Travel Insurance Market - By Insurance Type (Single Trip, Annual Multy-Trip and Long Stay), By End User (Senior Citizen, Education Travelers, Business Travelers and Family Travelers) and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Travel Insurance Market accounted approximate USD 20.3 billion in 2020 and it is expected to reach USD 42.3 billion by 2030 with a CAGR of 7.6% during the forecast period. Travel insurance provides coverage for the whole family as well as grant personal liability benefits.Travel insurance is a form of insurance intended to cover financial default, medical expenses, trip cancellation, loss luggage, accident and other losses incurred while travelling. Moreover, travel insurance is an affordable way of protection for those travelling domestically or abroad as well as it is designed to provide financial protection for unexpected events during travelling.

Market Segmentation:

On the basis of insurance type, travel insurance market segmented into single trip, annual multy-trip and long stay. Single trip travel insurance covers travelers for one trip while annual multy-trip insurance covers travelers taking multiple trips throughout a year. According to research study single trip travel insurance dominating the market during forecast period and it is accounted approximate 71% global market share in 2016. On the basis of end user type it is classified into senior citizen, education travelers, business travelers and family travelers. According to research study family travelers dominates the market while business travelers is fastest growing segment with CAGR of 9.2% during the forecast period. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

Growth in tourism, rise in globalization and overseas business expansion is the key factors for driving global travel insurance market. According to research study tourism is becoming biggest player of market, comprising 30 % of the market share.  Additionally, to minimize the risk associated with increased incidences of loss of luggage, loss of important documents, medical emergencies, and natural disaster during travelling, more number of travellers are adopting travel insurance and this is the major factor  that boosting the growth of market. Lack of awareness and guidance are the factors that restraints travelers from opting travel insurance. By building awareness about travel insurance among the consumers can boost the market.

Geographic Analysis:

Europe is accounted as largest travel insurance market and the region is anticipated to dominate the market during forecast period. Moreover, rise in business travelers are expected to collect more growth in travel insurance market in this region. Additionally, Germany and France is likely to capture largest market share in European travel insurance market.   Europe is followed by Asia Pacific and is expected to show highest growth rate during the forecast period. North America is also witnessing rapid growth in market. The US travel insurance market size is anticipated to cross approximate USD 8 billion mark during forecast period.

Competitive Scenario:

Some of the key players in global travel insurance market are Allianz SE,  Munich Reinsurance America, Inc., Atlas travel insurance services Ltd., China Life insurance company ltd., Prudential Financial Inc., Saga PLC,  Bajaj Finserv ltd., China Pacific life insurance co. ltd,  Aviva PLC, Seven Corners Inc.

Travel Insurance Market Report Scope