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Global Travel Insurance Market Report By Type (Medical Expenses, Trip Cancellation, Trip Delay And Property Damages), By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance And Long-Stay Travel Insurance), By Application (Domestic Travel And International Travel), By End-User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers And Others) And By Regions - IndustryTrends, Size, Share, Growth, Estimation and Forecast, 2020-2027
ID:VMR11211951
April 2021
Report Formats:
Global Travel Insurance Market Overview
The global Travel Insurance Market was valued at USD 13.9 BN in 2019 and is likely to grow with a CAGR of over 5.5% between 2020 and 2026. The travel insurance market growth is mainly driven by the rising number of tourists and travelers worldwide. An increase in travelers is primarily accountable to higher disposable income with easy and convenient travel booking. The expansion in businesses globally is one of the significant factors contributing to the high growth of the travel insurance market. The international business expansion provides an option to conquer new territories and reach more consumers, thus increasing sales. The increasing expansion of businesses increases the single and multiple trips to different countries, which significantly helps propel the growth of the travel insurance market globally.
Currently, many jobs involve sporadic or regular business travel. Business travel is projected to grow by 6% between 2018 and 2019. Owing to the ever-rising number of business travelers, the global business travel market is anticipated to reach over USD 1.6 trillion by 2026. Besides, travel insurance has witnessed substantial demand from Europe and North America over the past decade; thus, accounting for the largest stake of the global travel insurance market in terms of revenue generation. Tourism is one of the primary target markets for travel insurance. Europe and North America have witnessed the largest number of international tourists’ arrival since the past few decades. Ever rising international traveling is thus, one of the major growth factors for travel insurance.
The sudden outbreak of COVID in late 2019 disrupted the business operations. This has led the insurance companies to bring change in the existing travel insurance policy and its coverage. Due to this pandemic, there has been a sharp decline in domestic and international travelers, which is negatively impacting this market. In addition to trip cancellations, several governments have imposed strict restrictions on international and domestic commercial flights that have traumatized this market.
The global travel insurance market is high competitive due to presence of large number of companies. The key leaders are entering into various strategic like agreement and collaboration to expand their presence. For instance, In Feb 2020, AXA Thailand partners with Bangkok Airways to launch new travel insurance product. The report studies a few key players of the global travel insurance market in detail, covering the company profile, major product, and financial information. The dominating key players included in the report are Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd., Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., China Life Insurance Company Limited., Prudential Financial Inc. and many others.
In this market research report, the market is segmented by type, insurance cover, application, end user and region.
Analysis By Type
By type, the market is segmented into medical expenses, trip cancellation, trip delay, and property damages. Among these medical expenses is dominating the segment accounting more than 45% market share in 2019, followed by trip cancellation. Most of the travel insurance providers cover the medical expenditure to offer the highest financial benefit related to the medical issue during traveling. This helps the traveler to get medical treatment through any medical contingencies and emergencies. Under the travel medical insurance, the traveler can benefit from cashless hospitalization, personal accident cover, illness insurance, natural disaster benefits, and many others.
Analysis By Insurance Cover
Based on insurance cover, the market is segmented into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. Among these, annual multi-trip travel insurance is dominating the segment accounting for more than 40% market share in 2019, followed by single trip travel insurance. Multi-trip travel insurance protects travelers against unexpected costs, such as flight delays, cancellations, lost luggage, and others. The growing trend of business expansion across the globe and favorable government policy is propelling the demand. Many air operators offering low-cost tickets for international travel along with the rising trend of holidays, and rising disposable income is catalyzing the market growth.
Analysis By Application
By application, the market is bifurcated into domestic and international travel. International travel is dominating the segment, followed by domestic travel and is expected to maintain its dominancy over the forecast period. Increasing abroad trips due to a rise in per capita income and higher spending on traveling, with increasing exposure to the unique travel destination, drives the demand for international trips. Also, growing medical tourism dedicated to cosmetic and non-cosmetic surgeries promotes international travel.
Analysis By End User
Based on end-user, the market is segmented into Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others. Among these, the family travelers segment dominated the end-user segment in 2019, followed by business travelers. This segment's growth is mainly responsible for rising disposable income coupled with a tendency to spend on travel and leisure activities. With a higher desire to spend time with family, encourages the exploration of new places, cultures, and lifestyles, and further promotes the family travelers. The ongoing trend of spending a family vacation abroad countries is another factor propelling the growth of this segment.
Analysis By Region
The travel insurance market is analyzed across the region of North America, Asia-Pacific, Europe, Latin America, and Middle East& Africa. From a geographical perspective, the travel insurance market is dominated by Europe. Europe is a region of the worlds’ best tourist destinations. The regional market is driven by growing vacation trips and mandatory rules for travelers. Europeans are fond of going on vacation. Europeans believe that vacations reduce stress, improve physical and mental health, and increases productivity. In many European countries, vacations are mandatory. Businesses close for a month in July or August when their employees go on vacation. The majority of countries require compulsory travel insurance. Austria, Belgium, Cuba, Denmark, Finland, Germany, Hungary, Iceland, Lithuania, Malta, Netherlands, Sweden, and Switzerland are the countries where travel insurance is mandatory.
The Asia Pacific houses a vast travel industry and lucrative holiday destinations. As far as the current scenario is concerned, the penetration in the region is low, but considering the growing segment of travelers and changing trends, there are tremendous opportunities opening ways for growth. The increasing disposable income, increase in business travel, better transportation, regulation mandate, and low travel cost are encouraging market growth.
Market Segmentation covered in the Report:
By Type
By Insurance Cover
By Application
By End User
By Region
METHODOLOGY
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.
The global Travel Insurance Market was valued at USD 13.9 BN in 2019 and is likely to grow with a CAGR of over 5.5% between 2020 and 2026. The travel insurance market growth is mainly driven by the rising number of tourists and travelers worldwide. An increase in travelers is primarily accountable to higher disposable income with easy and convenient travel booking. The expansion in businesses globally is one of the significant factors contributing to the high growth of the travel insurance market. The international business expansion provides an option to conquer new territories and reach more consumers, thus increasing sales. The increasing expansion of businesses increases the single and multiple trips to different countries, which significantly helps propel the growth of the travel insurance market globally.
Currently, many jobs involve sporadic or regular business travel. Business travel is projected to grow by 6% between 2018 and 2019. Owing to the ever-rising number of business travelers, the global business travel market is anticipated to reach over USD 1.6 trillion by 2026. Besides, travel insurance has witnessed substantial demand from Europe and North America over the past decade; thus, accounting for the largest stake of the global travel insurance market in terms of revenue generation. Tourism is one of the primary target markets for travel insurance. Europe and North America have witnessed the largest number of international tourists’ arrival since the past few decades. Ever rising international traveling is thus, one of the major growth factors for travel insurance.
The sudden outbreak of COVID in late 2019 disrupted the business operations. This has led the insurance companies to bring change in the existing travel insurance policy and its coverage. Due to this pandemic, there has been a sharp decline in domestic and international travelers, which is negatively impacting this market. In addition to trip cancellations, several governments have imposed strict restrictions on international and domestic commercial flights that have traumatized this market.
The global travel insurance market is high competitive due to presence of large number of companies. The key leaders are entering into various strategic like agreement and collaboration to expand their presence. For instance, In Feb 2020, AXA Thailand partners with Bangkok Airways to launch new travel insurance product. The report studies a few key players of the global travel insurance market in detail, covering the company profile, major product, and financial information. The dominating key players included in the report are Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance Services, Atlas Travel Insurance Services Ltd., Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co., Ltd., China Life Insurance Company Limited., Prudential Financial Inc. and many others.
In this market research report, the market is segmented by type, insurance cover, application, end user and region.
Analysis By Type
By type, the market is segmented into medical expenses, trip cancellation, trip delay, and property damages. Among these medical expenses is dominating the segment accounting more than 45% market share in 2019, followed by trip cancellation. Most of the travel insurance providers cover the medical expenditure to offer the highest financial benefit related to the medical issue during traveling. This helps the traveler to get medical treatment through any medical contingencies and emergencies. Under the travel medical insurance, the traveler can benefit from cashless hospitalization, personal accident cover, illness insurance, natural disaster benefits, and many others.
Analysis By Insurance Cover
Based on insurance cover, the market is segmented into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. Among these, annual multi-trip travel insurance is dominating the segment accounting for more than 40% market share in 2019, followed by single trip travel insurance. Multi-trip travel insurance protects travelers against unexpected costs, such as flight delays, cancellations, lost luggage, and others. The growing trend of business expansion across the globe and favorable government policy is propelling the demand. Many air operators offering low-cost tickets for international travel along with the rising trend of holidays, and rising disposable income is catalyzing the market growth.
Analysis By Application
By application, the market is bifurcated into domestic and international travel. International travel is dominating the segment, followed by domestic travel and is expected to maintain its dominancy over the forecast period. Increasing abroad trips due to a rise in per capita income and higher spending on traveling, with increasing exposure to the unique travel destination, drives the demand for international trips. Also, growing medical tourism dedicated to cosmetic and non-cosmetic surgeries promotes international travel.
Analysis By End User
Based on end-user, the market is segmented into Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others. Among these, the family travelers segment dominated the end-user segment in 2019, followed by business travelers. This segment's growth is mainly responsible for rising disposable income coupled with a tendency to spend on travel and leisure activities. With a higher desire to spend time with family, encourages the exploration of new places, cultures, and lifestyles, and further promotes the family travelers. The ongoing trend of spending a family vacation abroad countries is another factor propelling the growth of this segment.
Analysis By Region
The travel insurance market is analyzed across the region of North America, Asia-Pacific, Europe, Latin America, and Middle East& Africa. From a geographical perspective, the travel insurance market is dominated by Europe. Europe is a region of the worlds’ best tourist destinations. The regional market is driven by growing vacation trips and mandatory rules for travelers. Europeans are fond of going on vacation. Europeans believe that vacations reduce stress, improve physical and mental health, and increases productivity. In many European countries, vacations are mandatory. Businesses close for a month in July or August when their employees go on vacation. The majority of countries require compulsory travel insurance. Austria, Belgium, Cuba, Denmark, Finland, Germany, Hungary, Iceland, Lithuania, Malta, Netherlands, Sweden, and Switzerland are the countries where travel insurance is mandatory.
The Asia Pacific houses a vast travel industry and lucrative holiday destinations. As far as the current scenario is concerned, the penetration in the region is low, but considering the growing segment of travelers and changing trends, there are tremendous opportunities opening ways for growth. The increasing disposable income, increase in business travel, better transportation, regulation mandate, and low travel cost are encouraging market growth.
Market Segmentation covered in the Report:
By Type
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damages
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By Application
- Domestic Travel
- International Travel
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
METHODOLOGY
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.
TABLE OF CONTENTS
1 . PREFACE
1.1. Report Description
1.1.1. Objective
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . TRAVEL INSURANCE – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter’s Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 By Type
