travel insurance market share australia

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Australia Travel Insurance Market

Australia travel insurance market by age (millennials, generation x, and baby boomers), by income level (low-income travelers, middle-income travelers and high-income travelers), by coverage (medical coverage, trip cancellation coverage, baggage and personal belongings coverage, accidental death and dismemberment (ad&d) coverage), by days of coverage (short-trip insurance, standard trip insurance, extended trip insurance and multi-trip insurance) by end user (pilgrim travelers, education travelers, business travelers and family travelers) by distributional channel (insurance companies, banks, airlines, online platforms, insurance aggregators & comparison websites, and travel agents & tour operators) – opportunity analysis and industry forecast, 2024–2030.

Industry:   Consumer Goods | Publish Date: Apr 2024 | No of Pages:   123 | No. Tables:   90 | No. Figures:   55

• Report Description
• List of Table & Figures
• Key Companies

Market Overview

The Australia Travel Insurance Market size was valued at USD 154.7 million in 2023 and is predicted to reach USD 622.7 million by 2030, with a CAGR of 20.6 % from 2024 to 2030. Travel insurance is a specialized insurance product designed to offer protection and coverage to travelers against a wide range of potential risks and unforeseen circumstances that may occur before or during their journeys. It serves as a crucial tool in mitigating the financial impact of various travel-related emergencies, disruptions, and inconveniences, providing travelers with peace of mind and security throughout their trips. One of its primary advantages is its ability to provide financial reimbursement and assistance in the event of trip cancellations or interruptions. This coverage extends to unforeseen circumstances such as illness, injury, or emergencies, allowing travelers to recover non-refundable expenses incurred for flights, accommodations, and other pre-paid arrangements.

The Growing Number of Online Platforms for Travel Insurance Drives the Australia Industry

The expansion of online platforms specializing in travel insurance has fundamentally changed the dynamics of the travel insurance industry in the country, enhancing accessibility and convenience for consumers. These platforms provide a diverse range of options, empowering travelers to effortlessly compare policies and select the most appropriate one based on their preferences and financial circumstances.

Additionally, the online availability of these platforms simplifies the purchasing process, eliminating the need for cumbersome paperwork or visits to insurance providers in person. Consequently, the growing ubiquity of online platforms has heightened competition within the industry, prompting insurance companies to innovate and offer more competitive rates and comprehensive coverage options to capture customers in the digital domain.

Evolving Travel Landscape Boost the Australia Market Growth

The travel industry in the country is constantly evolving as consumer preferences, travel habits, and global trends change over time. This transformation can be seen in the emergence of new destinations and innovative travel styles tailored to diverse interests and preferences. As travelers increasingly seek unique experiences and veer off the beaten path, they encounter a spectrum of new risks and challenges, from medical emergencies in remote locations to cancellations stemming from unforeseen circumstances. In response to these changing needs, travel insurance providers are adapting and developing new insurance plans tailored to meet the specific requirements of modern travelers. These providers may introduce specialized coverage for adventure activities, extended travel periods, or the lifestyle of digital nomads.

By offering insurance options that align with emerging travel trends and destinations, insurers attract a broader clientele and extend their market presence. This proactive approach not only addresses the evolving demands of travelers but also fuels market expansion by providing comprehensive solutions that offer peace of mind and protection across a wide range of travel experiences. Ultimately, the symbiotic relationship between the evolving travel industry and innovative insurance offerings propels market growth and ensures that travelers have access to appropriate coverage for their diverse travel needs.

Perceived High Costs Associated with Travel Insurance Hinder the Australia Market Growth

The perceived high costs associated with travel insurance can serve as a significant hindrance to market expansion in the country. Many travelers may view insurance premiums as an extra financial burden, especially when compared to the overall expenses of their trip. This perception could lead individuals to opt out of purchasing coverage, particularly for shorter or less expensive trips, despite the potential financial risks involved. Moreover, the complexity of insurance pricing structures and the lack of transparency in coverage terms can intensify concerns about value for money. To tackle this challenge, insurance providers need to prioritize educating consumers about the benefits of travel insurance, highlighting its value in mitigating financial risks associated with unforeseen events during travel. Additionally, offering competitive pricing and flexible policies tailored to different travel needs can help alleviate concerns about cost and encourage broader adoption of travel insurance, thus driving market growth.

Predictive Analytics for Risk Assessment Creates Ample Opportunity for the Australia Market Growth

The integration of predictive analytics for risk assessment presents ample opportunities for market growth within the travel insurance industry in the country. By harnessing advanced algorithms and data analytics techniques, insurers can analyze vast amounts of historical and real-time data to accurately assess risks associated with travel, such as medical emergencies, trip cancellations, and natural disasters. This proactive approach enables insurers to offer more personalized and precisely tailored insurance products to customers, based on their unique travel profiles and risk factors.

Additionally, predictive analytics can enhance underwriting processes, enabling insurers to price policies more competitively and accurately while minimizing the likelihood of adverse selection. Furthermore, by leveraging predictive insights, insurers can develop proactive risk mitigation strategies and preventive measures, ultimately improving customer satisfaction and loyalty. Overall, the integration of predictive analytics for risk assessment creates a pathway for market growth by enhancing product innovation, customer experience, and operational efficiency within the travel insurance industry.

Competitive Landscape

Several market players operating in the Australia travel insurance market include Allianz Group, AXA SA, Zurich Insurance Group Limited, American International Group, Inc., Chubb Limited, Aviva PLC, Nationwide, Berkshire Hathaway Speciality Insurance, Travel Insured International, Generali Group and Others. 

Australia Travel Insurance Market Key Segments

By age     .

Millennials

Generation X 

Baby Boomers

By Income Level     

Low-income Travelers

Middle-income Travelers

High-income Travelers

By Coverage

Medical Coverage

Trip Cancellation Coverage

Baggage and Personal Belongings Coverage

Accidental Death and Dismemberment (AD&D) Coverage

By Days of Coverage

Short-Trip Insurance 

Standard Trip Insurance 

Extended Trip Insurance 

Multi-Trip Insurance

By End User

Pilgrim Travelers

Education Travelers

Business Travelers

Family Travelers

By Distributional Channel

Insurance Companies

Online Platforms

Insurance Aggregators and Comparison Websites

Travel Agents and Tour Operators

REPORT SCOPE AND SEGMENTATION:

1      INTRODUCTION

           1.1      REPORT DESCRIPTION

           1.2      RESEARCH METHODOLOGY

                         1.2.1      SECONDARY RESEARCH

                         1.2.2      DATA ANALYSIS FRAMEWORK

                         1.2.3      MARKET SIZE ESTIMATION

                         1.2.4      FORECASTING

                         1.2.5      PRIMARY RESEARCH AND DATA VALIDATION

2      AUSTRALIA TRAVEL INSURANCE MARKET – EXECUTIVE SUMMARY

           2.1.      MARKET SNAPSHOT, 2023 - 2030, Million USD

3      PORTER’S FIVE FORCE MODEL ANALYSIS

           3.1      BARGAINING POWER OF SUPPLIERS

           3.2      BARGAINING POWER OF BUYERS

           3.3      DEGREE OF COMPETITION

           3.4      THREAT OF SUBSTITUTE

           3.5      THREAT OF NEW ENTRANTS

4      MARKET SHARE ANALYSIS

           4.1      MARKET SHARE ANALYSIS OF TOP PROVIDERS, 2023

5      MARKET DYNAMICS

           5.1      GROWTH DRIVERS

                         5.1.1      DRIVER 1

                         5.1.2      DRIVER 2

                         5.1.3      DRIVER 3

                         5.1.4      DRIVER 4

           5.2      CHALLENGES

                         5.2.1      CHALLENGE 1

                         5.2.2      CHALLENGE 2

                         5.2.3      CHALLENGE 3

                         5.2.4      CHALLENGE 4

           5.3      OPPORTUNITIES

                         5.3.1      OPPORTUNITY 1

                         5.3.2      OPPORTUNITY 2

6       AUSTRALIA TRAVEL INSURANCE MARKET BY AGE

           6.1      OVERVIEW

           6.2      MILLENNIALS MARKET

           6.3      GENERATION X MARKET

           6.4      BABY BOOMERS MARKET

7       AUSTRALIA TRAVEL INSURANCE MARKET BY INCOME LEVEL

           7.1      OVERVIEW

           7.2      LOW-INCOME TRAVELERS MARKET

           7.3      MIDDLE-INCOME TRAVELERS MARKET

           7.4      HIGH-INCOME TRAVELERS MARKET

8       AUSTRALIA TRAVEL INSURANCE MARKET BY COVERAGE

           8.1      OVERVIEW

           8.2      MEDICAL COVERAGE MARKET

           8.3      TRIP CANCELLATION COVERAGE MARKET

           8.4      BAGGAGE AND PERSONAL BELONGINGS COVERAGE MARKET

           8.5      ACCIDENTAL DEATH AND  DISMEMBERMENT COVERAGE MARKET

9       AUSTRALIA TRAVEL INSURANCE MARKET BY DAYS OF COVERAGE

           9.1      OVERVIEW

           9.2      SHORT-TRIP INSURANCE MARKET

           9.3      STANDARD TRIP INSURANCE MARKET

           9.4      EXTENDED TRIP INSURANCE MARKET

           9.5      MULTI-TRIP INSURANCE MARKET

10       AUSTRALIA TRAVEL INSURANCE MARKET BY END USER

           10.1      OVERVIEW

           10.2      PILGRIM TRAVELERS MARKET

           10.3      EDUCATION TRAVELERS MARKET

           10.4      BUSINESS TRAVELERS MARKET

           10.5      FAMILY TRAVELERS MARKET

11       AUSTRALIA TRAVEL INSURANCE MARKET BY DISTRIBUTIONAL CHANNEL

           11.1      OVERVIEW

           11.2      INSURANCE COMPANIES MARKET

           11.3      BANKS MARKET

           11.4      AIRLINES MARKET

           11.5      ONLINE PLATFORMS MARKET

           11.6      INSURANCE AGGREGATORS AND COMPARISON WEBSITES MARKET

           11.7      TRAVEL AGENTS AND TOUR OPERATORS MARKET

12   COMPANY PROFILES

           12.1   ALLIANZ GROUP

                         12.1.1   COMPANY OVERVIEW

                         12.1.2   COMPANY SNAPSHOT

                         12.1.3   OPERATING BUSINESS SEGMENTS

                         12.1.4   PRODUCT PORTFOLIO

                         12.1.5   BUSINESS PERFORMANCE

                         12.1.6   BUSINESS SEGMENTS

                         12.1.7   GEOGRAPHIC SEGMENTS

                         12.1.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.1.9   PRIMARY MARKET COMPETITORS

           12.2   AXA SA

                         12.2.1   COMPANY OVERVIEW

                         12.2.2   COMPANY SNAPSHOT

                         12.2.3   OPERATING BUSINESS SEGMENTS

                         12.2.4   PRODUCT PORTFOLIO

                         12.2.5   BUSINESS PERFORMANCE

                         12.2.6   BUSINESS SEGMENTS

                         12.2.7   GEOGRAPHIC SEGMENTS

                         12.2.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.2.9   PRIMARY MARKET COMPETITORS

           12.3   ZURICH INSURANCE GROUP LIMITED

                         12.3.1   COMPANY OVERVIEW

                         12.3.2   COMPANY SNAPSHOT

                         12.3.3   OPERATING BUSINESS SEGMENTS

                         12.3.4   PRODUCT PORTFOLIO

                         12.3.5   BUSINESS PERFORMANCE

                         12.3.6   BUSINESS SEGMENTS

                         12.3.7   GEOGRAPHIC SEGMENTS

                         12.3.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.3.9   PRIMARY MARKET COMPETITORS

           12.4   AMERICAN INTERNATIONAL GROUP, INC.

                         12.4.1   COMPANY OVERVIEW

                         12.4.2   COMPANY SNAPSHOT

                         12.4.3   OPERATING BUSINESS SEGMENTS

                         12.4.4   PRODUCT PORTFOLIO

                         12.4.5   BUSINESS PERFORMANCE

                         12.4.6   BUSINESS SEGMENTS

                         12.4.7   GEOGRAPHIC SEGMENTS

                         12.4.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.4.9   PRIMARY MARKET COMPETITORS

           12.5   CHUBB LIMITED

                         12.5.1   COMPANY OVERVIEW

                         12.5.2   COMPANY SNAPSHOT

                         12.5.3   OPERATING BUSINESS SEGMENTS

                         12.5.4   PRODUCT PORTFOLIO

                         12.5.5   BUSINESS PERFORMANCE

                         12.5.6   BUSINESS SEGMENTS

                         12.5.7   GEOGRAPHIC SEGMENTS

                         12.5.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.5.9   PRIMARY MARKET COMPETITORS

           12.6   AVIVA PLC

                         12.6.1   COMPANY OVERVIEW

                         12.6.2   COMPANY SNAPSHOT

                         12.6.3   OPERATING BUSINESS SEGMENTS

                         12.6.4   PRODUCT PORTFOLIO

                         12.6.5   BUSINESS PERFORMANCE

                         12.6.6   BUSINESS SEGMENTS

                         12.6.7   GEOGRAPHIC SEGMENTS

                         12.6.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.6.9   PRIMARY MARKET COMPETITORS

           12.7   NATIONWIDE

                         12.7.1   COMPANY OVERVIEW

                         12.7.2   COMPANY SNAPSHOT

                         12.7.3   OPERATING BUSINESS SEGMENTS

                         12.7.4   PRODUCT PORTFOLIO

                         12.7.5   BUSINESS PERFORMANCE

                         12.7.6   BUSINESS SEGMENTS

                         12.7.7   GEOGRAPHIC SEGMENTS

                         12.7.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.7.9   PRIMARY MARKET COMPETITORS

           12.8   BERKSHIRE HATHAWAY SPECIALITY INSURANCE

                         12.8.1   COMPANY OVERVIEW

                         12.8.2   COMPANY SNAPSHOT

                         12.8.3   OPERATING BUSINESS SEGMENTS

                         12.8.4   PRODUCT PORTFOLIO

                         12.8.5   BUSINESS PERFORMANCE

                         12.8.6   BUSINESS SEGMENTS

                         12.8.7   GEOGRAPHIC SEGMENTS

                         12.8.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.8.9   PRIMARY MARKET COMPETITORS

           12.9   TRAVEL INSURED INTERNATIONAL

                         12.9.1   COMPANY OVERVIEW

                         12.9.2   COMPANY SNAPSHOT

                         12.9.3   OPERATING BUSINESS SEGMENTS

                         12.9.4   PRODUCT PORTFOLIO

                         12.9.5   BUSINESS PERFORMANCE

                         12.9.6   BUSINESS SEGMENTS

                         12.9.7   GEOGRAPHIC SEGMENTS

                         12.9.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.9.9   PRIMARY MARKET COMPETITORS

           12.10   GENERALI GROUP AND OTHERS

                         12.10.1   COMPANY OVERVIEW

                         12.10.2   COMPANY SNAPSHOT

                         12.10.3   OPERATING BUSINESS SEGMENTS

                         12.10.4   PRODUCT PORTFOLIO

                         12.10.5   BUSINESS PERFORMANCE

                         12.10.6   BUSINESS SEGMENTS

                         12.10.7   GEOGRAPHIC SEGMENTS

                         12.10.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         12.10.9   PRIMARY MARKET COMPETITORS

LIST OF TABLES

TABLE 1. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY AGE, 2023-2030, (MILLION USD)

TABLE 2. MILLENNIALS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 3. GENERATION X, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 4. BABY BOOMERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 5. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY INCOME LEVEL, 2023-2030, (MILLION USD)

TABLE 6. LOW-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 7. MIDDLE-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 8. HIGH-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 9. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY COVERAGE, 2023-2030, (MILLION USD)

TABLE 10. MEDICAL COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 11. TRIP CANCELLATION COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 12. BAGGAGE AND PERSONAL BELONGINGS COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 13. ACCIDENTAL DEATH AND  DISMEMBERMENT COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 14. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY DAYS OF COVERAGE, 2023-2030, (MILLION USD)

TABLE 15. SHORT-TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 16. STANDARD TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 17. EXTENDED TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 18. MULTI-TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 19. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY END USER, 2023-2030, (MILLION USD)

TABLE 20. PILGRIM TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 21. EDUCATION TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 22. BUSINESS TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 23. FAMILY TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 24. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY DISTRIBUTIONAL CHANNEL, 2023-2030, (MILLION USD)

TABLE 25. INSURANCE COMPANIES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 26. BANKS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 27. AIRLINES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 28. ONLINE PLATFORMS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 29. INSURANCE AGGREGATORS AND COMPARISON WEBSITES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 30. TRAVEL AGENTS AND TOUR OPERATORS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 31. ALLIANZ GROUP: COMPANY SNAPSHOT

TABLE 32. ALLIANZ GROUP: OPERATING BUSINESS SEGMENTS

TABLE 33. ALLIANZ GROUP: PRODUCT PORTFOLIO

TABLE 34. ALLIANZ GROUP: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 35. ALLIANZ GROUP: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 36. ALLIANZ GROUP: KEY STRATERGY

TABLE 37. AXA SA: COMPANY SNAPSHOT

TABLE 38. AXA SA: OPERATING BUSINESS SEGMENTS

TABLE 39. AXA SA: PRODUCT PORTFOLIO

TABLE 40. AXA SA: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 41. AXA SA: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 42. AXA SA: KEY STRATERGY

TABLE 43. ZURICH INSURANCE GROUP LIMITED: COMPANY SNAPSHOT

TABLE 44. ZURICH INSURANCE GROUP LIMITED: OPERATING BUSINESS SEGMENTS

TABLE 45. ZURICH INSURANCE GROUP LIMITED: PRODUCT PORTFOLIO

TABLE 46. ZURICH INSURANCE GROUP LIMITED: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 47. ZURICH INSURANCE GROUP LIMITED: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 48. ZURICH INSURANCE GROUP LIMITED: KEY STRATERGY

TABLE 49. AMERICAN INTERNATIONAL GROUP, INC.: COMPANY SNAPSHOT

TABLE 50. AMERICAN INTERNATIONAL GROUP, INC.: OPERATING BUSINESS SEGMENTS

TABLE 51. AMERICAN INTERNATIONAL GROUP, INC.: PRODUCT PORTFOLIO

TABLE 52. AMERICAN INTERNATIONAL GROUP, INC.: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 53. AMERICAN INTERNATIONAL GROUP, INC.: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 54. AMERICAN INTERNATIONAL GROUP, INC.: KEY STRATERGY

