Examining the Market Potential of Travel Insurance

The global travel insurance market is estimated at US$ 48.2 billion in 2023, with a projected market valuation of US$ 96.6 billion for 2033, expanding rapidly at a CAGR of 7.2% over the next ten years.

The estimated size of the global insurance market in 2022 was $5 trillion, and during the following ten years, it is expected to double. The primary factors promoting market expansion will be the digital transformation, rising emphasis on personalised premiums, and incorporation of cutting-edge technologies (artificial intelligence, internet of things, and automation).

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Key Takeaways from Market Study

• Among the end-use applications, individuals account for a market share of 66%.
• The global market is expected to expand at a CAGR of 7.2% during the forecast period 2023-2033.
• Among the regions, the market in East Asia is projected to exhibit the highest growth rate of 8.2% during forecast period.
• During the historic period (2018-2022), the market expanded at a CAGR of 3.9%.

Market Development

The market is highly competitive with the presence of numerous established players in the industry and many start-ups entering the industry. Several market players are opting for advanced technologies and online platforms to expand their service offerings and make them easily available to customer. Technological transformation will be an essential factor for market expansion. Intense competition in the market, where customers can compare and pick services best suitable to them with ease, will be important aspects.

With a substantial rise in the travel industry and online ticket booking services, customers can seek easy access to these services. As such, the business environment in the travel insurance market continues to reflect a rollup within the industry despite extreme competition.

Competitive landscape:

Key players in the travel insurance market are Allianz Travel Insurance, Travelex Insurance Services, World Nomads Travel Insurance, Tata AIG General Insurance, Seven Corners, HTH Travel Insurance, Generali Global Assistance, IMG Travel Insurance, AXA Assistance USA, Berkshire Hathaway Travel Protection, Nationwide Insurance, Aviva, AA Travel Insurance, Staysure, Virgin Money Travel Insurance, Cover For You, and Flexicover Travel Insurance.

The market is highly fragmented with the presence of established companies and many new players entering the market. Increasing people’s awareness about travel insurance and the easy availability of these services on online platforms are creating a highly competitive scenario in the market.

To sustain in the industry and deal with a highly competitive business environment, market players are making strategic moves such as the expansion of service offerings and partnerships.

For instance :

• In September 2022, Insurtech Startup InsuranceDekho enhanced its service offerings by introducing travel insurance on its online platform. The company has partnered with leading insurance organizations such as Reliance General, Bajaj Allianz, ICICI Lombard, and others to offer travel insurance services.
• In April 2022, online platform Trip.com and AXA Partners announced the expansion of a new travel insurance product in the European region that was introduced in the U.K. in 2021. It offers a wide range of benefits such as cancellation, baggage cover, medical emergency cover, and others.

Fact.MR has provided detailed information about the providers of travel insurance positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of Travel insurance Industry Survey:

• By Coverage Type :

• Single Trip
• Annual/Multiple Trip

• By Trip Type :

• Domestic
• International

• By End-use Application :

• Individual
• Group

• By Region :

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

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How will be insights and market estimations provided in the Fact.MR report on the Demand of Travel Insurance make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Travel Insurance  Market
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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