3.7.2 By Insurance Cover
3.7.3 By Application
3.7.4 By End User
3.7.5 By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
5.1. Impact Analysis of Covid-19 Outbreak
5.1.1. Direct Impact on Production
5.1.2. Supply Chain and Market Disruption
5.1.3. Financial Impact on Firms and Financial Markets
5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
5.3. Market: Pre V/S Post COVID-19
5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
5.5. COVID-19: Micro and Macro Factor Analysis
6 . GLOBAL TRAVEL INSURANCE MARKET ANALYSIS BY TYPE
6.1 Overview by Type
6.2 Historical and Forecast Data
6.3 Analysis by Type
6.4 Medical Expenses Market by Regions
6.6 Trip Cancellation Market by Regions
6.5 Trip Delay Market by Regions
6.7 Property Damages Market by Regions
7 . GLOBAL TRAVEL INSURANCE MARKET ANALYSIS BY INSURANCE COVER
7.1 Overview by Insurance Cover
7.2 Historical and Forecast Data
7.3 Analysis by Insurance Cover
7.4 Single-Trip Travel Insurance Market by Regions
7.5 Annual Multi-Trip Travel Insurance Market by Regions
7.6 Long-Stay Travel Insurance Market by Regions
8 . GLOBAL TRAVEL INSURANCE MARKET ANALYSIS BY APPLICATION
8.1 Overview by Application
8.2 Historical and Forecast Data
8.3 Analysis by Application
8.4 Domestic Travel Market by Regions
8.5 International Travel Market by Regions
9 . GLOBAL TRAVEL INSURANCE MARKET ANALYSIS BY END USER
9.1 Overview by End User
9.2 Historical and Forecast Data
9.3 Analysis by End User
9.4 Senior Citizens Market by Regions
9.5 Education Travelers Market by Regions
9.6 Business Travelers Market by Regions
9.7 Family Travelers Market by Regions
9.8 Others Market by Regions
10 . GLOBAL TRAVEL INSURANCE MARKET ANALYSIS BY GEOGRAPHY
10.1. Regional Outlook
10.2. Introduction
10.3. North America
10.3.1. Overview, Historic and Forecast Data
10.3.2. North America By Segment
10.3.3. North America By Country
10.3.4. United State
10.3.5. Canada
10.3.6. Mexico
10.4. Europe
10.4.1. Overview, Historic and Forecast Data
10.4.2. Europe by Segment
10.4.3. Europe by Country
10.4.4. United Kingdom
10.4.5. France
10.4.6. Germany
10.4.7. Italy
10.4.8. Russia
10.4.9. Rest Of Europe
10.5. Asia Pacific
10.5.1. Overview, Historic and Forecast Data
10.5.2. Asia Pacific by Segment
10.5.3. Asia Pacific by Country
10.5.4. China
10.5.5. India
10.5.6. Japan
10.5.7. South Korea
10.5.8. Australia
10.5.9. Rest Of Asia Pacific
10.6. Latin America
10.6.1. Overview, Historic and Forecast Data
10.6.2. Latin America by Segment
10.6.3. Latin America by Country
10.6.4. Brazil
10.6.5. Argentina
10.6.6. Peru
10.6.7. Chile
10.6.8. Rest of Latin America
10.7. Middle East & Africa
10.7.1. Overview, Historic and Forecast Data
10.7.2. Middle East & Africa by Segment
10.7.3. Middle East & Africa by Country
10.7.4. Saudi Arabia
10.7.5. UAE
10.7.6. Israel
10.7.7. South Africa
10.7.8. Rest Of Middle East And Africa
11 . COMPETITIVE LANDSCAPE OF THE TRAVEL INSURANCE COMPANIES
11.1. Travel Insurance Market Competition
11.2. Partnership/Collaboration/Agreement
11.3. Merger And Acquisitions
11.4. New Product Launch
11.5. Other Developments
12 . COMPANY PROFILES OF TRAVEL INSURANCE INDUSTRY
12.1. Company Share Analysis
12.2. Market Concentration Rate
12.3. Allianz SE
12.3.1. Company Overview
12.3.2. Financials
12.3.3. Products
12.3.4. Recent Developments
12.4. Munich Reinsurance America, Inc.
12.4.1. Company Overview
12.4.2. Financials
12.4.3. Products
12.4.4. Recent Developments
12.5. American Express Company
12.5.1. Company Overview
12.5.2. Financials
12.5.3. Products
12.5.4. Recent Developments
12.6. Travelex Insurance Services
12.6.1. Company Overview
12.6.2. Financials
12.6.3. Products
12.6.4. Recent Developments
12.7. Atlas Travel Insurance Services Ltd.
12.7.1. Company Overview
12.7.2. Financials
12.7.3. Products
12.7.4. Recent Developments
12.8. Aviva PLC
12.8.1. Company Overview
12.8.2. Financials
12.8.3. Products
12.8.4. Recent Developments
12.9. Saga Plc
12.9.1. Company Overview
12.9.2. Financials
12.9.3. Products
12.9.4. Recent Developments
12.10. Bajaj Finserv Limited
12.10.1. Company Overview
12.10.2. Financials
12.10.3. Products
12.10.4. Recent Developments
12.11. China Pacific Life Insurance Co., Ltd.
12.11.1. Company Overview
12.11.2. Financials
12.11.3. Products
12.11.4. Recent Developments
12.12. China Life Insurance Company Limited.
12.12.1. Company Overview
12.12.2. Financials
12.12.3. Products
12.12.4. Recent Developments
12.13. Prudential Financial Inc.
12.13.1. Company Overview
12.13.2. Financials
12.13.3. Products
12.13.4. Recent Developments
*Note - in company profiling, financial details and recent development are subject to availability or might not be covered in case of private companies
LIST OF TABLES
- Market Snapshot
- Drivers : Impact Analysis
- Restraints : Impact Analysis
- List of Raw Material
- List of Raw Material Manufactures
- List of Potential Buyers
- COVID-19 Impact Analysis by Production, Import, Export and Demand
- Pre V/S Post COVID-19
- Estimated Impact Of The Coronavirus (Covid-19) Epidemic
- COVID-19: Micro and Macro Factor Analysis
- Analysis by Type (USD MN)
- Medical Expenses Market by Geography (USD MN)
- Trip Cancellation Market by Geography (USD MN)
- Trip Delay Market by Geography (USD MN)
- Property Damages Market by Geography (USD MN)
- Analysis Market by Insurance Cover (USD MN)
- Single-Trip Travel Insurance Market by Geography (USD MN)
- Annual Multi-Trip Travel Insurance Market by Geography (USD MN)
- Long-Stay Travel Insurance Market by Geography (USD MN)
- Analysis by Application (USD MN)
- Domestic Travel Market by Geography (USD MN)
- International Travel Market by Geography (USD MN)
- Analysis by End User (USD MN)
- Senior Citizens Market by Geography (USD MN)
- Education Travelers Market by Geography (USD MN)
- Business Travelers Market by Geography (USD MN)
- Family Travelers Market by Geography (USD MN)
- Others Market by Geography (USD MN)
- Global Travel Insurance Market by Geography (USD MN)
- North America Market Analysis (USD MN)
- United State Market Analysis (USD MN)
- Canada Market Analysis (USD MN)
- Mexico Market Analysis (USD MN)
- Europe Market Analysis (USD MN)
- Europe Market Estimate by Country (USD MN)
- United Kingdom Market Analysis (USD MN)
- France Market Analysis (USD MN)
- Germany Market Analysis (USD MN)
- Italy Market Analysis (USD MN)
- Russia Market Analysis (USD MN)
- Spain Market Analysis (USD MN)
- Rest of Europe Market Analysis (USD MN)
- Asia Pacific Market Analysis (USD MN)
- China Market Analysis (USD MN)
- Japan Market Analysis (USD MN)
- India Market Analysis (USD MN)
- South Korea Market Analysis (USD MN)
- Australia Market Analysis (USD MN)
- Rest of Asia Pacific Market Analysis (USD MN)
- Latin America Market Analysis (USD MN)
- Brazil Market Analysis (USD MN)
- Argentina Market Analysis (USD MN)
- Peru Market Analysis (USD MN)
- Chile Market Analysis (USD MN)
- Rest of Latin America Market Analysis (USD MN)
- Middle East & Africa Market Analysis (USD MN)
- Saudi Arabia Market Analysis (USD MN)
- UAE Market Analysis (USD MN)
- Israel Market Analysis (USD MN)
- South Africa Market Analysis (USD MN)
- Rest of Middle East and Africa Market Analysis (USD MN)
- Partnership/Collaboration/Agreement
- Mergers And Acquisiton
LIST OF FIGURES
- Research Scope of Travel Insurance Report
- Market Research Process
- Market Research Methodology
- Global Travel Insurance Market Size, by Region (USD MN)
- Porters Five Forces Analysis
- Market Attractiveness Analysis by Type
- Market Attractiveness Analysis by Insurance Cover
- Market Attractiveness Analysis by Application
- Market Attractiveness Analysis by End User
- Market Attractiveness Analysis by Region
- Value Chain Analysis
- Global Market Analysis by Type (USD MN)
- Medical Expenses Market by Geography (USD MN)
- Trip Cancellation Market by Geography (USD MN)
- Trip Delay Market by Geography (USD MN)
- Property Damages Market by Geography (USD MN)
- Global Market Analysis by Insurance Cover (USD MN)
- Single-Trip Travel Insurance Market by Geography (USD MN)
- Annual Multi-Trip Travel Insurance Market by Geography (USD MN)
- Long-Stay Travel Insurance Market by Geography (USD MN)
- Global Market Analysis by Application (USD MN)
- Domestic Travel Market by Geography (USD MN)
- International Travel Market by Geography (USD MN)
- Global Market Analysis by End User (USD MN)
- Senior Citizens Market by Geography (USD MN)
- Education Travelers Market by Geography (USD MN)
- Business Travelers Market by Geography (USD MN)
- Family Travelers Market by Geography (USD MN)
- Others Market by Geography (USD MN)
- Global Market by Revenue
- North America Market by Revenue
- Europe Market by Revenue
- Asia Pacific Market by Revenue
- Latin America Market by Revenue
- Middle East & Africa Market by Revenue
- Recent Development in Industry
- Company Market Share Analysis, 2020
* Kindly note that the above listed are the basic tables and figures of the report and are not limited to the TOC.
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Objectives of Study
- Define and measure the global market
- Volume or revenue forecast of the global market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments