Travel insurance is a product focused on protecting policyholders against specified losses, accidents or other adverse events, which may occur before or during travel. Examples include trip cancellation/interruption, overseas medical expenses for injury or illness, theft of valuables, and baggage delay or damage. Many travel insurance policies also include the provision of emergency medical assistance services, such as call center operating 24 hours, seven days a week, and an international network of specialist health care providers.
There are standard general exclusions and invalidations on most types of travel insurance policies (for example, selfinicted injury, acts of terrorism, nonapproved preexisting medical conditions, dangerous or extreme activities, and policyholders being under the inuence of alcohol or drugs). Travel insurance is generally available in two forms: (i) as a single-trip insurance policy, which provides cover for a specific trip and is matched to the exact characteristic of the trip (e.g. number of travelling days and destination) and (ii) as an annual insurance policy, which covers multiple trips in a year. Travel insurance can be purchased from travel agents, travel suppliers (airlines, hotels, cruise lines, tour operators) a private insurance firm, insurance brokers, or online. The GWP in this report all refer to the Gross written premium from Travel Insurance. The characteristics of fine travel insurance unit of measurement as follow:
This report aims to provide a comprehensive presentation of the global market for Travel Insurance, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Travel Insurance. This report contains market size and forecasts of Travel Insurance in global, including the following market information:
- Global Travel Insurance Market Revenue, 2018-2023, 2024-2029, ($ millions)
- Global top five companies in 2022 (%)
The global Travel Insurance market was valued at US$ 21430 million in 2022 and is projected to reach US$ 32700 million by 2029, at a CAGR of 6.2% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The main global Travel Insurance players include Allianz, Munich Re Group, AIG, etc. The top three Travel Insurance players account for approximately 30% of the total global market. Asia-Pacific is the largest consumer market for Travel Insurance, accounting for about 26%, followed by Europe and North America. In terms of product, Trip Cancellation is the largest segment, with a share about 45%. And in terms of application, the largest application is Family Traveler, followed by Business Traveler.
We surveyed the Travel Insurance companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Travel Insurance Market, by Type, 2018-2023, 2024-2029 ($ millions)
Global Travel Insurance Market Segment Percentages, by Type, 2022 (%)
- Trip Cancellation
- Trip Delay
- Medical Expense
- Property Damage
- Other
Global Travel Insurance Market, by Application, 2018-2023, 2024-2029 ($ millions)
Global Travel Insurance Market Segment Percentages, by Application, 2022 (%)
- Family Traveler
- Senior Citizens
- Business Traveler
- Other
Global Travel Insurance Market, By Region and Country, 2018-2023, 2024-2029 ($ Millions)
Global Travel Insurance Market Segment Percentages, By Region and Country, 2022 (%)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic Countries
- Benelux
- Rest of Europe
- Asia
- China
- Japan
- South Korea
- Southeast Asia
- India
- Rest of Asia
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Turkey
- Israel
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
- Key companies Travel Insurance revenues in global market, 2018-2023 (estimated), ($ millions)
- Key companies Travel Insurance revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
- Allianz
- Munich Re Group
- AIG
- Assicurazioni Generali
- Prudential
- ACE&Chubb
- Manulife
- UnitedHealthcare Global
- Mapfre
- AXA
- Tokio Marine Holdings
- China Pacific insurance
- Hanse Merkur
- Ping An Insurance (Group) Company of China
- People's insurance company of China
- China Life
- Sompo Japan Nipponkoa
Outline of Major Chapters:
- Chapter 1: Introduces the definition of Travel Insurance, market overview.
- Chapter 2: Global Travel Insurance market size in revenue.
- Chapter 3: Detailed analysis of Travel Insurance company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
- Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
- Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
- Chapter 6: Sales of Travel Insurance in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
- Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
- Chapter 8: The main points and conclusions of the report.
