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Travel Insurance Market to Reach $143.5 billion, Globally, by 2033 at 20.1% CAGR: Allied Market Research
The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Travel Insurance Market by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years), Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Distribution Channel (Airlines, Bank, Insurance Company, Online Travel Agency (OTA), Railway Operators, Travel Agents/Tour Operators, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033“. According to the report, the travel insurance market was valued at $22.6 billion in 2023, and is estimated to reach $143.5 billion by 2033, growing at a CAGR of 20.1% from 2024 to 2033.
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The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
182 – Tables
72 – Charts
200 – Pages
Prime Determinants of Growth
The travel insurance market is driven by an increase in emergency and medical expenses, rapid growth in tourism, and rise in baby boomer travel. However, lack of awareness regarding benefits related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the travel insurance industry are expected to offer ample growth opportunities in the upcoming years.
Report Coverage & Details:
|
Report Coverage  |
Details |
|
Forecast Period |
2023–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$22.6 billion |
|
Market Size in 2033 |
$143.5billion |
|
CAGR |
20.1 % |
|
No. of Pages in Report |
200 |
|
Segments Covered |
Insurance Cover, Distribution Channel, End User, Age Group, and Region |
|
Drivers |
• Increase in emergency and medical expenses • Rapid growth in tourism • Rise in baby boomer travel |
|
Opportunities |
• Expansion of existing travel insurance products and services • New technological developments in the travel insurance industry |
|
Restraints |
• Lack of awareness regarding benefits related to travel insurance • Low penetration level and fewer written policies of travel insurance |
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The single-trip travel insurance segment to maintain its leadership status throughout the forecast period
By insurance cover, the single-trip travel insurance segment held the highest market share in 2023, and is estimated to maintain its leadership status throughout the forecast period, this was attributed to single-trip travel insurance covering a combination of eventualities including trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others, whether consumers are visiting multiple destinations or countries. Key growth factors include customized coverages that are covered under this policy and are available at an extra premium cost, depending on customer needs and demands. However, the long stay travel insurance segment is projected to manifest the highest CAGR from 2023 to 2033, as this policy is largely purchased by backpackers, and travelers on sabbaticals. Further, backpackers can work in countries they visit, which is expected to increase their stay; thereby, leading to an increase in sales of long stay insurance policies in the market.
The family travelers’ segment is dominating the market in 2023
By end user, the family travelers segment held the highest market share in 2023, accounting for more than one-fourth of the travel insurance market revenue, this is attributed to several key factors such as rise in multigenerational travel trend among families, which is expected to lead to increase in demand for travel insurance policies. In addition, due to the increase in adventure travel packages, families are traveling with children above 18 years of age, as the young generation of travel influencers is growing rapidly; thereby boosting the growth of the segment. However, the business travelers segment is projected to manifest the highest CAGR from 2023 to 2033. The growing network of co-working and remote workers is rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a major trend.
The 31-49 years old segment is dominating the market in 2023
By age group, the 31-49 years segment held the highest market share in 2023, this is attributed to several key factors such as 31-49 years old are more likely to opt for travel insurance as they often seek out adventure activities, unique experiences, and off-the-beaten-path destinations. In addition, they are more likely to participate in activities such as hiking, diving, or extreme sports. As a result, they may look for travel insurance that covers a wide range of adventure activities and offers higher limits for medical coverage and emergency evacuation in case of accidents. However, the 18-30 years old segment is projected to manifest the highest CAGR from 2023 to 2033. 18–30-year-olds have realized the importance and need to stay protected, thereby creating a safety net for themselves and their loved ones. Therefore, there has also been a steady rise in demand for health insurance. In addition, the younger generation is looking forward to a personalized and better customized insurance policy with personalized options and flexibility in payment along with the digital first approach for insurance.
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North America to maintain its dominance by 2033
Region wise, North America held the highest market share in terms of revenue in 2023, as domestic and international travel insurance has witnessed stable growth over the past five years, primarily due to increasing baggage loss with 1.77 mishandled bags per 1,000 passengers annually and growing need to compensate against the losses. Furthermore, the total number of missing cases increased drastically due to Asia-Pacific having the largest number of travelers.
Leading Market Players: –
- Allianz Partners
- American International Group, Inc.
- Assicurazioni Generali S.p.A
- Aviva Plc.
- AXA
- Berkshire Hathaway Specialty Insurance Company
- Chubb Limited
- ERGO Travel Insurance Services Ltd.
- Seven Corners, Inc.
- Insurefor.com
- Just Insurance Agents Limited
- PassportCard Deutschland GmbH
- TICORP Limited
- Trailfinders Ltd.
- Zurich Insurance Company Ltd
The report provides a detailed analysis of these key players in the travel insurance market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel insurance market analysis from 2023 to 2033 to identify the prevailing travel insurance market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the travel insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global travel insurance market trends, key players, market segments, application areas, and market growth strategies
Travel Insurance Market Key Segments:
By Age Group
- 1–17 Years Old
- 18–30 Years Old
- 31–49 Years Old
- Above 50 Years
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Distribution Channel
- Airlines
- Bank
- Insurance Company
- Online Travel Agency (OTA)
- Railway Operators
- Travel Agents/Tour Operators
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, South East Asia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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UnionPay International Powers CIIE with Enhanced Cross-border Payment Solutions, Boosting Cross-border Trade Payments
SHANGHAI, Nov. 14, 2024 /PRNewswire/ — The 7th China International Import Expo (CIIE) opened on November 5, welcoming nearly 3,500 exhibitors from 129 countries and regions. UnionPay International (UPI), a longstanding partner of CIIE, showcased its commitment to facilitating global trade by delivering cutting-edge, secure, and convenient payment solutions for exhibitors, buyers, and visitors.
