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 Company, Bank, Insurance Broker, Insurance Aggregator), Estimation & forecast, 2016 - 2024.

November 2017

 ERC 3425

With the increasing infrastructure and growing disposable income, travelling both domestically and internationally has become affordable and convenient. Travelling, has become a major part of one’s business, academic and personal life. In order to reduce the risks associated with travelling such as trip cancellation due to medical emergency, loss of luggage, hijacks and loss of travel documents, consumers are preferring to buy a travel insurance plan. A travel insurance policy ensures a complete peace of mind, and the travelers can have a pleasurable trip.

Market Determinants

A continuous rise in tourism is the major factor which is driving the growth of travel insurance market. Over the past decades, tourism has experienced sustained growth and diversification to become one of the largest and fastest-growing economic sectors in the world. Many new tourist destinations have emerged out in addition to the traditional favorites of Europe and North America. The international tourism revenues earned by various destinations worldwide, have surged from US$ 2 billion in 1950 to US$ 104 billion in 1980, US$ 495 billion in 2000, and US$ 1,260 billion in 2015. Moreover, stringent rules and regulations regarding travelling are also driving the market growth. There are several countries, where travel insurance is obligatory for accessing VISA. To visit countries, such as U.S., France, Belgium, Luxembourg, Norway, Finland, Poland and various others, travel health insurance is a mandatory thing to be possessed. However, lack of awareness and low penetration of insurance policies might act as restraining factors for the growth of travel insurance market. On the other hand, governments of different countries are adopting different programs to spread awareness about insurance among their citizens. In addition to this, new technological developments for the travel insurance industry will act as future growth opportunity to the market.

MARKET DETERMINANTS - IMPACT ANALYSIS, (2016-2024)

 market determinants impact analysis

Segment Analysis

The global travel insurance market is segmented on the basis of Insurance cover, users, distribution channel and geography. By insurance cover, the market is segmented into single trip insurance policies, annual multi-trip insurance policies and long stay insurance policies. On the basis of users, the market is segmented as senior citizens, education travelers, business travelers, backpackers, family travelers and fully independent travelers. By distribution channel, the market is categorized as insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator and others. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of World. Asia-Pacific travel insurance market is expected to exhibit a noticeable growth during the forecast period owing to increase in the number of travel insurance users which include backpackers, senior citizens, business travelers and others. As per the statistics revealed by UNWTO report, the Americas and Asia-Pacific both recorded close to 6% growth as compared to 2014, in international tourist arrivals, with Europe, the world’s most visited region, recording 5%.
Some major market players of the travel insurance market are CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AXA SA, AIG Travel, InsureandGo, Berkshire Hathaway Specialty Insurance and Travelex Group.

GLOBAL TRAVEL INSURANCE MARKET SEGMENTATION

By Insurance Cover
• Single Trip Travel Insurance
• Annual Multi-trip Travel Insurance
• Long-Stay Travel Insurance

By Distribution Channel
• Insurance Intermediaries
• Insurance Company
• Bank
• Insurance Broker
• Insurance Aggregator
• Others

By Users
• Senior Citizens
• Education Traveler
• Backpackers
• Business Traveler
• Family Traveler
• Fully independent Traveler

By Geography
North America
         • U.S.
         • Canada
         • Mexico
Europe
         • Germany
         • France
         • Italy
         • UK
         • Rest of Europe
Asia-Pacific
         • China
         • Japan
         • India
         • Rest of Asia-Pacific
LAMEA
         • Latin America
         • Middle-East
         • Africa

KEY MARKET PLAYERS

• CSA Travel Protection
• USI Affinity
• Seven Corners Inc.
• Travel Safe
• MH Ross
• Allianz Global Assistance
• Travel Insured International
• AXA SA
• AIG Travel
• InsureandGo.
• Berkshire Hathaway Special

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