Brainy Insights launched a study titled Travel Insurance Market Size by Type (Single Trip Travel Insurance, Multiple Trip Travel Insurance & Extended Trip Travel Insurance), End-User, Distribution Channel, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
The global travel insurance market is expected to grow from 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030. In the growing travel and tourism industry, rising in the number of travelers accompanied by an increase in the number of insurance providers will drive the travel insurance market growth of the travel insurance market. Increased government spending on the tourism sector to revive it after the pandemic and discounted holiday packages by the market players are also expected to contribute to its growth.
The single-trip travel insurance segment dominated the market, with a market value of around 8.06 billion in 2021.
The type segment of the travel insurance market is divided into single-trip travel insurance, multiple-trip travel insurance & extended-trip travel insurance. The single-trip travel insurance segment dominated the market, with a market value of around 8.06 billion in 2021. Usually, most travelers undertake single trips over an extended period. The frequency of long-distance travel is a maximum of 4 trips/per year. Single-trip travel insurance plans offer flexibility and are cost-effective, hence the preferred choice of travelers.
The educational traveler segment is expected to grow at the fastest CAGR of 19.3% over the forecast period.
The end-user segment of the travel insurance market is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the educational traveler’s segment is expected to grow at the fastest CAGR of 19.3%. The increase in the number of students opting to study abroad owing to the lack of quality educational institutions in the home country will contribute to the increasing number of educational travelers, thereby driving the growth of the travel insurance market.
The insurance intermediaries segment dominated the market, accounting for around 6.55 billion in global revenue in 2021.
The distribution channel of the travel insurance market is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. The insurance intermediaries segment dominated the market, accounting for around 6.55 billion in global revenue in 2021. The extensive presence and reach of insurance intermediaries in the market can be attributed to the dominance of this segment.
Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The travel insurance market in the Asia Pacific has been expanding rapidly. China dominates the travel insurance market in the Asia Pacific region. The rising government initiatives to boost the tourism industry are expected to significantly contribute to the Asia Pacific travel insurance market. In 2021, the ministry of internal affairs of the Japanese government announced the allocation of USD 37 million to develop the tourism sector. The initiative aims to revamp local Japanese tourist places and create an internationally competitive tourism sector.
The market’s major players include Allianz, AXA, American International Group Inc., American Express Company, Generali Group, Zurich Insurance Group AG, Chubb Ltd., Travel Insured International, Assicurazioni Generali S.P.A, and Travel Safe Insurance, among others.
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