Enhancing Payment Experiences for Global Participants
During this year’s CIIE, UPI unveiled its latest payment innovations, including the UnionPay SplendorPlus Card and the CIIE-themed Card, at the Bank of China (BOC) Shanghai Pavilion. These products attracted significant attention from domestic and international attendees, emphasizing seamless and tailored payment experiences for cross-border transactions.
As part of its broader “Project Excellence 2024”, launched earlier this year, UPI introduced the SplendorPlus Card, specifically designed for inbound international travelers. This versatile card supports multiple payment methods—physical card, QR code, and mobile payments—and offers exclusive benefits such as cashback and localized privileges across five key categories, including transportation, cultural attractions, and dining. With nearly 40 financial institutions worldwide now issuing or preparing to issue the card, UPI continues to expand its reach, enhancing connectivity between China and the global market.
Meeting Evolving Cross-border Payment Needs
UPI’s payment ecosystem has grown significantly in recent years, driven by technological innovation and an understanding of diverse global consumer preferences. To date, more than 250 million UnionPay cards have been issued in 83 countries and regions. Cardholders can access comprehensive payment services within China, including dining, retail, hotel bookings, and transportation, such as Shanghai metro ticketing and taxi services.
In addition, UPI has partnered with over 200 e-wallet providers in 36 countries and regions, enabling international users to link UnionPay cards or apply for digital cards for contactless and mobile payments, mirroring the convenience enjoyed by local residents.
To further support domestic exhibitors and buyers traveling abroad, UPI has launched a CIIE-themed card in collaboration with BOC Shanghai. This card offers domestic users a 1% cashback benefit, along with exclusive discounts at brick-and-mortar merchants in 20 countries and regions, meeting the growing demands of outbound travelers.
Driving Innovation in Cross-border Trade
Beyond enhancing payment experiences for individuals, UPI is at the forefront of driving innovation in cross-border trade. Following the State Council’s approval to establish a Silk Road E-commerce Pilot Zone in Shanghai, UPI has collaborated with key industry players to develop digital payment solutions based on cross-border electronic invoices. This initiative integrates customs declaration, invoicing, and payment settlement processes into a unified digital ecosystem, fostering transparency and efficiency in global trade.
At the Silk Road E-commerce Innovation & Development Conference, held as part of CIIE on November 7, UPI signed a memorandum of understanding with Shanghai E&P International, BoComm Shanghai, and BOC Shanghai. This collaboration marks a pivotal step in aligning Shanghai with international trade standards and promoting the adoption of electronic documentation in global commerce.
Under the guidance of regulatory authorities, UPI has pioneered standardized and compliant end-to-end solutions to address the evolving needs of cross-border e-commerce. From international airfare and hotel payments to online transactions and settlements, these solutions empower businesses to embrace digital transformation, contributing to the sustainable development of global trade.
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ST JULIANS, Malta, Nov. 14, 2024 /PRNewswire/ — MJ Foundation Fundacja Rodzinna, a company related to Mateusz Juroszek, Board Member and primary insider of Gentoo Media Inc. (Gentoo) has today acquired 115,604 shares in Gentoo at a price of SEK 24,996 per share. After this transaction, close associates of Mateusz Juroszek hold 24,027,766 shares in Gentoo.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
For further information, contact:
Tore Formo, Group CFO, [email protected], +47 91668678
About Gentoo Media
Gentoo Media is a market-leading affiliate connecting operators and players in the online gambling and sports betting industry. Gentoo Media offers an array of iGaming affiliate solutions, such as paid marketing expertise and quality traffic through our prominent industry sites including AskGamblers, Time2Play, CasinoTopsOnline, WSN and Casinomeister. In 2024, Gentoo Media (formerly GiG Media) became Gentoo Media Inc. following a legal split separating the Media and Platform and Sportsbook business in Gaming Innovation Group (GiG) into two independently listed companies. Gentoo Media Inc. is dual listed on the Oslo Stock Exchange (ticker “G2MNO”) and Nasdaq Stockholm (ticker “G2M”). www.gentoomedia.com
This information was brought to you by Cision http://news.cision.com
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PARIS, Nov. 13, 2024 /PRNewswire/ — Newmark announces the firm has advised Unibail-Rodamco-Westfield (URW) in the €172.5 million sale of the 140,846 square-foot (13,085 square-meter) office portion of Les Ateliers Gaîté, a mixed-use property in the prominent Montparnasse district of Paris. Newmark Deputy Chief Business Officer Emmanuel Frénot arranged the transaction between URW and buyers Swiss Life Asset Managers and Norges Bank Investment Management.
“Advising URW on the sale of this asset, with its exceptional location and exemplary environmental approach, just a few months after the opening of our Paris office makes us particularly proud and highlights our ongoing momentum,” said Frénot. “This transaction confirms the recovery signals we have been sensing since the end of the second quarter of 2024 and suggests an increase in activity in the office segment for 2025.”
Les Ateliers Gaîté, delivered in 2022, includes around 100 retail shops, restaurants and services, as well as a hotel, offices, housing and a public library. The office space is leased long-term to coworking operator Wojo, establishing its Parisian flagship.
Newmark opened its flagship Paris office in March, hiring several of the city’s most respected brokers, including Francois Blin and Frénot to lead the team, Antoine Salmon and Vianney d’Ersu as Co-Heads of Retail Leasing, Managing Directors Jérôme De Laboulaye, Nicolas Coutant and Alexandre Gotti as President, France. The office is now home to nearly 40 leading French commercial real estate professionals, including a market-leading research team.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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