Market Analysis and Insights: Global Travel Insurance Market

Travel insurance is a product focused on protecting policyholders against specified losses, accidents or other adverse events, which may occur before or during travel. Examples include trip cancellation/interruption, overseas medical expenses for injury or illness, theft of valuables, and baggage delay or damage. Many travel insurance policies also include the provision of emergency medical assistance services, such as call center operating 24 hours, seven days a week, and an international network of specialist health care providers.

There are standard general exclusions and invalidations on most types of travel insurance policies (for example, self‑inflicted injury, acts of terrorism, non‑approved pre‑existing medical conditions, “dangerous” or extreme activities, and policyholders being under the influence of alcohol or drugs). Travel insurance is generally available in two forms: (i) as a single-trip insurance policy, which provides cover for a specific trip and is matched to the exact characteristic of the trip (e.g. number of travelling days and destination) and (ii) as an annual insurance policy, which covers multiple trips in a year. Travel insurance can be purchased from travel agents, travel suppliers (airlines, hotels, cruise lines, tour operators) a private insurance firm, insurance brokers, or online. The GWP in this report all refer to the Gross written premium from Travel Insurance. The characteristics of fine travel insurance unit of measurement as follow:

Due to the COVID-19 pandemic, the global Travel Insurance market size is estimated to be worth US$ 20830 million in 2022 and is forecast to a readjusted size of US$ 32540 million by 2029 with a CAGR of 6.5% during the forecast period 2023-2029. Fully considering the economic change by this health crisis, Trip Cancellation accounting for % of the Travel Insurance global market in 2022, is projected to value US$ million by 2029, growing at a revised % CAGR from 2023 to 2029. While Family Traveler segment is altered to an % CAGR throughout this forecast period.

The main global Travel Insurance players include Allianz, Munich Re Group, AIG, etc. The top three Travel Insurance players account for approximately 30% of the total global market. Asia-Pacific is the largest consumer market for Travel Insurance, accounting for about 26%, followed by Europe and North America. In terms of product, Trip Cancellation is the largest segment, with a share about 45%. And in terms of application, the largest application is Family Traveler, followed by Business Traveler.

Global Travel Insurance Scope and Market Size

The global Travel Insurance market is segmented by company, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Travel Insurance market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2018-2029.


Segment by Type


Trip Cancellation

Trip Delay

Medical Expense

Property Damage

Other


Segment by Application


Family Traveler

Senior Citizens

Business Traveler

Other

By Region

United States

Europe

China

Japan

Southeast Asia

India

Other Regions


By Company


Allianz

Munich Re Group

AIG

Assicurazioni Generali

Prudential

ACE&Chubb

Manulife

UnitedHealthcare Global

Mapfre

AXA

Tokio Marine Holdings

China Pacific insurance

Hanse Merkur

Ping An Insurance (Group) Company of China

People's insurance company of China

China Life

Sompo Japan Nipponkoa