According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global travel insurance market size reached US$ 15.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12.6% during 2023-2028.
Report Highlights:
How big is the global travel insurance market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 15.9 Billion |
| Market Forecast in 2028 | US$ 33.7 Billion |
| Growth rate (2023 to 2028) | CAGR of 12.6% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Travel Insurance?
Travel insurance is a type of insurance that provides coverage for unexpected events that may occur during a trip. It is designed to protect travelers from financial losses that may arise due to cancellation of the trip, medical emergencies, accidents, lost or stolen luggage, and other travel-related problems. Travel insurance can be purchased for both domestic and international travel and is available in various types, such as single-trip insurance, annual multi-trip insurance, and specialty travel insurance.
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What are the growth prospects and trends in the travel insurance industry?
The increasing number of both domestic and international travelers represents a significant factor driving the market growth across the globe. In addition to this, the rising awareness regarding the benefits of travel insurance, including cancellations, medical emergencies, luggage benefits, and other travel-related issues, is contributing to the growth of the market. The market is also driven by the rise in online travel booking platforms, which offer travel insurance as an option during the booking process, thus making it easier for travelers to purchase insurance. Other factors, including the easy availability of customized travel insurance products, the increasing focus on customer satisfaction, and the widespread adoption of innovative technologies, such as artificial intelligence (AI) and machine learning (ML), are creating a positive outlook for the market.
Competitive Landscape With Key Players:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Allianz SE
- American Express Company
- American International Group
- AXA SA
- Berkshire Hathaway Specialty Insurance Company
- Generali Group
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- Travel Insured International Inc. (Crum & Forster)
- USI Affinity (USI Insurance Services)
- Zurich Insurance Group AG
Key Market Segmentation:
The report has segmented the global travel insurance market based on insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
- Single-Trip Travel Insurance
- Annual Multi-Trip Insurance
- Long-Stay Travel Insurance
Breakup by Coverage:
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damage
- Others
Breakup by Distribution Channel:
- Insurance Intermediaries
- Banks
- Insurance Companies
- Insurance Aggregators
- Insurance Brokers
- Others
Breakup by End User:
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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