TABLE 55. CHUBB LIMITED: COMPANY SNAPSHOT

TABLE 56. CHUBB LIMITED: OPERATING BUSINESS SEGMENTS

TABLE 57. CHUBB LIMITED: PRODUCT PORTFOLIO

TABLE 58. CHUBB LIMITED: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 59. CHUBB LIMITED: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 60. CHUBB LIMITED: KEY STRATERGY

TABLE 61. AVIVA PLC: COMPANY SNAPSHOT

TABLE 62. AVIVA PLC: OPERATING BUSINESS SEGMENTS

TABLE 63. AVIVA PLC: PRODUCT PORTFOLIO

TABLE 64. AVIVA PLC: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 65. AVIVA PLC: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 66. AVIVA PLC: KEY STRATERGY

TABLE 67. NATIONWIDE: COMPANY SNAPSHOT

TABLE 68. NATIONWIDE: OPERATING BUSINESS SEGMENTS

TABLE 69. NATIONWIDE: PRODUCT PORTFOLIO

TABLE 70. NATIONWIDE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 71. NATIONWIDE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 72. NATIONWIDE: KEY STRATERGY

TABLE 73. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: COMPANY SNAPSHOT

TABLE 74. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: OPERATING BUSINESS SEGMENTS

TABLE 75. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: PRODUCT PORTFOLIO

TABLE 76. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 77. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 78. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: KEY STRATERGY

TABLE 79. TRAVEL INSURED INTERNATIONAL: COMPANY SNAPSHOT

TABLE 80. TRAVEL INSURED INTERNATIONAL: OPERATING BUSINESS SEGMENTS

TABLE 81. TRAVEL INSURED INTERNATIONAL: PRODUCT PORTFOLIO

TABLE 82. TRAVEL INSURED INTERNATIONAL: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 83. TRAVEL INSURED INTERNATIONAL: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 84. TRAVEL INSURED INTERNATIONAL: KEY STRATERGY

TABLE 85. GENERALI GROUP AND OTHERS: COMPANY SNAPSHOT

TABLE 86. GENERALI GROUP AND OTHERS: OPERATING BUSINESS SEGMENTS

TABLE 87. GENERALI GROUP AND OTHERS: PRODUCT PORTFOLIO

TABLE 88. GENERALI GROUP AND OTHERS: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 89. GENERALI GROUP AND OTHERS: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 90. GENERALI GROUP AND OTHERS: KEY STRATERGY

LIST OF FIGURES

FIGURE 1. BARGAINING POWER OF SUPPLIERS

FIGURE 2. BARGAINING POWER OF BUYERS

FIGURE 3. DEGREE OF COMPETITION

FIGURE 4. THREAT OF SUBSTITUTE

FIGURE 5. THREAT OF NEW ENTRANTS

FIGURE 6. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY AGE, 2023-2030, (MILLION USD)

FIGURE 7. MILLENNIALS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 8. GENERATION X, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 9. BABY BOOMERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 10. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY INCOME LEVEL, 2023-2030, (MILLION USD)

FIGURE 11. LOW-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 12. MIDDLE-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 13. HIGH-INCOME TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 14. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY COVERAGE, 2023-2030, (MILLION USD)

FIGURE 15. MEDICAL COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 16. TRIP CANCELLATION COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 17. BAGGAGE AND PERSONAL BELONGINGS COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 18. ACCIDENTAL DEATH AND  DISMEMBERMENT COVERAGE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 19. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY DAYS OF COVERAGE, 2023-2030, (MILLION USD)

FIGURE 20. SHORT-TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 21. STANDARD TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 22. EXTENDED TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 23. MULTI-TRIP INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 24. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY END USER, 2023-2030, (MILLION USD)

FIGURE 25. PILGRIM TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 26. EDUCATION TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 27. BUSINESS TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 28. FAMILY TRAVELERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 29. AUSTRALIA TRAVEL INSURANCE MARKET VALUE, BY DISTRIBUTIONAL CHANNEL, 2023-2030, (MILLION USD)

FIGURE 30. INSURANCE COMPANIES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 31. BANKS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 32. AIRLINES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 33. ONLINE PLATFORMS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 34. INSURANCE AGGREGATORS AND COMPARISON WEBSITES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 35. TRAVEL AGENTS AND TOUR OPERATORS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 36. ALLIANZ GROUP: NET SALES, (2021-2023)

FIGURE 37. ALLIANZ GROUP: PRIMARY MARKET COMPETITORS

FIGURE 38. AXA SA: NET SALES, (2021-2023)

FIGURE 39. AXA SA: PRIMARY MARKET COMPETITORS

FIGURE 40. ZURICH INSURANCE GROUP LIMITED: NET SALES, (2021-2023)

FIGURE 41. ZURICH INSURANCE GROUP LIMITED: PRIMARY MARKET COMPETITORS

FIGURE 42. AMERICAN INTERNATIONAL GROUP, INC.: NET SALES, (2021-2023)

FIGURE 43. AMERICAN INTERNATIONAL GROUP, INC.: PRIMARY MARKET COMPETITORS

FIGURE 44. CHUBB LIMITED: NET SALES, (2021-2023)

FIGURE 45. CHUBB LIMITED: PRIMARY MARKET COMPETITORS

FIGURE 46. AVIVA PLC: NET SALES, (2021-2023)

FIGURE 47. AVIVA PLC: PRIMARY MARKET COMPETITORS

FIGURE 48. NATIONWIDE: NET SALES, (2021-2023)

FIGURE 49. NATIONWIDE: PRIMARY MARKET COMPETITORS

FIGURE 50. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: NET SALES, (2021-2023)

FIGURE 51. BERKSHIRE HATHAWAY SPECIALITY INSURANCE: PRIMARY MARKET COMPETITORS

FIGURE 52. TRAVEL INSURED INTERNATIONAL: NET SALES, (2021-2023)

FIGURE 53. TRAVEL INSURED INTERNATIONAL: PRIMARY MARKET COMPETITORS

FIGURE 54. GENERALI GROUP AND OTHERS: NET SALES, (2021-2023)

FIGURE 55. GENERALI GROUP AND OTHERS: PRIMARY MARKET COMPETITORS

KEY PLAYERS

Allianz Group

Zurich Insurance Group Limited

American International Group, Inc.

Chubb Limited

Berkshire Hathaway Speciality Insurance

Travel Insured International

Generali Group

Frequently Asked Questions

Travel insurance policies vary, but common coverage includes trip cancellation or interruption, medical expenses, emergency medical evacuation, lost or delayed luggage, travel delays, and assistance services such as 24/7 emergency assistance hotlines.

Regulatory challenges such as diverse and complex regulations imposed by governmental authorities across county restrain the growth of the market.

According to Next Move Strategy Consulting, North America is the dominant region in the travel insurance market.

Several market players operating in the travel insurance market include Allianz Group, AXA SA, Zurich Insurance Group Limited, American International Group, Inc., Chubb Limited, Aviva PLC, Nationwide, Berkshire Hathaway Speciality Insurance, Travel Insured International, Generali Group and Others.

By age group, millennials are the dominant segment in the Australia travel insurance market.

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Travel Insurance Market

Travel insurance market size, share & trends analysis report 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 age group (1-17 years old, 18-30 years old, 31-49 years old, above 50), by end user (senior citizens, education travelers, business travelers, family travelers, others) and by region(north america, europe, apac, middle east and africa, latam) forecasts, 2022-2030.

Market Dynamics

Regional analysis, report scope, segmental analysis.

• Recent Development

Top Key Players

• Report Overview
• Table of Content
• Segmentation

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Market overview.

The global travel insurance market size was valued at USD 22780 million in 2021 and is estimated to reach an expected value of USD 48665 million by 2030 , registering a CAGR of 8.8% during the forecast period (2022 – 2030).

An insurance product called travel insurance is made to cover unforeseen circumstances that may arise while on the road, whether domestically or abroad. It typically offers coverages for unexpected medical costs, trip cancellation, aircraft delays, lost luggage, public liability, and other costs to reduce risks while traveling. Additionally, based on coverages, travel insurance providers offer a variety of plans by paying for expenses and losses related to travel. Additionally, several intermediaries in the supply chain, including insurance aggregators, banks, and brokers, give customers various options to evaluate goods and pricing and recommend appropriate insurance policies. Additionally, visitors visiting nations like Thailand, Cuba, Antarctica, Schengen nations, the United States, and the United Arab Emirates must purchase international travel insurance.

Online travel insurance sales through direct airline websites, online travel agents (OTAs), and company websites and applications are becoming increasingly popular. This is fueling the expansion of the online travel insurance sector. Additional market expansion factors include increased tourism by rising disposable income, simple internet travel bookings, package vacations, extended holiday coverage, etc. A surge in tourism brings about several incidents, including trip cancellations, luggage, critical document losses, medical emergencies, and others. Customers choose travel insurance to reduce these risks, a crucial element driving the market for travel insurance.

Market Driving Factors

Convenient shopping due to online comparison sites.

