PMI Unveils Travel Insurance Market Insights: Valued at USD

Covina, Oct. 16, 2023 (GLOBE NEWSWIRE) — Prophecy Market Insights has published a New Research Report titled “Travel Insurance Market, By Insurance Cover (Single Trip, Annual Multi-Trip and Long Stay), By Application (Senior Citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers) and, By Region (North America, Europe, Asia-Pacific, and Latin America, and Middle East & Africa)- Trends, Analysis and Forecast till 2029” in its research database.

“According to the latest research study, the demand of Travel Insurance Market size was valued at USD 22.24 billion in 2020 and expected to grow to USD 110.52 billion at a compound annual growth rate (CAGR) of 17.6%

What is Travel Insurance? How big is the Travel Insurance Market?

Report Overview:

Travel insurance is a type of insurance policy designed to provide coverage and financial protection to travelers in case of unexpected events and emergencies while they are away from their home country. Travel insurance typically covers a range of unforeseen events, such as trip cancellations, medical emergencies, lost luggage, travel delays, and more.

The possible risks of travelling, such as medical problems, trip cancellations, and travel interruptions, are becoming more and more known to travelers. The need for financial protection and risk management while traveling is driving the demand for travel insurance market.      

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“According to Our Latest Research Report on the Travel Insurance Market reveals that the industry is experiencing substantial growth worldwide. The report provides a comprehensive analysis of the market’s current size, trends, share, and economic analysis, as well as a forecast for the year up to 2030”

Latest News on Travel Insurance Market:

  • In September 2022, InsuranceDekho launched travel insurance policy and is partnered with HDFC Ergo, Reliance General, Care, ICICI Lombard and Bajaj Allianz to offer travel insurance products and is in the process of tying up with other insurers. Subject to restrictions and limitations that may vary from insurer to insurer, the platform offers tailored travel plans with pricing starting at $552 and covering 198 countries for families, individuals, corporates, and students.

Report Scope:

Attribute Details
Base year for estimation 2020
Forecast period 2020 – 2029
Market representation Revenue in USD Billion & CAGR from 2020 to 2029
Market Segmentation By Insurance Cover – Single Trip, Annual Multi-Trip and Long Stay
By Application – Senior Citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers
Regional scope North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends

Analyst View –

International travel is becoming more popular as the global middle class grows and individuals become more mobile. More people are taking trips for work, pleasure, and education. The number of travelers is rising, which expands the market for travel insurance companies.

Exploring Market Dominators in Travel Insurance Market:

  • Allianz SE
  • Munich Reinsurance America Inc.
  • American Express Company
  • Travelex Insurance Services
  • Atlas Travel Insurance Services Ltd
  • Aviva PLC
  • MS&AD Insurance Group Holdings, Inc.
  • Munich Reinsurance Company
  • Ping An Insurance Company of China, Ltd.
  • China Life Insurance Company Limited.

Travel Insurance Market: Growth Factors

The Travel Insurance Market experiences growth due to several key factors. Increasing global travel activities and a heightened awareness of travel-related risks drive demand. Supportive regulations and diverse coverage options, including medical and trip cancellation coverage, cater to varied needs. Technological advancements, such as user-friendly online platforms, enhance accessibility. Customization and flexibility in insurance plans meet individual preferences. Global health concerns, like the COVID-19 pandemic, underscore the importance of travel insurance, especially for health emergencies. Partnerships with travel agencies and airlines, coupled with the rising middle class in emerging economies, further expand the market, making travel insurance a vital aspect of modern travel planning.

Travel Insurance Market: Implications of Limiting Factors

Limiting factors in the Travel Insurance Market have significant implications, including reduced coverage options and increased financial risks for travelers. These limitations can erode consumer trust, lead to negative publicity, and attract regulatory scrutiny, impacting both insurance providers and the travel industry. Inadequate coverage might result in legal consequences and hinder market opportunities, especially with specific customer segments. Additionally, limitations discourage innovation in the sector, hindering the development of comprehensive coverage and digital solutions tailored to evolving traveler needs, ultimately affecting customer satisfaction and market growth.

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Opportunities Available on the Travel Insurance Market

The Travel Insurance Market presents lucrative opportunities, notably through digital transformation, targeted marketing, and strategic partnerships. Insurers can innovate by offering specialized coverage for emerging travel trends, such as health and wellness tourism, and integrating with travel tech platforms for seamless experiences. Customization, eco-friendly policies, and cross-selling initiatives enhance customer engagement. Embracing these strategies ensures insurers tap into evolving market demands, expand customer base, and foster sustainable growth.

Some Key Highlights from the Report:

  • Market Valuation: The Travel Insurance Market was valued at USD 22.24 billion in 2020 and is anticipated to reach USD 110.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.6%.
  • Comprehensive Analysis: The report offers an in-depth analysis of the market’s size, trends, share, and economic insights, providing a forecast up to 2030.

The Travel Insurance Market is diversified with coverage options like Single Trip, Annual Multi-Trip, and Long Stay, catering to diverse traveler needs such as Senior Citizens, Education Travelers, Backpackers, Business Travelers, and Family Travelers. Geographically, it spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, offering a global perspective. Key players like Allianz SE and American Express Company dominate the market, shaping its competitiveness. Growth is propelled by rising global travel, regulations, technology, and pandemic-driven awareness, while limitations in coverage can lead to reduced trust and legal consequences. Opportunities arise in digital transformation, targeted marketing, and partnerships, encouraging innovation and specialized coverage, fostering sustainable market growth.

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Here are some key questions the Travel Insurance Market:

  1. What is the current market valuation and expected growth rate of Travel Insurance Market by 2030?
  2. What factors are driving the market growth, especially related to global travel activities and technology advancements?
  3. What are the implications of limiting factors such as reduced coverage options and increased financial risks for travelers?
  4. Which regions and dominant players are significant contributors to the Travel Insurance Market?
  5. How can insurers innovate to tap into emerging travel trends and enhance customer experiences?

Explore More Insights:

  • Extended Stay Hotel Market accounted for US$ 16.7 billion in 2020 and is estimated to be US$ 28.6 billion by 2030 and is anticipated to register a CAGR of 6.0%.
  • Smart Luggage MarketTrends, Analysis and Forecast till 2029
  • Online Travel Booking Market accounted for US$ 644.6 billion in 2020 and is estimated to be US$ 2186.73 billion by 2030 and is anticipated to register a CAGR of 13.1%.

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