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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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COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
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NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
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Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
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