With increased internet usage for online comparison shopping, consumer preferences are changing and gaining a seamless experience for travel insurance purchases. Online portals such as direct airline sites, online travel agencies (OTAs), and company websites & applications drive the growth of the online insurance market, spreading awareness among users in the market. In addition, these online sites typically offer limited options from a single company, providing travelers with the easiest way to compare and buy travel insurance coverages from top-rated providers in the market. As a result, these factors behind comparison-shopping via online sites fuel the growth of the travel insurance premium during the forecast period.

For example, in 2019, a study conducted by TravelInsurance.com offered a way to compare multiple travel insurance companies and projected that online comparison sites to be the fastest growing sales channel for the travel insurance industry in the market.

Travel Rule and Regulations

Travel insurance providers in the market are adopting several model acts, laws & regulations to sustain the competitive environment. The new approaches by regulatory bodies include the development of prospective legislation and enforcement activity, accelerating the growth of travel protection products and services in the industry. The combination of enforcement & development of model laws drives the growth of travel insurance premiums; thereby, modernizing the unique nature of travel protection offerings across the industry. For instance, in the U.S., the National Association of Insurance Commissioners (NAIC) has proposed a new model act to promote public welfare and a comprehensive legal framework within the travel insurance industry. In addition, the regulatory body implemented a significant step for the industry to address growing consumer needs with standard laws and regulations.

Market Restraining Factors

Lack of awareness regarding travel insurance policy.

Lack of understanding and awareness regarding travel insurance coverages is a significant factor that restrains the growth of the travel insurance market. The consumers' experiences and adoption of travel insurance remain a primary concern, which needs to be addressed by eliminating knowledge gaps for travel insurance in the market. A survey conducted, in 2018, by TravelInsurance.com projected that 47% of the respondents were unaware of health insurance coverages included in the policy. In addition, misguidance toward premium rates, coverage provided, the value proposition of travel insurance, and the benefits it provides. As a result, these factors limit the market's growth of travel insurance premiums.

Market Key Opportunities

New technological developments in the travel insurance industry.

Growing market prospects for insurers are being created by technologies, including geolocation, application program interfaces (API), artificial intelligence (A.I.), data analytics, blockchain, and big data. With these advancements in technology, distribution channels for travel insurance should operate more efficiently and offer coverages at the point of sale.

Additionally, travel insurance companies may provide their clients with highly customized user experiences thanks to digital transformation. Further, to maintain market position, insurers are considering the use of big data analytics that offer possibilities of generating significant premiums.

In addition, technology helps in data collection, caters to customer-specific needs, calculates risk, and detects fraud. As a result, technology improvements that make travel insurance easy to get and convenient are predicted to generate profitable market prospects for insurers.

Region-wise, the global travel insurance market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 11.3%. It is considered the fastest growing region globally because of its emerging economies, growing population, and middle-income segment. The travel insurance market is particularly brisk in countries such as China, Japan, India, Indonesia, Korea, Australia, Hong Kong, Taiwan, New Zealand, and Singapore, with high G.D.P. growth and a rise in per capita income. Further, users such as senior citizens and baby boomers are opting for insurance intermediaries, owing to the long-term relationship and trust associated with travel insurance purchases. Insurance intermediaries provide better services and an understanding of the travel insurance policies in the market. In addition, nearly two-thirds of travel insurance policies sold in this region are carried out by traditional travel agencies and suppliers. Moreover, single-trip policies are popular policies among travelers in the region. The insurance intermediaries are the prime distribution channel for selling travel insurance policies in Asia-Pacific. Stringent laws and regulations regarding data protection in the travel insurance industry fuel the region's demand for the travel insurance market.

Europe is the second largest region. It is estimated to reach an expected value of USD 12145 million by 2030, registering a CAGR of 6.4%. The rise in the number of senior citizen travelers taking abroad and domestic trips and the increase in business travel spending are some of the factors that fuel the growth of the European travel insurance market. Furthermore, the increase in the trend of multigenerational travel also drives the growth of the travel insurance market in the region. In Europe, single-trip policies occupy the most significant travel insurance market share.

Additionally, the rise in business travelers and senior citizens is expected to boost the market sales of annual and long-stay travel insurance policies. Further, the majority of policies across Europe are sold through insurance intermediaries; therefore, this segment is expected to grow during the forecast period. For instance, Allianz Partners, which owns Allianz Global Assistance U.S., projected that 15 of the 26 Schengen nations currently require mandatory travel insurance for visitors, students, and ex-pats. These end users are creating profitable opportunities for travel insurance providers in the region.

North America is the third largest region. In North America, trip cancellation/interruption is the most popular policy and is expected to remain the same during the forecast period. In addition, the sale of travel medical insurance and evacuation insurance plans has witnessed a steady demand in the market. Senior citizens, family travelers, and backpackers are the significant buyers of travel insurance in this region, and most of the policies are sold via travel intermediaries. These industries are creating lucrative opportunities for insurance providers in the region. For instance, in 2018, a study by the U.S. Travel Insurance Association projected that consumers spent nearly $3,800 million on travel protection via a travel insurance policy.

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The global international travel insurance market is divided into insurance cover, end users, distribution channels, and regions.

In terms of insurance cover, the global travel insurance market is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The single-trip travel insurance segment was the highest contributor to the market and is estimated to grow at a CAGR of 7.8% during the forecast period. Single-trip policies are popular travel insurance policies across all regions. However, Asia-Pacific witnessed higher demand for single-trip travel insurance policies, owing to an increase in the number of multi-generation travelers such as grandparents, parents, and grandchildren.

The annual multi-trip travel insurance segment is the fastest growing. Business travelers tend to travel multiple times within a year. An annual multi-trip policy is best suited for these users, and its demand is expected to grow at the highest rate during the forecast period. In addition, an increase in business travelers in the Asia-Pacific region provides a promising opportunity for travel insurance providers in the market.

Based on distribution channels, the global travel insurance market is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. The insurance intermediaries segment was the highest contributor to the market and is estimated at a CAGR of 7.9% during the forecast period. Insurance intermediaries are upgrading their businesses by incorporating software like the global distribution system (G.D.S.), which enables transactions between travel industry service providers such as airlines, hotels, car rental companies, and travel agencies. This software becoming a significant trend helps in determining customer behavior & increased purchases for travel insurance policies in the market.

The insurance aggregators segment is the fastest growing. Consumer buying behavior, insurers' participation in aggregator services, and an increase in travel and tourism are becoming significant trends in the market. For instance, a study conducted by Accenture projected that 83% and 60% of insurers in the U.K. and the U.S. are launching their aggregator sites for travel insurance. Furthermore, marketing expenditure by existing insurers for providing online travel insurance services boosts the segment's growth. Conversely, educating customers, assessing their product needs, and serving the right product via online portals are expected to create lucrative opportunities for insurance aggregators in the upcoming years.

Based on end-user users, the global travel insurance market is segmented into senior citizens, education travelers, business travelers, family travelers, and others. The family travelers segment was the highest contributor to the market and is estimated to grow at a CAGR of 7.1% during the forecast period. The rise in multigenerational travel trends among families is expected to increase the demand for travel insurance policies. In addition, the travel market no longer refers to the notion of a nuclear family. Instead, it defines "family" as a combination of four or more adults. This has become another growing trend in family travelers in the market. Moreover, due to the increase in adventure travel packages, families travel with children above 18. The young generation of travel influencers is growing rapidly, thereby boosting the segment's growth. On the contrary, healthier and more affluent grandparents have supplemented this growth with luxury travel, entertainment, and get-togethers among family members residing in different countries is the essential purpose of travel. Therefore, these factors provide lucrative opportunities for travel insurance providers in the upcoming years.

The business travelers segment is the fastest growing. A growing network of co-working and remote workers are rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a significant trend in the market. Moreover, "Bleisure," a combination of business and leisure travel, is one of the biggest travel trends, which fuels t demand for travel insurance premiums in the market. With these increases in business travel spending, international business transactions have increased penetration of travel insurance among business travelers, dynamically targeting these travelers based on both sets of interests. Conversely, travel insurance providers can create corporate travel insurance plans with an option to extend coverage by leisure activities and respond to various factors such as health, safety, political or social change, security, natural disasters, and others. These factors create immense potential for insurers in the upcoming years. For instance, developing county, such as India, is expected to witness rapid growth in business travelers, owing to increased expansion in overseas businesses in the market.

Market Size By Insurance Cover

Recent developments.

• September 2022 - Allianz is recognized as a Sustainable Insurer by Dow Jones Sustainability Index.
• July 2022 - Zurich Insurance Group's (Zurich) health and wellbeing business has announced a collaboration with Polar Electro, a leader in wearable sports and heart rate and health technology, with customers of both companies now able to gain access to services that will help them reach their wellbeing goals. The collaboration will initially start with six countries – Brazil, Italy, Portugal, Spain, the U.K., and Ireland – and will expand to other countries in due course where Polar and LiveWell are present.

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Travel Insurance - Market Size

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• Travel Insurance

Travel Insurance Global Market Report 2024

• February 2024
• Region: Global
• The Business Research Company
• ID: 5939422
• Description

Table of Contents

Executive summary.

• Companies Mentioned

Methodology

Related topics, related reports.

