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Travel Insurance Market to Reach $106.8 billion, by 2032 at 20.1% CAGR: Allied Market Research
The travel insurance market has grown due to rapid growth in tourism, convenient shopping due to online comparison sites, and travel rules & regulations are the major factors that drive the growth of the global travel insurance market.
PORTLAND, Ore., May 10, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Travel Insurance Market by Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years): Global Opportunity Analysis and Industry Forecast, 2022-2031, and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032.”. According to the report, the travel insurance industry generated $16.8 billion in 2023 and is anticipated to generate $106.8 billion by 2032, witnessing a CAGR of 20.1% from 2023 to 2032.
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208 – Tables
67 – Charts
381 – Pages
Prime determinants of growth
Rapid growth in tourism, convenient shopping due to online comparison sites and travel rules and regulations primarily drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policy hampers the market growth. On the contrary, expansion of products and services and new technological developments in the travel insurance industry is expected to provide lucrative opportunities for the market growth during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$16.8 billion |
|
Market Size in 2032 |
$106.8 billion |
|
CAGR |
20.1 % |
|
No. of Pages in Report |
381 |
|
Segments covered |
Insurance Cover, Distribution Channel, End User, Age Group, and Region. |
|
Drivers |
Rapid growth in tourism Convenient shopping due to online comparison sites Travel rules and regulations |
|
Opportunities |
Expansion of products and services New technological developments in the travel insurance |
|
Restraint |
Lack of awareness regarding travel insurance policy |
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The long-stay travel insurance segment to maintain its leadership status throughout the forecast period.
By insurance cover, the single-trip travel insurance segment held the largest market share in 2022, accounting for more than three-fifths of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its comprehensive coverage for a single journey, including trip cancellations, medical emergencies, and baggage loss, providing travelers with peace of mind. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032, owing to the increasing number of long-term travelers seeking comprehensive insurance coverage for extended stays abroad.
The insurance aggregators segment to maintain its leadership status throughout the forecast period.
By distribution channel, the insurance intermediaries segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its wide network, personalized services, and strong customer relationships, which cater to the diverse needs of travelers efficiently. However, the insurance aggregators segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to its ability to offer a wide range of insurance options from different providers, providing customers with greater choice and convenience in selecting suitable policies.
The business travelers segment to maintain its leadership status throughout the forecast period.
By end user, the family travelers segment held the largest market share in 2022, accounting for nearly one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rising number of families opting for travel insurance to protect their loved ones against unforeseen events such as medical emergencies and trip cancellations. However, the business travelers segment is projected to manifest the highest CAGR of 22.6% from 2023 to 2032, owing to the increasing globalization of businesses, rising frequency of business trips, and the need for comprehensive coverage against travel-related risks for employees on corporate travel.
The 18-30 years old segment to maintain its leadership status throughout the forecast period.
By age group, the 31-49 years old segment held the largest market share in 2022, accounting for more than one-third of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its active participation in travel activities, higher disposable income, and a growing awareness of the importance of travel insurance, especially for longer trips. However, the 18-30 years old segment is projected to manifest the highest CAGR of 23.0% from 2023 to 2032, owing to the increasing number of young travelers seeking adventurous and experiential travel experiences, leading to a higher demand for travel insurance among this demographic.
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Asia-Pacific region to maintain its dominance by 2032.
By region, the Europe segment held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the travel insurance market revenue, owing to the region’s robust tourism industry, high awareness about travel risks, and the availability of a wide range of travel insurance products tailored to different traveler needs, which is boosting the growth of the market in this region. The Asia-Pacific region is expected to witness the fastest CAGR of 22.1% from 2023 to 2032, owing to the increasing awareness about travel insurance, rising disposable incomes, and a growing number of outbound travelers, particularly from countries like China and India, driving the demand for travel insurance policies in the region.
Leading Market Players: –
- American International Group, Inc.,
- Assicurazioni Generali S.P.A.
- Aviva
- AXA
- Zurich
- Just Travel Cover
- PassportCard
- Trailfinders Ltd.
- Staysure
- Insurefor.com
The report provides a detailed analysis of these key players of the travel insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. 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 2022 to 2032 to identify the prevailing market opportunities.
- The 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 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
- Above 50
- 1–17 Years Old
- 18–30 Years Old
- 31–49 Years Old
By Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Norway, Netherlands, Spain, Italy, Switzerland, Finland, Belgium, Russia, Sweden, Austria, Rest of Europe)
- Asia-Pacific (China, Japan, Australia, Hong Kong, South Korea, Malaysia, Singapore, New Zealand, Rest of Asia-Pacific)
- LAMEA (Brazil, Argentina, Rest of 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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JEDDAH, Saudi Arabia, May 20, 2024 /PRNewswire/ — Saudi Arabia has been elected to chair the Executive Council of the Arab League Educational, Cultural and Scientific Organization (ALECSO) by selecting its representative and Executive Council member, Mr. Hani bin Moqbel Al-Moqbel, as Chairman for the 2024-2026 term. This decision came after a majority vote, with 18 countries supporting Saudi Arabia, two countries voting for the Moroccan candidate, and one country abstaining. Consequently, Saudi Arabia will lead the Executive Council of ALECSO for the third consecutive term. Qatar was elected Vice-President, and the Hashemite Kingdom of Jordan was chosen as Rapporteur.
This election followed the Executive Council meeting that took place after the 27th session of the General Conference, which concluded on Friday (17th May) in Jeddah, hosted by the Saudi National Committee for Education, Culture, and Science. Council members expressed their gratitude for the positive outcomes and the collaborative work achieved during Saudi Arabia’s previous two terms, spanning two years and ten months.
The General Conference of ALECSO also welcomed Saudi Arabia’s initiative for the “Arab Week at UNESCO” event, praised the initiative, and called on Arab countries to support and participate in the event. Additionally, the conference condemned the escalating of the Israel conflict.
The General Conference appreciated Saudi Arabia’s proposal to form a special committee to develop the General Conference’s mechanisms and approved the formation of such a committee, chaired by Saudi Arabia and including any interested Arab countries. It also approved the inclusion of a permanent agenda item on the educational, cultural, and scientific conditions of countries experiencing conflicts, crises, disasters, and emergencies for the Executive Council and the General Conference.
The conference called on ALECSO to develop a response plan for educational, cultural, and scientific conditions based on requests from concerned member states in situations of conflicts, crises, disasters, and emergencies to assess their needs and the resulting damages. Additionally, it approved the establishment of a unit for partnerships and self-financing within ALECSO’s organizational structure, as proposed by the Executive Council of the organization.
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Latest News
PIF and WTA sign multi-year partnership to accelerate the growth of women’s tennis globally
- In a historic moment for women’s tennis, PIF will serve as the first-ever naming partner of the WTA Rankings
- PIF and WTA will also work together to enhance and develop initiatives to support players at all levels
NEW YORK, May 20, 2024 /PRNewswire/ — The Public Investment Fund (PIF) and the WTA have today unveiled a multi-year partnership that will support their shared ambition to grow women’s professional tennis and inspire more women and girls around the world to take up the game. The partnership will also enhance and develop initiatives that support players at all levels.
As a Global Partner of the WTA, PIF will become the first-ever naming partner of the WTA Rankings, the highest official rankings for women’s professional tennis players. The PIF WTA Rankings will track players’ journeys, and PIF will work with the WTA to celebrate and support players’ progress and their inspirational, unique stories.
In addition, as part of its commitment to inspire youth, PIF will work with the WTA to expand existing initiatives and develop new opportunities for young players, providing a significant boost to the game’s next generation of stars.
In February 2024, PIF announced its partnership with the ATP and became the official naming partner of the PIF ATP Rankings. PIF has now become the only global partner across both the WTA and ATP Tours. PIF has also partnered with combined WTA 1000 and ATP Masters 1000 tournaments in Indian Wells, Miami and Madrid, in addition to the Beijing WTA 1000 and ATP 500 events.
The new partnership between the WTA and PIF follows the recent announcement that the season-ending WTA Finals will be hosted in Riyadh for the next three years, starting in 2024, and featuring the top eight singles players and doubles teams in the race to the WTA Finals.
The WTA partnership adds to PIF’s growing sponsorship portfolio, which focuses on investing in people, initiatives and partnerships; and embraces the brand’s four strategic pillars: inclusivity, sustainability, youth and technology. This partnership aligns with numerous other PIF initiatives that focus on women in sport.
Marina Storti, CEO of WTA Ventures, said: “We are delighted to welcome PIF as a Global Partner of the WTA and our first-ever official naming partner of the WTA Rankings. Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game.”
Mohamed AlSayyad, Head of Corporate Brand at PIF, said: “Through our partnership with WTA, PIF will continue to be a catalyst for the growth of women’s sport. We look forward to working with the WTA to increase participation and inspire the next generation of talent. Underpinned by PIF’s four strategic sponsorship pillars, this partnership aligns with our ambition to elevate the game and bring positive growth to the sport around the world.”
