Global Travel Insurance Market, 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) and opportunities and forecast 2023-2030
Covid-19 Impact on Travel Insurance Market:
Consumers across the globe are adjusting to the new normal and there is a noteworthy discrepancy in consumer behavior. Consumer's purchasing habits, behavior, and attitudes have changed in light of COVID-19. People are shopping very consciously and are majorly centered on basic needs and are buying locally. Consumers are using digital commerce to play, learn, and connect to manage isolation and follow social distancing policy. The covid-19 has consistently impacted the shopping behavior of 9 in 10 consumers. Nearly 30-50 percent of the consumers have shifted towards online shopping from March 2020 to December 2020.
Travel Insurance Market Overview
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. Many prominent factors are positively affecting the growth of the global Travel Insurance market. The rising disposable income, extensive coverage for holidays, and easy online travel booking options are boosting the growth of the tourism industry. With an increase in tourism, many incidences such as canceled flights, accidents, health issues, theft or loss of baggage, natural calamities, and others have been happening during travel. To lessen these risks consumers are opting for travel insurance. Therefore, significant growth in the tourism industry is acting as the key factor for the expansion of the global Travel Insurance market.
Additionally, increasing technological developments such as geo-location, distribution channel program interface (API), artificial intelligence (AI), data analytics, and big data are providing innovative opportunities for insurers. With these technological developments, travel insurance distribution platforms are projected to improve productivity by providing coverages flawlessly at the point of purchase. This major fact is fruitful for the development of the market.
However, factors such as lack of awareness related to travel insurance policies, low consumer experiences about coverages, premium rates, and services by third-party providers of travel insurance are expected to hamper the growth of the Travel Insurance market in the forthcoming period.
Travel Insurance Market Segment Overview
Based on the distribution channel, the insurance intermediaries segment dominated the Travel Insurance market. Many intermediaries upgrading their offerings by incorporating software such as the global distribution system (GDS), which allows transactions between travel industry service providers such as airlines, hotels, car rental companies, and travel agencies.
Travel Insurance Regional Overview
Region-wise, Asia Pacific held the largest share in the global Travel Insurance market. This can be attributed to the high demand for corporate travel insurance from countries such as China, Japan, and Korea. As well, growth in travelers in countries such as India is providing huge opportunities to insurance companies and travel agencies. Likewise, travel insurance is gaining popularity in several developing countries of Europe. Additionally, Latin America is expected to emerge as a significant region in the overall travel insurance market in the coming years.
Travel Insurance Market, Key Players
· Allianz Group · American International Group Inc. · Assicurazioni Generali S.P.A · AXA · Insure & Go Insurance Services Limited · Seven Corners Inc. · Travel Insured International · TravelSafe Insurance · USI Insurance Services · Zurich Insurance Co. Limited
· Senior Citizens · Education Travelers · Business Travelers · Family Travelers · Others
Travel Insurance Market, By Region
North America
US
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Global Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Insurance Cover
5.2.1. Single-Trip Travel Insurance
5.2.2. Annual Multi-Trip Travel Insurance
5.2.3. Long-Stay Travel Insurance
5.3. Market Analysis, Insights and Forecast – By Distribution Channel
5.3.1. Insurance Intermediaries
5.3.2. Insurance Companies
5.3.3. Banks
5.3.4. Insurance Brokers
5.3.5. Insurance Aggregators
5.4. Market Analysis, Insights and Forecast – By End User
5.4.1. Senior Citizens
5.4.2. Education Travelers
5.4.3. Business Travelers
5.4.4. Family Travelers
5.4.5. Others
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Latin America
5.5.3. Europe
5.5.4. Asia Pacific
5.5.5. Middle East and Africa
6. North America Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Insurance Cover
6.2.1. Single-Trip Travel Insurance
6.2.2. Annual Multi-Trip Travel Insurance
6.2.3. Long-Stay Travel Insurance
6.3. Market Analysis, Insights and Forecast – By Distribution Channel
6.3.1. Insurance Intermediaries
6.3.2. Insurance Companies
6.3.3. Banks
6.3.4. Insurance Brokers
6.3.5. Insurance Aggregators
6.4. Market Analysis, Insights and Forecast – By End User
6.4.1. Senior Citizens
6.4.2. Education Travelers
6.4.3. Business Travelers
6.4.4. Family Travelers
6.4.5. Others
6.5. Market Analysis, Insights and Forecast – By Country
6.5.1. U.S.
6.5.2. Canada
7. Latin America Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Insurance Cover
7.2.1. Single-Trip Travel Insurance
7.2.2. Annual Multi-Trip Travel Insurance
7.2.3. Long-Stay Travel Insurance
7.3. Market Analysis, Insights and Forecast – By Distribution Channel
7.3.1. Insurance Intermediaries
7.3.2. Insurance Companies
7.3.3. Banks
7.3.4. Insurance Brokers
7.3.5. Insurance Aggregators
7.4. Market Analysis, Insights and Forecast – By End User
7.4.1. Senior Citizens
7.4.2. Education Travelers
7.4.3. Business Travelers
7.4.4. Family Travelers
7.4.5. Others
7.5. Insights and Forecast – By Country
7.5.1. Brazil
7.5.2. Mexico
7.5.3. Rest of Latin America
8. Europe Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Insurance Cover
8.2.1. Single-Trip Travel Insurance
8.2.2. Annual Multi-Trip Travel Insurance
8.2.3. Long-Stay Travel Insurance
8.3. Market Analysis, Insights and Forecast – By Distribution Channel
8.3.1. Insurance Intermediaries
8.3.2. Insurance Companies
8.3.3. Banks
8.3.4. Insurance Brokers
8.3.5. Insurance Aggregators
8.4. Market Analysis, Insights and Forecast – By End User
8.4.1. Senior Citizens
8.4.2. Education Travelers
8.4.3. Business Travelers
8.4.4. Family Travelers
8.4.5. Others
8.5. Market Analysis, Insights and Forecast – By Country
8.5.1. UK
8.5.2. Germany
8.5.3. France
8.5.4. Italy
8.5.5. Spain
8.5.6. Russia
8.5.7. Rest of Europe
9. Asia Pacific Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
9.1. Key Findings / Summary
9.2. Market Analysis, Insights and Forecast – By Insurance Cover
9.2.1. Single-Trip Travel Insurance
9.2.2. Annual Multi-Trip Travel Insurance
9.2.3. Long-Stay Travel Insurance
9.3. Market Analysis, Insights and Forecast – By Distribution Channel
9.3.1. Insurance Intermediaries
9.3.2. Insurance Companies
9.3.3. Banks
9.3.4. Insurance Brokers
9.3.5. Insurance Aggregators
9.4. Market Analysis, Insights and Forecast – By End User
9.4.1. Senior Citizens
9.4.2. Education Travelers
9.4.3. Business Travelers
9.4.4. Family Travelers
9.4.5. Others
9.5. Market Analysis, Insights and Forecast – By Country
9.5.1. China
9.5.2. India
9.5.3. Japan
9.5.4. Australia
9.5.5. South East Asia
9.5.6. Rest of Asia Pacific
10. Middle East & Africa Travel Insurance Market Analysis (USD Billion), Insights and Forecast, 2020-2027
10.1. Key Findings / Summary
10.2. Market Analysis, Insights and Forecast – By Insurance Cover
10.2.1. Single-Trip Travel Insurance
10.2.2. Annual Multi-Trip Travel Insurance
10.2.3. Long-Stay Travel Insurance
10.3. Market Analysis, Insights and Forecast – By Distribution Channel
10.3.1. Insurance Intermediaries
10.3.2. Insurance Companies
10.3.3. Banks
10.3.4. Insurance Brokers
10.3.5. Insurance Aggregators
10.4. Market Analysis, Insights and Forecast – By End User
10.4.1. Senior Citizens
10.4.2. Education Travelers
10.4.3. Business Travelers
10.4.4. Family Travelers
10.4.5. Others
10.5. Market Analysis, Insights and Forecast – By Country
10.5.1. GCC
10.5.2. South Africa
10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
11.1. Company Market Share Analysis, 2018
11.2. Key Industry Developments
11.3. Company Profile
11.4. Allianz Group
11.4.1. Business Overview
11.4.2. Segment 1 & Service Offering
11.4.3. Overall Revenue
11.4.4. Geographic Presence
11.4.5. Recent Development
*Similar details will be provided for the following companies
11.5. American International Group Inc.
11.6. Assicurazioni Generali S.P.A
11.7. AXA
11.8. Insure & Go Insurance Services Limited
11.9. Seven Corners Inc.
11.10. Travel Insured International
11.11. TravelSafe Insurance
11.12. USI Insurance Services
List of Figures
Figure 1: Global Travel Insurance Market Revenue Breakdown (USD Billion, %) by Region, 2019 & 2027
Figure 2: Global Market Value Share (%), By Segment 1, 2019 & 2027
Figure 3: Global Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 4: Global Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 5: Global Market Value Share (%), By Segment 2, 2019 & 2027
Figure 6: Global Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 7: Global Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 8: Global Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 9: Global Travel Insurance Market Forecast (USD Billion), by Others, 2016-2027
Figure 10: Global Market Value Share (%), By Segment 3, 2019 & 2027
Figure 11: Global Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 12: Global Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 13: Global Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 14: Global Market Forecast (USD Billion), by Others, 2016-2027
Figure 15: Global Market Value (USD Billion), by Region, 2019 & 2027
Figure 16: North America Travel Insurance Market Value Share (%), By Segment 1, 2019 & 2027
Figure 17: North America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 18: North America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 19: North America Market Value Share (%), By Segment 2, 2019 & 2027
Figure 20: North America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 21: North America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 22: North America Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 23: North America Market Forecast (USD Billion), by Others, 2016-2027
Figure 24: North America Market Value Share (%), By Segment 3, 2019 & 2027
Figure 25: North America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 26: North America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 27: North America Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 28: North America Market Forecast (USD Billion), by Others, 2016-2027
Figure 29: North America Market Forecast (USD Billion), by U.S., 2016-2027
