The market for travel insurance is expected to grow at a CAGR of around 17.1% from 2020 to 2027 and predicted to reach the market value of around US$ 65,940.7 Mn by 2027
Travel insurance is designed to protect travelers from certain financial risks and losses that can occur while traveling which include medical expenses, lost luggage, flight delays, or trip cancellation among others. These are useful for protection against domestic as well as abroad traveling. Most of the commonly purchased insurance policies include domestic travel insurance, international travel insurance, medical travel insurance, group travel insurance, family travel insurance, and multi-trip insurance. In most of the scenarios, travel insurance companies reimburse covered financial losses after filing a claim and its approval. Filing a claim means the submission of proof of lost liability so that the company can verify what happened and needed to be reimbursed.
Market Dynamics
The increasing number of travelers across the globe including international and domestic are boosting the demand for travel insurance in the market. The rising awareness among travelers about the benefits of travel covers is supporting the market growth. The offering of insurance cover at the time of booking by the travel booking brands is another factor bolstering the market value. The rapidly increasing disposable income, favorable globalization trends are further expected to propel the growth over the forecast period from 2020 to 2027. Furthermore, geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS) are likely to provide potential opportunities over the forecast timeframe from 2020 to 2027.
On the other hand, lack of awareness about travel insurance policies among some specific population base, low consumer experiences in terms of travel insurance coverage, high rates, and services by third-party providers of travel insurance remains a primary concern are some of the factors likely to restrict the growth to an extent over the forecast period from 2020 to 2027.
Covid-19 Impact on the travel insurance market
The Covid-19 pandemic has negatively affected the market because of its restrictions on traveling and social distancing. People across the globe are facing major restrictions on domestic as well as international flights, which are preventing them from opting for major travel packages as a result insurance market has experienced setbacks in 2020 majorly. The nationwide lockdown and travel restrictions have negatively affected the travel industry. Moreover, the announced vaccine and announcement of Covid vaccine travel insurance is likely to give a boost to the market.
Segment Instance of Global Travel Insurance Market
Single-Trip Travel Insurance segment accounted for the maximum revenue share in the global market
Based on insurance cover, single-trip travel insurance policies cover just the single holiday and end when the traveler returns home. These types of policies are cheaper than the annual policies. The single-trip travel insurance segment is gaining growth due to its lesser cost and increased marketing by the insurance brokers.
North America accounted for the maximum revenue share in the Travel Insurance Market
In 2019, North America is leading the market with a major revenue share (%), and the region is also projected to maintain its dominance over the forecast timeframe from 2020 to 2027. The increasing number of travelers owing to expanding geriatric population is supporting the regional market value. The high per capita income and the cost of travel is less in other countries for the US residents is another factor supporting their interest in international traveling.
Asia pacific is projected to exhibit fastest growth over the forecast period from 2020 to 2027
Asia Pacific along with its major economies projected to exhibit the fastest growth (%) in the travel insurance market over the forecast period from 2020 to 2027. The increasing disposable income of China and India is bolstering the number of foreign as well as domestic travelers, which is another factor accelerating the market value. The rising incidences of buying insurance, while booking tickets due to marketing done by travel booking brands are supporting the market growth.
Key Players Profiled
The players profiled in the report include Allianz Group, American International Group Inc., Assicurazioni Generali S.P.A, AXA S.A., Insure & Go Insurance Services Limited, Seven Corners Inc., Travel Insured International, TravelSafe Insurance, USI Insurance Services, and Zurich Insurance Co. Limited among others.
Market Segmentation
Market By Insurance Cover
Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance
Market By Application
Domestic Travel
Outbound Travel
Market By End User
Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Adventure Travel
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Travel Insurance
1.1. Definition and Scope
1.1.1. Definition of Travel Insurance
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Travel Insurance Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Travel Insurance Market By Insurance Cover
1.2.3. Travel Insurance Market By Application
1.2.4. Travel Insurance Market By End User
1.2.5. Travel Insurance Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Travel Insurance Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Travel Insurance Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2019
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Travel Insurance Market By Insurance Cover
4.1. Introduction
4.2. Travel Insurance Revenue By Insurance Cover
4.2.1. Travel Insurance Revenue (US$ Mn) and Forecast, By Insurance Cover, 2016-2027
4.2.2. Single-Trip Travel Insurance
4.2.2.1. Single-Trip Travel Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.3. Annual Multi-Trip Travel Insurance
4.2.3.1. Annual Multi-Trip Travel Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.4. Long-Stay Travel Insurance
4.2.4.1. Long-Stay Travel Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 5. Travel Insurance Market Revenue By Application
5.1. Introduction
5.2. Travel Insurance Revenue (US$ Mn) By Application
5.2.1. Travel Insurance Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
5.2.2. Domestic Travel
5.2.2.1. Domestic Travel Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Outbound Travel
5.2.3.1. Outbound Travel Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Travel Insurance Market By End User
6.1. Introduction
6.2. Travel Insurance Revenue (US$ Mn) By End User
6.2.1. Travel Insurance Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
6.2.2. Senior Citizens
6.2.2.1. Senior Citizens Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Education Travelers
6.2.3.1. Education Travelers Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.4. Business Travelers
6.2.4.1. Business Travelers Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.5. Family Travelers
6.2.5.1. Family Travelers Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.6. Adventure Travel
6.2.6.1. Adventure Travel Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. North America Travel Insurance Market By Country
