Travel Insurance Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Travel insurance is a type of insurance that covers different risks while traveling. It covers medical expenses, flight cancellations, lost luggage, and other losses that a traveler can incur while traveling.

Sizing and Forecast
The travel insurance market size has grown rapidly in recent years. It will grow from $22.56 billion in 2023 to $26.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%.  The  growth in the historic period can be attributed to increased travel and tourism, increased occurrences of natural disasters, the rise in business travel driven by urbanization, and the rise in disposable income.

The travel insurance market size is expected to see rapid growth in the next few years. It will grow to $49.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.  The growth in the forecast period can be attributed to growing demand for embedded, event-driven insurances, a growing awareness of travel associated risks, and the rising medical costs. Major trends in the forecast period include focus on tech-driven platforms, digitalization and mobile integration, focus on blockchain technology, and strategic partnerships and collaborations.

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Segmentation & Regional Insights
The travel insurance market covered in this report is segmented –
1) By Type: Domestic, International
2) By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance
3) By Coverage: Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, Other Coverages 
4) By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Other Distribution Channels
5) By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Other End-Users

Asia-Pacific was the largest region in the travel insurance market in 2023. The regions covered in the travel insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rise in tourism is contributing to the growth of the travel insurance market. Travel insurance helps the tourism sector by providing financial help through certain packages that help travelers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage. For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.

Key Industry Players
Major companies operating in the travel insurance market report are Allianz Group, Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc., American Express Company, Chubb Limited, Aviva Plc, Seven Corners Inc, Travelex Insurance Services Inc., Corporate Risks India Insurance Brokers Pvt Ltd, TATA AIG, New India Assurance – General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd., Fanhua Holdings, Ping an Insurance Company of China, People's Insurance Company (Group) of China, China Pacific Insurance (Group) Co. Ltd, New China Life Insurance, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Sogaz Insurance Group, Ingosstrakh Insurance Co, Marsh McLennan, UNIQA, Česká Pojišťovna, MetLife Inc., Assicurazioni Generali, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, John Hancock Insurance Agency, Trawick International, USI Affinity Travel Insurance Services, GoReady Insurance, TU AGENCIA DE SEGUROS CO, 111 Seguros Ltda, Agencia de seguros, BSB Capital Corretora de Seguros, Indeniza Corretora em Balsas MA, Emirates Insurance Co., Sukoon Insurance, Union Insurance, Doha Insurance Group, Qatar Insurance Co, KIB Takaful Insurance Company, Gulf Insurance Group, Misr Life Insurance, QNB Alahli Life Insurance, Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Travel Africa Insurance, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited

The travel insurance market report table of contents includes:
1. Executive Summary
2. Travel Insurance Market Characteristics
3. Travel Insurance Market Trends And Strategies
4. Travel Insurance Market - Macro Economic Scenario
5. Global Travel Insurance Market Size and Growth
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32. Global Travel Insurance Market Competitive Benchmarking
33. Global Travel Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel Insurance Market
35. Travel Insurance Market Future Outlook and Potential Analysis
36. Appendix