• Purchase Options
• Ask a Question
• Recently Viewed Products
• International
• Single-Trip Travel Insurance
• Annual Multi-Trip Travel Insurance
• Long-Stay Travel Insurance
• Medical Expenses
• Trip Cancellation
• Property Damage
• Other Coverages
• Insurance Intermediaries
• Insurance Companies
• Other Distribution Channels
• Senior Citizens
• Corporate Travelers
• Family Travelers
• Education Travelers
• Other End-Users

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• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Companies mentioned (partial list).

A selection of companies mentioned in this report includes, but is not limited to:

• Allianz Group
• Berkshire Hathaway Specialty Insurance Company
• Zurich Insurance Group AG
• American International Group Inc.
• American Express Company
• Chubb Limited
• Seven Corners Inc
• Travelex Insurance Services Inc.
• Corporate Risks India Insurance Brokers Pvt Ltd
• New India Assurance – General Insurance Brokers
• Oriental Insurance Company
• ICICI Lombard General Insurance Company
• United India Insurance
• HDFC ERGO Non-Life Insurance Company
• Fanhua Holdings
• Insubuy LLC
• China Life Insurance Company Limited
• Insured Nomads
• Sompo Japan Nipponkoa Insurance Inc
• Mitsui Sumitomo Insurance Co. Ltd.
• Ping an Insurance Company of China
• People's Insurance Company (Group) of China
• China Pacific Insurance (Group) Co. Ltd
• New China Life Insurance
• Marsh & McLennan Companies UK Limited
• Aon UK Limited
• Arthur J Gallagher & Co
• Willis Towers Watson plc
• Lloyd's of London Limited
• Funk Gruppe GmbH
• Ecclesia Holding GmbH
• Hannover Re
• Crédit Agricole Assurances
• Sogaz Insurance Group
• Ingosstrakh Insurance Co
• Marsh McLennan
• Česká Pojišťovna
• MetLife Inc.
• Assicurazioni Generali
• RSHB Insurance
• Soglasie Insurance Company
• Sberbank Insurance Company LLC
• John Hancock Insurance Agency
• Trawick International
• USI Affinity Travel Insurance Services
• GoReady Insurance
• TU AGENCIA DE SEGUROS CO
• 111 Seguros Ltda
• Agencia de seguros
• BSB Capital Corretora de Seguros
• Indeniza Corretora em Balsas MA
• Emirates Insurance Co.
• Sukoon Insurance
• Union Insurance
• Doha Insurance Group
• Qatar Insurance Co
• KIB Takaful Insurance Company
• Gulf Insurance Group
• Misr Life Insurance
• QNB Alahli Life Insurance
• Care Line Group
• De Wet De Villiers
• Travelinsure
• Lensure Insurance Brokers Cc
• Travel Africa Insurance
• Oojah Travel Protection
• Takaful Insurance of Africa
• Bryte Insurance Company Limited

Table Information

United States Travel Insurance Market Competition Forecast & Opportunities, 2028

•  Report
• August 2023
• United States

Europe Travel Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

Global Travel Insurance Market by Insurance Coverage (Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance, Single-Trip Travel Insurance), Distribution Channel (Banks, Insurance Aggregators, Insurance Brokers), End-Users - Forecast 2024-2030

Business Travel Accident Insurance Global Market Report 2024

Travel Insurance Market, Competition, Forecast & Opportunities, 2018-2028F

• October 2023

About the Travel Insurance Market

The Travel Insurance market is a sector of the insurance industry that provides coverage for travelers in the event of unexpected losses or damages incurred while traveling. This type of insurance typically covers medical expenses, trip cancellations, lost luggage, flight delays, and other related losses. It is important to note that travel insurance does not cover losses due to acts of terrorism or war. Travel insurance policies are typically tailored to the individual traveler's needs and can be purchased for a single trip or for multiple trips. Policies can also be purchased for a specific period of time, such as a year or more. Some of the major companies in the Travel Insurance market include Allianz, AXA, AIG, Chubb, and Zurich. These companies offer a variety of policies and coverage options to meet the needs of travelers. Show Less Read more

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Travel Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Insurance Cover, by Distribution Channel, by End User, by Age Group : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : Insurance

Report Code: A01285

Tables: 208

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Travel Insurance Market Research, 2032

The global travel insurance market was valued at $16.8 billion in 2022, and is projected to reach $106.8 billion by 2032, growing at a CAGR of 20.1% from 2023 to 2032. 

Travel insurance is a type of insurance coverage that covers unexpected occurrences that may occur before or during a trip. It typically provides coverage for travel cancellations, interruptions, and delays, as well as medical expenses, emergency evacuation, and lost or stolen items. In addition, travel insurance can provide financial security against unanticipated incidents such as illness, natural disasters, or travel advisories. It is often recommended for international travel, where healthcare costs and other expenses can be significantly higher than usual.

Key Takeaways

By insurance cover, the single-trip travel insurance segment held the largest travel insurance market size for 2022.

By distribution channel, the insurance intermediaries segment held the largest share in the travel insurance market for 2022.

By end users, the business travelers’ segment is expected to show the fastest market growth during the forecast period.

By age group, the 18-30 years old segment is expected to show the fastest market growth during the forecast period.

Region-wise, Europe held largest market share in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.

The travel insurance market trends include, rapid growth in tourism, convenient shopping due to online comparison sites and travel rules & regulations primarily drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policy hampers the market growth. On the contrary, expansion of products & services and new technological developments in the travel insurance industry is expected to provide lucrative opportunities for the market growth during the forecast period. 

Segment Overview

The travel insurance market outlook is segmented on the basis of insurance cover, distribution channel, end user, age group, and region. By insurance cover, it is fragmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. By distribution channel, the market is divided into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. By end user, it is classified into senior citizens, education travelers, business travelers, family travelers, and others. By age group, it is segregated into 1-17 years old, 18-30 years old, 31-49 years old, and above 50 years. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By Insurance Cover

On the basis of insurance cover, single-trip travel insurance segment dominated the travel insurance market share in 2022 and is expected to maintain its dominance in the upcoming years owing to its affordability, flexibility, and suitability for the evolving needs of modern travelers, coupled with the increasing awareness of the importance of travel insurance in mitigating risks associated with international travel. However, the long-stay travel insurance segment is expected to witness the highest growth, owing to growing popularity of long-term travel among digital nomads, remote workers, students, and other travelers, coupled with the increasing recognition of the need for specialized insurance coverage tailored to extended journeys and immersive experiences.

By Distribution Channel

On the basis of distribution channel, insurance intermediaries segment dominated the travel insurance market in 2022 and is expected to maintain its dominance in the upcoming years owing to its widespread network, personalized customer service, and ability to offer a wide range of insurance products tailored to individual needs. However, the insurance aggregators segment is expected to register the highest CAGR during the travel insurance market forecast period, owing to the increasing popularity of long-term travel among retirees, digital nomads, and individuals seeking extended stays abroad for work or leisure.

By End User

On the basis of end user, family travelers segment dominated the travel insurance market in 2022 and is expected to maintain its dominance in the upcoming years owing to emphasis on safety and security, the financial investment involved in family vacations, the unique needs of families traveling with children, and the growing popularity of multigenerational travel experiences. However, the business travelers segment is expected to witness the highest growth, owing to resurgence of business travel, the specific needs and priorities of corporate travelers, the flexibility and convenience of multi-trip insurance plans driving demand for comprehensive travel insurance solutions.

By Age Group

On the basis of age group, 31-49 years old segment dominated the travel insurance market in 2022 and is expected to maintain its dominance in the upcoming years owing to their financial stability, active travel behavior, increased awareness of the need for travel insurance, and the convenience of accessing and purchasing insurance products online. However, the 18-30 years old segment is expected to witness the highest growth, owing to their adventurous mindset, financial flexibility, and heightened awareness of the importance of travel insurance in safeguarding their travel experiences in an increasingly uncertain world.

Region-wise, the travel insurance market was dominated by Europe in 2022 and is expected to retain its position during the forecast period, owing to the regions well-established travel infrastructure, high travel frequency among its population, and strong awareness about the importance of travel insurance, supported by robust regulatory frameworks. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the increasing disposable incomes, rising travel expenditures, and growing awareness about the benefits of travel insurance among the region's population, which is driving the market growth.

Market Landscape and Trends

The technological trend for travel insurance market is focused on enhancing customer experience, improving operational efficiency, and mitigating risks which is driving the market growth. The integration of artificial intelligence (AI) and machine learning (ML) technologies is used to provide instant customer support through chatbots, personalize insurance offerings based on individual travel patterns, and analyse data to better understand and price risks. In addition, blockchain technology utilized to securely manage policies, process claims, and verify travel documents. Also, the mobile technology is playing a significant role, with insurers developing apps for policy management, claims filing, and real-time customer communication which provides travel insurance market opportunity.

Competitive Analysis

Competitive analysis and profiles of the major players in the travel insurance industry include American International Group, Inc., Assicurazioni Generali S.P.A., Aviva, AXA, Zurich, Just Travel Cover, PassportCard, Trailfinders Ltd., Staysure, and Insurefor.com. Major players have adopted product launch, partnership, expansion and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the travel insurance industry.

