Travel Insurance Market size accounted over USD 20 billion in 2020 and is set to grow at 12.5% CAGR from 2021 to 2027. The market growth can be attributed to the high demand for travel insurance from international tourists.
The ongoing coronavirus (COVID-19) pandemic negatively impacted the travel insurance industry in 2020. As several government organizations imposed stringent restrictions on travel, the tourism market witnessed a temporary downfall. There was a significant decline in the number of domestic as well as international tourists. The pandemic caused a significant decline in international travel in 2020, hampering the market growth adversely. However, with gradual relaxations on the lockdowns imposed, there will be a rise in the number of travelers in 2021 and 2022, in turn, boosting the market growth.
- Increasing spending on travel protection plans in North America
- Mandatory travel insurance policies in North America & Europe
- Growth in tourism industry in Latin America & MEA
- Flourshing travel and toursim industry in the MEA
- Lack of consumer experiences in terms of its coverages and premium rates
- and more.
Industry players are offering attractive packages that cater to the specific demands of different consumers. They are focusing on understanding the requirements of varied types of travelers to offer suitable plans. For instance, ICICI Bank offers approved travel insurance packages that are custom-made to suit Europe Schengen Visa requirements. Companies are also offering plans developed specifically for different categories of travelers such as adventure travelers, family travelers, and senior citizens. Increasing competition among players to launch innovative plans will drive the market outlook.
Key players operating in the travel insurance market include Allianz Partners, American Express Company, American International Group, Inc. (AIS), Arch Capital Group Limited, Aviva PLC, AXA Travel Insurance, Berkshire Hathaway Specialty Insurance, China Pacific Insurance, (Group) Co., Ltd., Chubb Limited, Generali Group, Groupama Sigorta AS, HanseMerkur Reiseversicherung AG, InsureandGo, Ping An Insurance Company of China, Ltd., Seven Corners, Inc., Sompo Holdings, Inc., Travelex Insurance Services Inc., and Zurich Insurance Group AG.
This market research report on travel insurance includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
- Insurance company
- Senior Citizens
- Corporate Travelers
- Family Travelers
- Education Travelers
- Backpacker & Adventure Travelers
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa