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The global travel insurance market size attained a value of USD 18.81 billion in 2022. The market is further expected to grow at a CAGR of 24.80% between 2023 and 2028, to reach a value of USD 69.6 billion by 2028.
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Travel insurance refers to a type of insurance coverage which provides protection against financial losses or expenses associated with domestic or international travelling. Depending upon coverage, travel insurance can offer financial assistance in case of ill-health, accidents, damage to personal possessions or rental vehicles, or any other kind of overhead expense. Apart from covering financial losses, travel insurance can also aid in replacing lost passports, re-booking cancelled flights, or delayed luggage, among others.
Expansion of travel insurance providers with detailed offerings and custom coverage options are further escalating the travel insurance market growth. Various travel insurance policies are now available, targeted for specific travel locations, types of travel, and duration of travel, so that travellers can be fully prepared.
Based on insurance cover, the market is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. On the basis of distribution channel, the market is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. By end user, the market is segmented into senior citizens, education travellers, business travellers, and family travellers, among others. Based on age group, the market is categorised into 1-17 years old, 18-30 years old, 31-49 years old, and above 50 years old. The regional markets for travel insurance are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global travel insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The single-trip travel insurance segment, based on insurance cover, accounts for a healthy share of the travel insurance market. Single-trip travel insurance offers customised coverage, security against flight-related risks, hijacking, and delays and cancellations, which caters to the travel needs of a particular trip. In addition, single-trip travel insurance is cost-effective for less-frequent travellers, provides tailored cover, and often contain no age restrictions. The increasing number of occasional tourists are likely to further augment the demand for single-trip insurance cover. Meanwhile, annual multi-trip travel insurance is expected to witness a decent growth in the forecast period, as this type of insurance provides affordable deals for multiple excursions.
Based on end user, the senior citizens segment accounts for a significant portion of the market for travel insurance as due to their age, senior citizens are more susceptible to health complications while travelling and are likelier to invest in travel insurance for easier and safer travel. Unfortunate accidents can also result in greater severity of injuries. Furthermore, senior citizens have a greater chance of encountering difficulties in incidences such as lost luggage, robbery, and misplacement of travel documents, among others, which is increasing the dependence of senior citizens on travel insurance. As more senior citizens engage in travel, whether for tourism, to visit family, or any other purpose, the increasing demand for reliable travel insurance from geriatrics, to boost safety and convenience while travelling, is advancing the growth of this segment.
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WorldTrips Travel Insurance is a leading travel insurance company which provides travel medical and trip cancellation insurance plans catering to the travel needs of individuals, groups, and organisations. It is a full-service travel firm which offers a comprehensive travel portfolio of travel, medical, and trip protection insurance products. The company was founded in 1998 and is headquartered in Indiana, United States.
Trawick International is an insurance company which provides expertise in international travel medical insurance and international student health insurance. The company offers medical coverage, emergency evacuation, reunion, and travel security, among others. Travel plans provided by this company include single trip travel insurance, annual trip insurance, and cruise ship insurance. It was established in 1998 and is based out of Alabama, United States.
International Medical Group, Inc. is a renowned insurance company which is a subsidiary of White Mountains RE Holdings, Inc. The company designs, distributes, and administers insurances related to medical, life, and disability, for individual and groups. It also provides protection plans which cover baggage loss, delay, and emergency medical evacuation, among others. International Medical Group, Inc. was established in 1989 and is headquartered in Indiana, United States.
Other market players include Worldwide Insurance Services, LLC, World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others.
REPORT FEATURES | DETAILS |
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Base Year | 2022 |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Insurance Cover |
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Breakup by Distribution Channel |
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Breakup by End User |
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Breakup by Age Group |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Travel Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Travel Insurance Historical Market (2018-2022)
8.3 Global Travel Insurance Market Forecast (2023-2028)
8.4 Global Travel Insurance Market by Insurance Cover
8.4.1 Single-Trip Travel Insurance
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Annual Multi-Trip Travel Insurance
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Long-Stay Travel Insurance
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.5 Global Travel Insurance Market by Distribution Channel
8.5.1 Insurance Intermediaries
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Insurance Companies
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Banks
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Insurance Brokers
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.5.5 Insurance Aggregators
8.5.5.1 Historical Trend (2018-2022)
8.5.5.2 Forecast Trend (2023-2028)
8.6 Global Travel Insurance Market by End User
8.6.1 Senior Citizens
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Education Travelers
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Business Travelers
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Family Travelers
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Travel Insurance Market by Age Group
8.7.1 1-17 Years Old
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 18-30 Years Old
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 31-49 Years Old
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Above 50 Years Old
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.8 Global Travel Insurance Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Travel Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Travel Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Travel Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Travel Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Travel Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 WorldTrips Travel Insurance
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Worldwide Insurance Services, LLC
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Trawick International
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 International Medical Group, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 World Nomads
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Aviva PLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Seven Corners Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Generali Global Assistance & Insurance Services
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Trailfinders Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 American Express
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Travel Insurance Market: Key Industry Highlights, 2018 and 2028
2. Global Travel Insurance Historical Market: Breakup by Insurance Cover (USD Million), 2018-2022
3. Global Travel Insurance Market Forecast: Breakup by Insurance Cover (USD Million), 2023-2028
4. Global Travel Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5. Global Travel Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6. Global Travel Insurance Historical Market: Breakup by End User (USD Million), 2018-2022
7. Global Travel Insurance Market Forecast: Breakup by End User (USD Million), 2023-2028
8. Global Travel Insurance Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Travel Insurance Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Travel Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Travel Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Travel Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Travel Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Travel Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Travel Insurance Market Structure
The market reached a value of USD 18.81 billion in 2022.
The market is estimated to grow at a CAGR of 24.80% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of USD 69.6 billion by 2028.
The burgeoning tourism sector, increasing awareness about accidents or unwanted issues while travelling, and rising number of business and geriatric travellers are the major drivers of the market.
The key trends in the market include the increasing availability of custom travel insurance plans, incorporation of artificial intelligence in travel insurance support, and expansion of travel insurance providers.
Single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance are the different insurance covers in the market.
Insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators are major distribution channels in the market.
Senior citizens, education travellers, business travellers, and family travellers, among others, are the various end users of travel insurance.
Ideally travel insurance should be booked soon after finalising the travel details so that travellers can get better deals and coverage.
WorldTrips Travel Insurance, Worldwide Insurance Services, LLC, Trawick International, International Medical Group, Inc., World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others, are the key players in the travel insurance market, according to the report.
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