Other market players include Worldwide Insurance Services, LLC, World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Insurance Cover |
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| Breakup by Distribution Channel |
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| Breakup by End User |
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| Breakup by Age Group |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 23.47 billion in 2023.
The market is estimated to grow at a CAGR of 24.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 168.84 billion by 2032.
The burgeoning tourism sector, increasing awareness about accidents or unwanted issues while travelling, and rising number of business and geriatric travellers are the major drivers of the market.
The key trends in the market include the increasing availability of custom travel insurance plans, incorporation of artificial intelligence in travel insurance support, and expansion of travel insurance providers.
Single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance are the different insurance covers in the market.
Insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators are major distribution channels in the market.
Senior citizens, education travellers, business travellers, and family travellers, among others, are the various end users of travel insurance.
Ideally travel insurance should be booked soon after finalising the travel details so that travellers can get better deals and coverage.
WorldTrips Travel Insurance, Worldwide Insurance Services, LLC, Trawick International, International Medical Group, Inc., World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others, are the key players in the travel insurance market, according to the report.
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