7.1. North America Travel Insurance Overview
7.2. U.S.
7.2.1. U.S. Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
7.2.2. U.S. Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
7.2.3. U.S. Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
7.3. Canada
7.3.1. Canada Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
7.3.2. Canada Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
7.3.3. Canada Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
7.4. North America PEST Analysis
CHAPTER 8. Europe Travel Insurance Market By Country
8.1. Europe Travel Insurance Market Overview
8.2. U.K.
8.2.1. U.K. Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
8.2.2. U.K. Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.2.3. U.K. Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
8.3. Germany
8.3.1. Germany Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
8.3.2. Germany Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3.3. Germany Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
8.4. France
8.4.1. France Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
8.4.2. France Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4.3. France Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
8.5. Spain
8.5.1. Spain Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
8.5.2. Spain Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.5.3. Spain Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
8.6. Rest of Europe
8.6.1. Rest of Europe Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016-2027
8.6.2. Rest of Europe Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.6.3. Rest of Europe Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016-2027
8.7. Europe PEST Analysis
CHAPTER 9. Asia Pacific Travel Insurance Market By Country
9.1. Asia Pacific Travel Insurance Market Overview
9.2. China
9.2.1. China Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.2.2. China Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.2.3. China Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.3. Japan
9.3.1. Japan Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.3.2. Japan Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.3.3. Japan Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.4. India
9.4.1. India Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.4.2. India Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.4.3. India Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.5. Australia
9.5.1. Australia Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.5.2. Australia Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.5.3. Australia Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.6. South Korea
9.6.1. South Korea Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.6.2. South Korea Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.6.3. South Korea Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.7. Rest of Asia-Pacific
9.7.1. Rest of Asia-Pacific Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
9.7.2. Rest of Asia-Pacific Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.7.3. Rest of Asia-Pacific Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
9.8. Asia Pacific PEST Analysis
CHAPTER 10. Latin America Travel Insurance Market By Country
10.1. Latin America Travel Insurance Market Overview
10.2. Brazil
10.2.1. Brazil Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
10.2.2. Brazil Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.2.3. Brazil Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
10.3. Mexico
10.3.1. Mexico Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
10.3.2. Mexico Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3.3. Mexico Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
10.4. Rest of Latin America
10.4.1. Rest of Latin America Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
10.4.2. Rest of Latin America Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4.3. Rest of Latin America Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 – 2027
10.5. Latin America PEST Analysis
CHAPTER 11. Middle East & Africa Travel Insurance Market By Country
11.1. Middle East & Africa Travel Insurance Market Overview
11.2. Saudi Arabia
11.2.1. Saudi Arabia Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
11.2.2. Saudi Arabia Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.2.3. Saudi Arabia Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
11.3. UAE
11.3.1. UAE Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
11.3.2. UAE Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3.3. UAE Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 - 2027
11.4. Rest of Middle East & Africa
11.4.1. Rest of Middle East & Africa Travel Insurance Market Revenue (US$ Mn) and Forecast By Insurance Cover, 2016 - 2027
11.4.2. Rest of Middle East & Africa Travel Insurance Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4.3. Rest of Middle East & Africa Travel Insurance Market Revenue (US$ Mn) and Forecast By End User, 2016 – 2027
11.5. Middle East & Africa PEST Analysis
CHAPTER 12. Player Analysis Of Travel Insurance
12.1. Travel Insurance Market Company Share Analysis
12.2. Competition Matrix
12.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
12.2.2. New Product Launches and Product Enhancements
12.2.3. Mergers And Acquisition In Global Travel Insurance Market
12.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 13. COMPANY PROFILE
13.1. Allianz Group
13.1.1. Company Snapshot
13.1.2. Business Overview
13.1.3. Financial Overview
13.1.3.1. Revenue (US$ Mn), 2019
13.1.3.2. Allianz Group 2019 Travel Insurance Business Regional Distribution
13.1.4. Product/ Service and Specification
13.1.5. Recent Developments & Business Strategy
13.1.6. Manufacturing Plant Footprint Analysis
13.2. American International Group Inc.
13.3. Assicurazioni Generali S.P.A
13.4. AXA S.A.
13.5. Insure & Go Insurance Services Limited
13.6. Seven Corners Inc.
13.7. Travel Insured International
13.8. TravelSafe Insurance
13.9. USI Insurance Services
13.10. Zurich Insurance Co. Limited
13.11. Others
