Travel insurance provides an extensive range of benefits for events, such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to a medical condition or hijack, and loss of travel documents. However, it is considered as an unrequired expense by a large pool of travelers. Lack of awareness and guidance is a major factor that refrains travelers from opting for travel insurance.

The Travel Insurance Market share is expected to generate $28,265 million by 2022, growing at a CAGR of +12% during 2017-2022.

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Tourism is becoming the biggest constituent of international trade in services, comprising 30% of the total share. Therefore, growth in tourism has motivated the travel insurance companies exploit the increasing demand for insurance amongst travelers. Increase in awareness among young travelers to protect their travel against non-medical and medical contingencies is the main factor responsible for the growth of the travel insurance market.

The global travel insurance market is broken down by insurance coverage, distribution channels, users and regions. By insurance coverage, the market is divided into single travel travel insurance, annual multi-travel travel insurance and long-term travel insurance. Insurance policies are sold through a variety of distribution channels such as insurance brokers, insurance companies, banks, insurance brokers, insurance consolidators, and more. Users who choose travel insurance policies are backpackers, senior citizens, educational travelers, business travelers, fully independent travelers and family travelers. Markets include North America (USA, Canada and Mexico), Europe (UK, Germany, France and other Europe), Asia Pacific (China, Japan, India, Australia, Korea, Asia Pacific) and LAMEA (Latin America, Middle East and Africa).

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Travel Insurance Market Growth Highest in Last 10 Years.
  • Asia-Pacific was leading the travel insurance industry in the year 2017 with a market share of +45%, followed by North America which occupied +30% of the pie.
  • As per UNWTO, arrivals of international tourists increased at the rate of around +4.5% in the year 2015 to around the total of +1,185 Mn, whereas North America experiences the highest inbound travel.
  • Tourism is the biggest component of international trade in services, comprising around 30% of the total share.
  • Medical expenses segment dominated the overall travel insurance industry. This segment is expected to generate revenues of USD +10.8 billion by the end of 2025.
  • By type of travel, business travel segment is expected to foresee the fastest growth of +8.0% between 2018 and 2025.
The report covers both, qualitative and quantitative research of the market, as well as include comprehensive insights and developments methods adopted by the key players. The report encompasses competitive detailed analysis of the key players which are driving the market. The key business strategies such as mergers and acquisitions, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the travel insurance market report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin. Some Of The Primary Market Participants Are Allianz, Generali Global Assistance, USI Affinity, Seven Corners Inc., Travel Safe Insurance, Trip Mate Inc. (Arthur J. Gallagher & Co.), Travel Insured International, AXA, Tata AIG General Insurance Company Limited, Insure & Go Insurance Services Limited, Travelex Insurance Services (TIS), Tokio Marine HCC Medical Insurance Services Group, First Allied Travel Insurance, Arch Insurance Company, Aviva Life Insurance Company India Ltd., American Express Company, BH Specialty Insurance, (DigiVentures Holdings, LLC), amongst others. Browse the full report at Travel Insurance Market – By Insurance Cover
  • Medical Treatment
  • Loss
  • Damage and Theft
  • Resuming Your Journey
  • Cancellation Insurance
  • Lump Sum Payments
  • Caretaker Coverage
  • Death Itinerary
Market By Distribution Channel
  • Insurance Intermediaries
  • Insurance Company
  • Bank
  • Insurance Broker
  • Insurance Aggregator
  • Others
Travel Insurance Market – By End-User
  • Senior Citizens
  • Education Traveler
  • Backpackers
  • Business Traveler
  • Family Traveler
  • Fully independent Traveler
Market By Payment Method
  • Monthly Outstanding Balance Method
  • Single Payment Method
Travel Insurance Market – By Trip Type
  • Single Trip Travel Insurance
  • Annual Multi-trip Travel Insurance
  • Long-Stay Travel Insurance
North America has mentioned the essential proposals for the global Travel Insurance Market 2019, and this proposal is expected to increase over the next several years. The North American market is expected to be the largest market in the entire market. Other areas are also predicted in the same way as seeking the lead and fostering the development of this market. Geologically, the European market is the fastest region in North America. The APAC market is expected to have significant proposals in the general Travel Insurance market within the expected contract period. Contact Us: Company: Absolute Markets Insights Email Id: Phone: +91-740-024-2424 Contact Name: Shreyas Tanna Website: Follow Us on Social Media: