Travel Insurance Market By Type (Single Trip, Annual Multi-trip, Long Stay) By Application (Senior Citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers) and Region - Global Forecast to 2026

The Travel Insurance Market Report offers in-depth insights, revenue details, and other vital information regarding the global travel insurance market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2031.

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The Travel Insurance Market report also offers insightful and detailed information regarding the various key players operating in the global travel insurance market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

The travel insurance market is segmented on the basis of type, application, and region/country.

Travel Insurance Market Overview:

According to the United Nations World Tourism Organization (UNWTO) Barometer, the number of international tourists grew by 3.9% to reach a total of 1.2 Bn in 2016 as compared to 2015 numbers. It is further expected to reach 1.8 Bn by 2030.

Travel insurance plans are designed to cover costs and losses and reduce the risks associated with unexpected events encountered while traveling. It is a useful method of protection for those traveling domestically or abroad.

Travel Insurance Market Dynamics:

Increasing business travelers and increasing tourism are major factors driving growth of the global travel insurance market.

Moreover, according to, The Global Business Travel Association (GBTA), around 79% of business travelers purchased corporate travel insurance plans for medical emergencies, and 60% opted for travel insurance plans for luggage protection in 2015.

Increasing uncertain events and terrorist attacks globally are other factors expected to further boost demand for travel insurance in the global market.

Travel insurance policies consider terrorism as a coverable reason.

Travel insurers are providing benefits in various scenarios involving acts of terror, including scenarios in which a terrorist attack occurs at a destination within 30 days of scheduled arrival.

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Low penetration rate of travel insurance coverage in developing and underdeveloped countries is a major factor hampering the growth of the global travel insurance market.

In addition, lack of awareness about travel insurance policies among travelers and low transparency in travel insurance policies are other factors restraining the growth of the global travel insurance market.

The adoption of travel insurance for unconventional expenses especially in developed countries such as the US, Germany, France, etc. is the current trend in the global market. Moreover, changing travel patterns and rising awareness among individuals are factors expected to create lucrative opportunities for major players in the global market over the next 10 years.

Preferred travel insurance policies by individuals across the globe are insurance with medical coverage, luggage protection, and trip covers. Medical insurance is the commonly purchased travel insurance cover.

Travel Insurance Market analysis by type:

On the basis of type segmentation, the annual multi-trip segment is expected to contribute a major revenue share and is expected to maintain its dominance over the forecast period. The annual multi-trip segment witnesses the highest CAGR of over 5.0%.

The single-trip segment closely follows the annual multi-trip segment in terms of revenue share, and is expected to witness considerable growth over the forecast period.

Travel Insurance Market analysis by application:

Among the application segments, the business travelers segment is expected to dominate with over 25% of revenue share contribution in the global market in 2017 and is expected to continue its dominance over the forecast period.

Increasing business trips and rising preference for suitable policies with last-minute flight booking or cancellation are major factors attributed to the growth of the business travelers segment.

The senior citizens segment is expected to witness significant growth in terms of revenue over the forecast period.

Travel Insurance Market analysis by region/country:

Among the regions, the market in Europe is estimated to account for major revenue share of over 40% in the global travel insurance market in 2017 and is estimated to continue its dominance over the forecast period.

The North American market is estimated to account for the second-largest revenue share in the global market in 2017.

The dominance of the Europe market can be attributed to increasing outbound tourists from countries such as Germany, and the UK. According to World Tourism Organization (UNWTO), the number of international outbound tourist from Europe were 583.8 million in 2015.

The presence of major travel insurance providers such as Allianz Global Assistance, AXA, Insure & Go Insurance Services Limited, etc. in this region is another factor driving the growth of the Europe travel insurance market.

Moreover, stringent government regulations mandating travel insurance for international travelers is another factor further propelling driving growth of the Europe travel insurance market.

The North American market accounted for the second-highest revenue share in the global travel insurance market in 2017 and is expected to maintain its position over the forecast period.

High awareness among individuals regarding the benefits of travel insurance policies, favorable government regulations, increasing incidence of baggage loss or misplacing, and medical emergencies are major factors driving growth of the North American travel insurance market.

Moreover, according to the US Travel Insurance Association in 2016, US citizens spent around US$ 2.4 Bn on all types of travel insurance, and over 0.021 Bn travel insurance policies were provided by US Travel Insurance Association member companies.

The china travel insurance market is expected to witness the highest growth in terms of revenue in the global market over the forecast period.

An increasing number of senior citizen travelers, increasing business travelers, and the increasing presence of international travel insurance providers in China are major factors driving the growth of the China travel insurance market.

The market in India accounts for lowest revenue share in the global market. Lack of awareness of travel insurance policies among individuals, and people in India still believe that travel insurance is a waste of money and is not necessary.

These are some major factors hampering the growth of the Indian travel insurance market.

The market in South America accounted for around a 2% share of the global travel insurance market in terms of revenue.

The increasing presence of travel insurance service providers, coupled with domestic players expanding their presence in countries such as Brazil in the region are factors driving the growth of the South American travel insurance market.

Travel Insurance Market Segmentation:

 Segmentation, by type:

• Single Trip
• Annual Multi-trip
• Long Stay

Segmentation, by application:

• Senior Citizens
• Education Travelers
• Backpackers
• Business Travelers
• Family Travelers

Segmentation, by region/country:

• North America
• Europe
• China
• Japan
• Middle East & Africa
• India
• South America
• Rest of the World