Recent Developments in the Global Travel Insurance Industry

In September 2020, Insurefor.com has updated its policies, which is making it the first travel insurance market brand to provide cover when travelling against FCO advice whilst simultaneously protecting consumers against COVID-related issues both pre-departure and whilst abroad

In May 2022, Trip.com and AXA Partners announced a significant European expansion of new travel insurance products for German and French travellers. The two new insurance solutions provide a range of benefits such as medical, cancellation and baggage cover, which is selected while booking a flight on Trip.com. The cancellation-only ‘Basic’ insurance solution has proven especially popular in mainland Europe as travellers seek reassurance when booking their next trip and includes coverage if the trips are cancelled due to Covid. Whilst the Travel Plus medical insurance policy, made available to UK customers in September 2021, crucially protects customers for cancellation and medical costs if they contract COVID-19

In March 2024, Zurich Insurance partnered with travel and leisure e-commerce platform Klook to introduce FlyEasy coverage, which, powered by Zurich Edge platform with micro-services from Blink Parametric, aims to reduce customer stress from long flight delays at airports

In October 2023, Travel Insured International (Travel Insured), a leading travel insurance market provider, engaged Robin Assist, a tech-driven emergency travel assistance platform, to deliver responsive customer service, emergency travel and medical assistance, and claims to its insureds from any device, anytime, anywhere. The alliance provides Travel Insured’s customers with 24/7 support to help mitigate travel risk, and together with the Robin Assist team, service is available to travellers worldwide

Top Impacting Factors

Rapid growth in tourism.

The rapid growth in tourism is driving the growth of travel insurance market owing to the increase in travel volumes continue to surge, both domestically and internationally, the demand for travel insurance products has increased significantly. As the tourism sector grows, more people travel, by which increasing the chance of unexpected problems such as medical emergencies, lost luggage, airline cancellations, and natural catastrophes. The rise in travel activities increases the need for travel insurance as passengers seek financial protection against these risks. Rising demand for  travel health insurance, increasing tourism for international travel, the aging population, and regulatory requirements  for insurance which drive the market growth.

In addition, the surge in global travel, driven by factors such as increased disposable money, package trips, and easy internet bookings, raised traveler awareness of the significance of travel insurance. As more consumers recognize the potential inconveniences and financial losses connected with travel disasters, the demand for travel insurance market grows. For instance, a recent survey of 4,700 respondents from 11 countries around the world, conducted by the International Air Transport Association (IATA) in 2021, revealed that 57% of them were expected to be traveling within two months of the pandemic’s containment, and 72% of them are anticipated to do so as soon as they can meet friends and family. 

Convenient shopping due to online comparison sites

Consumer preferences are changing and gaining seamless experience for travel insurance purchases with increase in use of internet for online comparison-shopping. Online portals such as direct airline sites and online travel agencies (OTAs) and company websites & applications which drive the growth of the online insurance market, spreading awareness among users in the market. In addition, these online sites typically offer limited options from a single company, providing travelers with the easiest way to compare and buy travel insurance coverages from top-rated providers in the market. As a result, comparison shopping through online sites is expected to fuel the growth of the travel insurance premium during the forecast period. For instance, in 2022, a study conducted by TravelInsurance.com compared different multiple travel insurance companies and projected online comparison sites to be the fastest growing sales channel for the travel insurance industry in the market.

Travel rules and regulations

Travel insurance providers in the market have adopted several model acts, strategies, and regulations to sustain in the competitive environment. For instance, in April 2022, AXA Partners, an AXA business unit, offering a wide range of solutions in assistance services, travel, and specialized insurance and credit protection, partnered with Trip.com to further expand the travel insurance product in Europe. Further, new approaches by regulatory bodies include development of prospective legislation and enforcement activity, accelerating growth of travel protection products and services in the industry. 

The combination of enforcement & development of model laws drives growth of travel insurance premiums; thereby, modernizing unique nature of travel protection offerings across the industry. For instance, in the U.S., the National Association of Insurance Commissioners (NAIC) proposed a new model act to promote public welfare and a comprehensive legal framework within the travel insurance industry. In addition, the regulatory body implemented a significant step for the industry to address growth in consumer needs with standard laws and regulations. Thus, travel rules and regulations drive the travel insurance market growth.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel insurance market analysis from 2022 to 2032 to identify the prevailing market opportunities.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the travel insurance market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global travel insurance market trends, key players, market segments, application areas, and market growth strategies.

  Travel Insurance Market Report Highlights

Analyst Review

The travel insurance market is experiencing significant growth due to the increased number of travelers and the availability of travel insurance through online vendors and intermediaries which contributed to a surge in adoption. This presents an opportunity for companies to capitalize on the growing customer base.

In addition, the partnerships and acquisitions by key players provide several opportunities for market growth. For instance, in June 2023, Blink Parametric and Newpoint's GetCover.com entered a strategic partnership to introduce a range of customized online travel insurance products. The collaboration focuses on incorporating a cutting-edge parametric flight delay solution into the travel insurance policies, catering to eligible policyholders. This innovative offering leverages real-time data to provide timely coverage and compensation in the event of flight delays. The partnership aims to enhance the overall travel insurance experience by offering tailored solutions that address the specific needs and concerns of travelers. 

Furthermore, with the rise in demand for travel insurance covers, various companies have expanded their current services to continue with the rising demand. For instance, in June 2023, FijiCare launched a new travel insurance product. The comprehensive travel insurance product includes coverage for medical expenses, including hospitalization and COVID-19 coverage, the repatriation of mortal remains, accidental death, and trip curtailment.  

• Travel Insurance
• Health Insurance

The travel insurance market is estimated to grow at a CAGR of 20.1% from 2023 to 2032.

The travel insurance market is projected to reach $106.8 billion by 2032.

Rapid growth in tourism, convenient shopping due to online comparison sites and travel rules and regulations majorly contribute toward the growth of the market.

The key players profiled in the report include American International Group, Inc., Assicurazioni Generali S.P.A., Aviva, AXA, Zurich, Just Travel Cover, PassportCard, Trailfinders Ltd., Staysure, and Insurefor.com.

The key growth strategies of travel insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

The forecast period for travel insurance market is 2023 to 2032.

Travel insurance is a type of insurance coverage designed to protect travelers against a range of unforeseen events and risks that can occur before or during a trip.

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Travel Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032

Travel Insurance Market

Travel insurance market report by insurance type (single trip travel insurance, annual multi-trip insurance, long-stay travel insurance), coverage (medical expenses, trip cancellation, trip delay, property damage, and others), distribution channel (insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others), end user (senior citizens, education travelers, business travelers, family travelers, and others), and region 2024-2032.

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Market Overview 2024-2032:

The global travel insurance market size reached US$ 17.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2032, exhibiting a growth rate (CAGR) of 11% during 2024-2032.

Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home. Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.

Travel Insurance Market Trends:

The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth. Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global travel insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on insurance type, coverage, distribution channel and end user.

Breakup by Insurance Type:

• Single-Trip Travel Insurance
• Annual Multi-Trip Insurance
• Long-Stay Travel Insurance

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Breakup by Coverage:

• Medical Expenses
• Trip Cancellation
• Property Damage
• Others  

Breakup by Distribution Channel:

• Insurance Intermediaries
• Insurance Companies
• Insurance Aggregators
• Insurance Brokers

Breakup by End User:

• Senior Citizens
• Education Travelers
• Business Travelers
• Family Travelers

Breakup by Region:

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United States

• South Korea

United Kingdom

• Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG.

Report Coverage:

Key questions answered in this report.

The global travel insurance market was valued at US$ 17.9 Billion in 2023.

We expect the global travel insurance market to exhibit a CAGR of 11% during 2024-2032.

The growing availability of booking holiday packages online, along with the rising demand for travel insurance to protect tourists from financial risks, is primarily driving the global travel insurance market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of the stringent lockdown regulations across several nations, resulting in the temporary intra-and inter-national travel restrictions, thereby limiting the demand for travel insurance.

Based on the insurance type, the global travel insurance market has been segmented into single-trip travel insurance, annual multi-trip insurance, and long-stay travel insurance. Currently, annual multi-trip insurance holds the majority of the total market share.

Based on the coverage, the global travel insurance market can be divided into medical expenses, trip cancellation, trip delay, property damage, and others. Among these, medical expenses coverage exhibits a clear dominance in the market.

Based on the distribution channel, the global travel insurance market has been categorized into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others. Currently, insurance intermediaries account for the majority of the global market share.

Based on the end user, the global travel insurance market can be segregated into senior citizens, education travelers, business travelers, family travelers, and others. Among these, family travelers currently hold the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global travel insurance market include Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services), and Zurich Insurance Group AG.

India Dairy Market Report Snapshots Source:

Statistics for the 2022 India Dairy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 

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• General Insurance Insights Dashboard

The interactive dashboards provide a summary of key performance statistics, separately by Institution and Product Class.

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Dashboard commentary  |  Gross Written Premium (GWP) |  Underwriting Profitability  |  Further reading  |  Get in touch  

The dashboards which accompany the General Insurance Industry Review  report contain a range of interactive charts and graphs presenting the key industry performance metrics for the past 5 years.

Our product level dashboard has been updated using APRA data as at 30 June 2023. Our institutional dashboard uses data as at 30 June 2023.

The interactive dashboards allow you to view the data at various levels. The Institution Level Dashboard also enables you to compare an individual insurer’s metrics with another insurer, and to all insurers operating in the same market segment.

