The global Travel Insurance market has witnessed substantial growth in recent years, and this trend is expected to continue through 2031. A new report provides an in-depth analysis of the Travel Insurance market, including market size, share, and sales estimates, as well as key drivers, opportunities, and restraints. The report also evaluates the market extent of North America, Asia-Pacific, Europe, and LAMEA, providing insights into the region-specific trends.
According to the report published by Allied Market Research, the global travel insurance market garnered $19.24 billion in 2019, and is estimated to reach $37.0 billion by 2027, registering a CAGR of 8.6% from 2020 to 2027. The report offers a detailed analysis of value chain, market dynamics, top wining strategies, key segments, business performance, and competitive landscape.
Convenience in availing appropriate insurance with comparison given on online sites and increase in tourism activities drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policies hinders the market growth. On the other hand, expansion of new products and services along with technological advancements in the travel industry create new opportunities in coming years.
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Based on insurance cover, the single trip travel insurance segment accounted for more than two-thirds of the total share in 2019, and is estimated to maintain its dominant share in terms of revenue throughout the forecast period. However, the annual multi-trip travel insurance is estimated to portray the highest CAGR of 11.9% from 2020 to 2027.
Based on distribution channel, the insurance intermediaries segment held the largest market share with nearly half of the total market share in 2019, and is estimated to maintain its lead position throughout the forecast period. However, the insurance aggregators segment is expected to register the highest CAGR of 10.7% from 2020 to 2027.
Based on end user, the family travelers segment held the highest share with more than one-fourth of the global travel insurance market share in 2019, and would maintain its lead position by 2026. However, the business travelers segment is expected to portray the fastest CAGR of 10.7% from 2020 to 2027.
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Based on region, Asia-Pacific accounted for the highest share in terms of revenue, contributing to more than one-third of the global share in 2019, and is estimated to maintain its highest share during the forecast period. Moreover, this segment is estimated to register the largest CAGR of 11.1% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.
Leading market players analyzed in the research include Allianz Group, Assicurazioni Generali S.P.A, American International Group Inc., Insure & Go Insurance Services Limited, AXA, Travel Insured International, Seven Corners Inc., USI Insurance Services, TravelSafeInsurance, and Zurich Insurance Co. Limited.
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