The global travel insurance market is expected to expand at a CAGR of 7.2% during the forecast period 2023-2033.
The global travel insurance market exhibited a growth rate of 3.9% during the historical period 2018-2022 and is projected to reach a market valuation of US$ 48.2 billion in 2023. During the forecast period 2023-2033, the market is predicted to expand rapidly at a CAGR of 7.2%.
Travelers can face issues regarding luggage loss, medical emergencies, ticket cancellations, and other things, which are insured by travel insurance agencies. Tremendous growth of the travel industry and the presence of strict government norms for insurance while traveling will be major factors driving the growth of the travel insurance industry. Strict government norms on travel insurance in various countries such as the United States, Russia, The United Arab Emirates, and others are increasing the need for travel insurance worldwide.
Digitalization of the travel insurance industry has eased the effort of getting travel insurance from online platforms, which also provides benefits of cost comparison between different products. Automation, artificial intelligence, and integration of IoT into services will be crucial factors for market expansion in the years ahead.
Key Takeaways from Market Study
- Among the end-use applications, individuals account for a market share of 66%.
- The global travel insurance market is expected to expand at a CAGR of 7.2% during the forecast period 2023-2033.
- Among the regions, the market in East Asia is projected to exhibit the highest growth rate of 8.2% during forecast period.
- During the historic period (2018-2022), the market expanded at a CAGR of 3.9%.
“Technological transformation will spur the travel insurance market to new heights,” says a Fact.MR analyst.
Market Development
The market is highly competitive with the presence of numerous established players in the industry and many start-ups entering the industry. Several market players are opting for advanced technologies and online platforms to expand their service offerings and make them easily available to customer. Technological transformation will be an essential factor for market expansion. Intense competition in the market, where customers can compare and pick services best suitable to them with ease, will be important aspects.
With a substantial rise in the travel industry and online ticket booking services, customers can seek easy access to these services. As such, the business environment in the travel insurance market continues to reflect a rollup within the industry despite extreme competition.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global travel insurance market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of coverage type (single trip, annual/multiple trips), end-use application (individuals, groups), and trip type (domestic, international), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
These insights are based on a report on Travel Insurance Market by Fact.MR.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