Figure 30: North America Market Forecast (USD Billion), by Canada, 2016-2027
Figure 31: Latin America Travel Insurance Market Value Share (%), By Segment 1, 2019 & 2027
Figure 32: Latin America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 33: Latin America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 34: Latin America Market Value Share (%), By Segment 2, 2019 & 2027
Figure 35: Latin America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 36: Latin America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 37: Latin America Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 38: Latin America Market Forecast (USD Billion), by Others, 2016-2027
Figure 39: Latin America Market Value Share (%), By Segment 3, 2019 & 2027
Figure 40: Latin America Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 41: Latin America Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 42: Latin America Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 43: Latin America Market Forecast (USD Billion), by Others, 2016-2027
Figure 44: Latin America Market Forecast (USD Billion), by Brazil, 2016-2027
Figure 45: Latin America Market Forecast (USD Billion), by Mexico, 2016-2027
Figure 46: Latin America Market Forecast (USD Billion), by Rest of Latin America, 2016-2027
Figure 47: Europe Travel Insurance Market Value Share (%), By Segment 1, 2019 & 2027
Figure 48: Europe Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 49: Europe Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 50: Europe Market Value Share (%), By Segment 2, 2019 & 2027
Figure 51: Europe Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 52: Europe Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 53: Europe Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 54: Europe Market Forecast (USD Billion), by Others, 2016-2027
Figure 55: Europe Market Value Share (%), By Segment 3, 2019 & 2027
Figure 56: Europe Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 57: Europe Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 58: Europe Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 59: Europe Market Forecast (USD Billion), by Others, 2016-2027
Figure 60: Europe Market Forecast (USD Billion), by U.K., 2016-2027
Figure 61: Europe Market Forecast (USD Billion), by Germany, 2016-2027
Figure 62: Europe Market Forecast (USD Billion), by France, 2016-2027
Figure 63: Europe Market Forecast (USD Billion), by Italy, 2016-2027
Figure 64: Europe Market Forecast (USD Billion), by Spain, 2016-2027
Figure 65: Europe Market Forecast (USD Billion), by Russia, 2016-2027
Figure 66: Europe Market Forecast (USD Billion), by Rest of Europe, 2016-2027
Figure 67: Asia Pacific Travel Insurance Market Value Share (%), By Segment 1, 2019 & 2027
Figure 68: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 69: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 70: Asia Pacific Market Value Share (%), By Segment 2, 2019 & 2027
Figure 71: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 72: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 73: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 74: Asia Pacific Market Forecast (USD Billion), by Others, 2016-2027
Figure 75: Asia Pacific Market Value Share (%), By Segment 3, 2019 & 2027
Figure 76: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 77: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 78: Asia Pacific Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 79: Asia Pacific Market Forecast (USD Billion), by Others, 2016-2027
Figure 80: Asia Pacific Market Forecast (USD Billion), by China, 2016-2027
Figure 81: Asia Pacific Market Forecast (USD Billion), by India, 2016-2027
Figure 82: Asia Pacific Market Forecast (USD Billion), by Japan, 2016-2027
Figure 83: Asia Pacific Market Forecast (USD Billion), by Australia, 2016-2027
Figure 84: Asia Pacific Market Forecast (USD Billion), by Southeast Asia, 2016-2027
Figure 85: Asia Pacific Market Forecast (USD Billion), by Rest of Asia Pacific, 2016-2027
Figure 86: Middle East & Africa Travel Insurance Market Value Share (%), By Segment 1, 2019 & 2027
Figure 87: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 88: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 89: Middle East & Africa Market Value Share (%), By Segment 2, 2019 & 2027
Figure 90: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 91: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 92: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 93: Middle East & Africa Market Forecast (USD Billion), by Others, 2016-2027
Figure 94: Middle East & Africa Market Value Share (%), By Segment 3, 2019 & 2027
Figure 95: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 96: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 97: Middle East & Africa Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 98: Middle East & Africa Market Forecast (USD Billion), by Others, 2016-2027
Figure 99: Middle East & Africa Market Forecast (USD Billion), by GCC, 2016-2027
Figure 100: Middle East & Africa Market Forecast (USD Billion), by South Africa, 2016-2027
Figure 101: Middle East & Africa Market Forecast (USD Billion), by Rest of Middle East & Africa, 2016-2027
List of Tables
Table 1: Global Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 2: Global Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 3: Global Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 4: Global Market Revenue (USD Billion) Forecast, by Region, 2016-2027
Table 5: North America Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 6: North America Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 7: North America Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 8: North America Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 9: Europe Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 10: Europe Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 11: Europe Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 12: Europe Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 13: Latin America Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 14: Latin America Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 15: Latin America Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 16: Latin America Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 17: Asia Pacific Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 18: Asia Pacific Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 19: Asia Pacific Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 20: Asia Pacific Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 21: Middle East & Africa Travel Insurance Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 22: Middle East & Africa Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 23: Middle East & Africa Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 24: Middle East & Africa Market Revenue (USD Billion) Forecast, by Country, 2016-2027