PIF’s program of sponsorships uncovers new potential, investing in people, initiatives and partnerships that drive positive impact on the global stage. PIF is a catalyst for transformation globally, uplifting and enhancing sport for players, fans, tournaments and stakeholders at every level.
About the PIF WTA Rankings
The PIF WTA Rankings are based on a rolling 52-week, cumulative system with a player’s ranking determined by results at a maximum of 18 tournaments for singles and 12 for doubles. Points are awarded based on the level of tournament and a player’s round-by-round progression at that tournament. Since the introduction of the computer rankings on November 3, 1975, only 29 women have climbed to the top of the singles ranking to become World No. 1. Only 15 women have held the distinction as the singles year-end World No. 1 with 26 women as the doubles year-end No. 1.
About the WTA
Founded by Billie Jean King in 1973 on the principle of equal opportunity, the WTA (Women’s Tennis Association) is the global leader in women’s professional sports. The WTA is one of the world’s most recognizable and high-profile sports organizations, consisting of more than 1600 players representing over 80 nations, all competing to earn WTA rankings points and prestigious tournament titles. The Hologic WTA Tour is comprised of over 70 events and four Grand Slams, spanning 30 countries and regions across six continents with a global audience of one billion. Further information on the WTA can be found at wtatennis.com.
WTA Ventures is the commercial arm of the WTA, created in March 2023 as part of the WTA’s strategic partnership with CVC Capital Partners. It aims to build upon the strong legacy the WTA has established over the past 50 years by further elevating the profile of women’s tennis and accelerating commercial growth for the benefit of fans, players, tournaments and all stakeholders in the sport.
About PIF
The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established over 90 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. www.pif.gov.sa
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STOCKHOLM, May 20, 2024 /PRNewswire/ — Between 13 May 2024 and 17 May 2024 EQT AB (LEI code 213800U7P9GOIRKCTB34) (“EQT”) has repurchased in total 504,428 own ordinary shares (ISIN: SE0012853455).
The repurchases form part of the repurchase program of a maximum of 2,154,000 own ordinary shares for a total maximum amount of SEK 1,000,000,000 that EQT announced on 22 April 2024. The repurchase program, which runs between 23 April 2024 and 24 May 2024, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052.
EQT ordinary shares have been repurchased as follows:
|
Date: |
Aggregated daily volume (number of shares): |
Weighted average share price per day (SEK): |
Total daily transaction value (SEK): |
|
13 May 2024 |
93,897 |
325.5542 |
30,568,562.72 |
|
14 May 2024 |
85,726 |
334.5773 |
28,681,973.62 |
|
15 May 2024 |
101,127 |
340.4761 |
34,431,326.57 |
|
16 May 2024 |
108,624 |
347.3181 |
37,727,081.29 |
|
17 May 2024 |
115,054 |
340.6818 |
39,196,803.82 |
|
Total accumulated over week 20/2024 |
504,428 |
338.2163 |
170,605,748.01 |
|
Total accumulated during the repurchase program |
1,589,234 |
314.0822 |
499,150,095.37 |
All acquisitions have been carried out on Nasdaq Stockholm by Skandinaviska Enskilda Banken AB on behalf of EQT.
Following the above acquisitions and as of 17 May 2024, the number of shares in EQT, including EQT’s holding of own shares is set out in the table below.
|
Ordinary shares |
Class C shares1 |
Total |
|
|
Number of issued shares |
1,245,048,412 |
881,555 |
1,245,929,967 |
|
Number of shares owned by EQT AB2 |
62,064,063 |
– |
62,064,063 |
|
Number of outstanding shares |
1,182,984,349 |
881,555 |
1,183,865,904 |
1) Carry one tenth (1/10) of a vote.
2) EQT AB shares owned by EQT AB are not entitled to dividends or carry votes at shareholders’ meetings.
A full breakdown of the transactions is attached to this announcement.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/eqt/r/repurchases-of-shares-by-eqt-ab-during-week-20–2024,c3984596
The following files are available for download:
|
EQT – Repurchases of shares – Weekly press release |
|
|
EQT AB Group |
|
|
https://mb.cision.com/Public/87/3984596/bffea608e29d3306.pdf |
EQT Transactions w 20 |
View original content:https://www.prnewswire.co.uk/news-releases/repurchases-of-shares-by-eqt-ab-during-week-20-2024-302150319.html
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