All data has been sourced from the APRA General Insurance publications. Further information on methodology is provided within each Dashboard.

Summarises key performance statistics by Institution (updated December 2023)

Summarises key performance statistics by Product Class (updated September 2023)

Product Level Dashboard commentary

The following key high-level observations cover the product level dashboard update:

Gross Written Premium (GWP)

• In the year to 30 June 2023, Gross Written Premium (GWP) for general insurers 1 has increased by 12.2%. There have been increases in GWP across all major lines of business, except for Professional Indemnity, primarily driven by increases in average premiums.
• Average premiums for the year to 30 June 2023 have increased by 10-18% for property classes including Domestic and Commercial Motor, Houseowners and Householders’ insurance, and Fire and ISR. Over the same period, average premiums for Public and Product liability have increased by 14.5%, whilst average premiums for CTP and Professional Indemnity have remained relatively flat.
• For the year to 30 June 2023, Commercial Motor and CTP have seen growth of 5.5% and 5.6% respectively in the number of risks written.
• Other lines of business include the Travel insurance product, which has seen a return of gross written premiums to pre-COVID levels. This is attributed to increased travel over this period, and a greater cost for travel insurance than prior to COVID-19.

Underwriting Profitability

• In the year to 30 June 2023, Underwriting Profitability for general insurers 1 was $5.70 billion, compared to the underwriting result of $6.08 billion in the previous 12 months.
• Fire and ISR, which includes commercial property, has had an increase in underwriting result from $911 million in the 2022 financial year to $2,051 million in the 2023 financial year. This increase in underwriting profit has primarily been due the release of reserves for Business Interruption by insurers following recent court decisions on policy wordings for pandemic exclusions and also as a result of premium increases.
• Severe weather-related events have impacted the results of both the 2022 and 2023 years. These events include the May 2023 Newcastle hailstorm, Central West NSW floods in November 2022; Victoria, NSW and Tasmania floods in October 2022; NSW floods in July 2022; and Queensland and NSW floods from February to April 2022.
• Increases in net incurred claims for the March 2023 quarter to $9.17 billion, which had increased by 20.4% compared to the December 2022 quarter ($7.62 billion) and increased by 36.5% compared to the March 2022 quarter ($6.72 billion).
• Releases in reserves for CTP in the 2022 financial year as Scheme changes in NSW reached a more mature state and claims experience had further developed. Underwriting profit for CTP has decreased from $752 million in the previous 12 months to $363 million in the 12 months to 30 June 2023.
• Employers’ liability has seen a decrease in underwriting profitability from $489 million in the 2022 financial year to $236 million in the 2023 financial year.
• Professional Indemnity has seen a decrease in underwriting profitability from $762 million in the 2022 financial year to $538 million in the 2023 financial year due to an increase in incurred claims.
• Decrease in underwriting profitability for Domestic Motor from $593 million in the 2022 financial year to $393 million in the 2023 financial year, as the benefits of lower claim frequency during COVID lockdowns unwound and has since reverted to pre-COVID levels, and the impact of continued high rates of claims inflation in FY23.
• Homeowners and Householders’ insurance have had underwriting losses over the 2022 and 2023 financial years of $199 million and $206 million respectively. These underwriting losses reflect the increased levels of weather-related claims that have been experienced.
• In the June 2023 quarter, underwriting profit was $2.63 billion. This is compared to an underwriting loss of $77 million in the March 2023 quarter and underwriting profit of $2.25 billion in the June 2022 quarter.
• Includes all general insurers (direct and indirect).

Further reading

Analysis on the Australian general insurance market financial results up to 31 December 2022 and insights on key industry trends.

Australian general insurance financial results for 2022 analysis and insights.

KPMG’s Life Insurance Insights provides analysis and insights based on financial results up to 30 June 2023 for the Australian life insurance market.

Australian life insurance market financial results to 30 June 2023, analysis and insights.

Get in touch

Jefferson gibbs.

Partner, Audit, Assurance & Risk Consulting

KPMG Australia

Our insurance practice is led by senior partners with extensive industry experience.

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Australia and canada travel insurance market to reach $12.3 billion, by 2032 at 24.0% cagr: allied market research.

The Australia and Canada travel insurance market is driven by rise in baby boomer travelers along with their family or relatives creates a need for secure travel.

Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled , “ Australia and Canada travel insurance Market Insurance Cover (Single Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50): Country Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the Australia and Canada travel insurance industry generated $1,444.91 million in 2022 and is anticipated to generate $12,341.78 million by 2032, witnessing a CAGR of 24.0% from 2023 to 2032.

Request PDF Brochure : https://www.alliedmarketresearch.com/request-sample/267589

Australia and Canada travel insurance covers the expenses incurred and minimizes the risks during travel. It acts as a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on Australia and Canada travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.

Prime Determinants of Growth

The Australia and Canada travel insurance market is driven by increasing emergency and medical expenses, rapid growth in tourism and rise in baby boomer travel. However, lack of awareness regarding benefit related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the Australia and Canada travel insurance industry will offer ample growth opportunities in the upcoming years.  

Report Coverage & Details:

COVID-19 Scenario

The COVID-19 pandemic had a large impact on the Australia and Canada travel insurance market. The economic uncertainty and lockdown caused by the pandemic led to a sudden drop in demand for travel insurance. In addition, tourism destinations followed complete ban on hotels, and restaurants, bars, tourist attractions, theme parks & museums negatively affected the growth of Australia and Canada travel insurance market.

COVID-19 outbreak has largely affected the Australia and Canada travelers’ mindset regarding the advantages of travel insurance. For instance, according to a study by Allianz Global Assistance in 2023, 89% of Canadians plan to secure travel insurance for their next trip. In addition, 74% said having travel insurance is equally or more important post-pandemic, while 32% said it is more crucial than before the pandemic.  

Buy This Report ( 176 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3FCpeib  

The single-trip travel insurance segment to maintain its leadership status throughout the forecast period  

Based on the insurance cover, the single-trip travel insurance segment held the highest market share in 2022, accounting for nearly two-third of the Australia and Canada travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, this was attributed to the fact that single-trip travel insurance covers a combination of eventualities including trip cancellation, injury and illness, public liability, emergency repatriation loss of baggage, and others, whether consumers’ are visiting multiple destinations or countries. Key growth factors include customized coverages that are covered under this policy and are available at an extra premium cost, depending on customer’s need and demands. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 27.8% from 2023 to 2032, as this the policy is largely purchased by backpackers, and travelers on sabbaticals. Further, backpackers can work in countries they visit, which is expected to increase their stay; thereby, leading to increase in sale of long stay insurance policies in the market.

The insurance intermediaries segment to maintain its leadership status throughout the forecast period

Based on the distribution channel, the insurance intermediaries segment held the highest market share in 2022, accounting for nearly one-third of the Australia and Canada travel insurance market industry revenue, as intermediaries offer tailor-made travel schedule and accelerate travel insurance approval time for growing consumer demands, with exclusive ideas & solutions for their trip. However, the insurance aggregators segment is projected to manifest the highest CAGR of 27.6% from 2022 to 2032, as they allow consumers to easily compare insurance policies in terms of coverages, carriers, features, amount of premiums, and others. The insurance aggregator provides sufficient information about the insurance policies by bringing together plans from several travel insurance companies. In addition, with changing consumer needs and preferences, aggregators are becoming popular solution providers for customers purchasing travel insurance in Australia and Canada.

The family travelers segment is dominating the market in 2022

Based on end user, the family travelers segment held the highest market share in 2022, accounting for more than one-fourth of the Australia and Canada travel insurance market revenue, this is attributed to several key factors such as rise in multigenerational travel trend among families is expected to lead to increase in demand for travel insurance policies. In addition, due to increase in adventure travel packages, families are traveling with children above 18 years of age, as young generation of travel influencers is growing rapidly; thereby, boosting the growth of the segment. However, the business travelers segment is projected to manifest the highest CAGR of 27.4% from 2022 to 2032. Growing network of co-working and remote workers are rapidly integrating into the corporate travel booking ecosystem. This growing demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others, is becoming a major trend in Australia and Canada.

The 31-49 years old segment is dominating the market in 2022

Based on end user, the 31-49 years segment held the highest market share in 2022, accounting for more than one-third of the Australia and Canada travel insurance market revenue, this is attributed to several key factors such as 31-49 years old are more likely to opt for travel insurance as they often seek out adventure activities, unique experiences, and off-the-beaten-path destinations. In addition, they are more likely to participate in activities such as hiking, diving, or extreme sports. As a result, they may look for travel insurance that covers a wide range of adventure activities and offers higher limits for medical coverage and emergency evacuation in case of accidents. However, the 18-30 years old segment is projected to manifest the highest CAGR of 27.0% from 2022 to 2032. 18-30 years old have realized the importance and need to stay protected, thereby creating a safety net for themselves and their loved ones. Therefore, there has also been a steady rise in demand for health insurance. In addition, the younger generation is looking forward to a personalized and better customized insurance policy with personalized options and flexibility in payment along with the digital first approach for insurance.

Australia to maintain its dominance by 2032

Based on country, Australia held the highest market share accounting for more that half in terms of revenue in 2022, as domestic and international travel insurance has witnessed stable growth over the past five years, primarily due to increasing baggage loss with 1.77 mishandled bags per 1,000 passengers annually and growing need to compensate against the losses. Furthermore, the total number of missing cases increases drastically due to Asia-Pacific having the largest number of travelers.. However, the Canada region is expected to witness the fastest CAGR of 24.2% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to rise in the number of abroad trip each year and majority of people prefer to travel with insurance.

Leading Market Players: -

Allianz Australia Limited

Suncorp Group

AIG Australia Ltd

Nib Travel Insurance Distribution Pty Limited  

The Manufacturers Life Insurance Company

TD Insurance

RSA Travel Insurance Inc.

Travel Guard

Blue Cross Canada  

The report provides a detailed analysis of these key players in the Australia and Canada travel insurance market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

Want to Access the Statistical Data and Graphs, Key Players' Strategies:   https://www.alliedmarketresearch.com/purchase-enquiry/267589

Australia and Canada Travel Insurance Market Key Segments:  

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

By Age Group

1-17 Years Old

18-30 Years Old

31-49 Years Old

North America   (U.S., Canada)

Europe   (UK, Germany, France, Italy, Spain, Rest of Europe)

Asia- Pacific   (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 

LAMEA   (Latin America, Middle East, Africa)

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario): 

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Single Trip Travel Insurance Market by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030  

Business Travel Insurance Market By Coverage Type (Single-Trip Travel Insurance and Multi-Trip Travel Insurance), Distribution Channels (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers and Insurance Aggregators), and Application (Domestic and International): Global Opportunity Analysis and Industry Forecast, 2021-2030  

Europe Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Regional Opportunity Analysis and Industry Forecast, 2020-2027  

Italy Travel Insurance Market By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), Distribution Mode (Business-to-Business (B2B), Business-to-Consumer (B2C), and Business-to-Business-to-Consumer (B2B2C), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Opportunity Analysis and Industry Forecast, 2020-2027  

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Travel Insurance Market

Global Travel Insurance Market Share, Report, Forecast: By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance; By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Others; By End User; By Age Group; Regional Analysis; Competitive Landscape; 2024-2032

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Travel Insurance Market Outlook

The global travel insurance market size attained a value of USD 23.47 billion in 2023. The market is further expected to grow at a CAGR of 24.5% between 2024 and 2032, to reach a value of USD 168.84 billion by 2032.

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Key Trends in the Market

Travel insurance refers to a type of insurance coverage which provides protection against financial losses or expenses associated with domestic or international travelling. Depending upon coverage, travel insurance can offer financial assistance in case of ill-health, accidents, damage to personal possessions or rental vehicles, or any other kind of overhead expense. Apart from covering financial losses, travel insurance can also aid in replacing lost passports, re-booking cancelled flights, or delayed luggage, among others.

• The burgeoning tourism sector across the emerging economies, owing to the increasing affordability of flight tickets and increasing inclination of youth towards world exploration, is leading to a greater demand for travel insurance. Surge in the number of business travellers are expected to garner the market growth further.
• Rising consumer purchases of travel insurance policies to gain security against possible financial losses during travel are the key market trends. Amidst inflation and surging costs everywhere, travel insurance compensates additional medical or unexpected financial expenses which can bring peace of mind to the travellers.

Expansion of travel insurance providers with detailed offerings and custom coverage options are further escalating the travel insurance market growth . Various travel insurance policies are now available, targeted for specific travel locations, types of travel, and duration of travel, so that travellers can be fully prepared.

Travel Insurance Market Analysis

Based on insurance cover, the market is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. On the basis of distribution channel, the market is classified into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. By end user, the market is segmented into senior citizens, education travellers, business travellers, and family travellers, among others. Based on age group, the market is categorised into 1-17 years old, 18-30 years old, 31-49 years old, and above 50 years old. The regional markets for travel insurance are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global travel insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• WorldTrips Travel Insurance
• Worldwide Insurance Services, LLC
• Trawick International
• International Medical Group, Inc.
• World Nomads
• Seven Corners Inc.
• Generali Global Assistance & Insurance Services
• Trailfinders Ltd.
• American Express

Travel Insurance Market Share by Insurance Cover

The single-trip travel insurance segment, based on insurance cover, accounts for a healthy share of the travel insurance market. Single-trip travel insurance offers customised coverage, security against flight-related risks, hijacking, and delays and cancellations, which caters to the travel needs of a particular trip. In addition, single-trip travel insurance is cost-effective for less-frequent travellers, provides tailored cover, and often contain no age restrictions. The increasing number of occasional tourists are likely to further augment the demand for single-trip insurance cover. Meanwhile, annual multi-trip travel insurance is expected to witness a decent growth in the forecast period, as this type of insurance provides affordable deals for multiple excursions.

Travel Insurance Market Share by End User

Based on end user, the senior citizens segment accounts for a significant portion of the market for travel insurance as due to their age, senior citizens are more susceptible to health complications while travelling and are likelier to invest in travel insurance for easier and safer travel. Unfortunate accidents can also result in greater severity of injuries. Furthermore, senior citizens have a greater chance of encountering difficulties in incidences such as lost luggage, robbery, and misplacement of travel documents, among others, which is increasing the dependence of senior citizens on travel insurance. As more senior citizens engage in travel, whether for tourism, to visit family, or any other purpose, the increasing demand for reliable travel insurance from geriatrics, to boost safety and convenience while travelling, is advancing the growth of this segment.

Competitive Landscape

WorldTrips Travel Insurance is a leading travel insurance company which provides travel medical and trip cancellation insurance plans catering to the travel needs of individuals, groups, and organisations. It is a full-service travel firm which offers a comprehensive travel portfolio of travel, medical, and trip protection insurance products. The company was founded in 1998 and is headquartered in Indiana, United States.

Trawick International is an insurance company which provides expertise in international travel medical insurance and international student health insurance. The company offers medical coverage, emergency evacuation, reunion, and travel security, among others. Travel plans provided by this company include single trip travel insurance, annual trip insurance, and cruise ship insurance. It was established in 1998 and is based out of Alabama, United States.

International Medical Group, Inc. is a renowned insurance company which is a subsidiary of White Mountains RE Holdings, Inc. The company designs, distributes, and administers insurances related to medical, life, and disability, for individual and groups. It also provides protection plans which cover baggage loss, delay, and emergency medical evacuation, among others. International Medical Group, Inc. was established in 1989 and is headquartered in Indiana, United States.

Other market players include Worldwide Insurance Services, LLC, World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers     5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Market Snapshot     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Travel Insurance Market Analysis     8.1    Key Industry Highlights     8.2    Global Travel Insurance Historical Market (2018-2023)      8.3    Global Travel Insurance Market Forecast (2024-2032)     8.4    Global Travel Insurance Market by Insurance Cover         8.4.1    Single-Trip Travel Insurance             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    Annual Multi-Trip Travel Insurance             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)         8.4.3    Long-Stay Travel Insurance             8.4.3.1    Historical Trend (2018-2023)             8.4.3.2    Forecast Trend (2024-2032)     8.5    Global Travel Insurance Market by Distribution Channel         8.5.1    Insurance Intermediaries             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Insurance Companies             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Banks             8.5.3.1    Historical Trend (2018-2023)             8.5.3.2    Forecast Trend (2024-2032)         8.5.4    Insurance Brokers             8.5.4.1    Historical Trend (2018-2023)             8.5.4.2    Forecast Trend (2024-2032)         8.5.5    Insurance Aggregators             8.5.5.1    Historical Trend (2018-2023)             8.5.5.2    Forecast Trend (2024-2032)     8.6    Global Travel Insurance Market by End User         8.6.1    Senior Citizens             8.6.1.1    Historical Trend (2018-2023)             8.6.1.2    Forecast Trend (2024-2032)         8.6.2    Education Travelers             8.6.2.1    Historical Trend (2018-2023)             8.6.2.2    Forecast Trend (2024-2032)         8.6.3    Business Travelers             8.6.3.1    Historical Trend (2018-2023)             8.6.3.2    Forecast Trend (2024-2032)         8.6.4    Family Travelers             8.6.4.1    Historical Trend (2018-2023)             8.6.4.2    Forecast Trend (2024-2032)         8.6.5    Others     8.7    Global Travel Insurance Market by Age Group         8.7.1    1-17 Years Old             8.7.1.1    Historical Trend (2018-2023)             8.7.1.2    Forecast Trend (2024-2032)         8.7.2    18-30 Years Old             8.7.2.1    Historical Trend (2018-2023)             8.7.2.2    Forecast Trend (2024-2032)         8.7.3    31-49 Years Old             8.7.3.1    Historical Trend (2018-2023)             8.7.3.2    Forecast Trend (2024-2032)         8.7.4    Above 50 Years Old             8.7.4.1    Historical Trend (2018-2023)             8.7.4.2    Forecast Trend (2024-2032)     8.8    Global Travel Insurance Market by Region         8.8.1    North America             8.8.1.1    Historical Trend (2018-2023)              8.8.1.2    Forecast Trend (2024-2032)         8.8.2    Europe             8.8.2.1    Historical Trend (2018-2023)              8.8.2.2    Forecast Trend (2024-2032)         8.8.3    Asia Pacific             8.8.3.1    Historical Trend (2018-2023)              8.8.3.2    Forecast Trend (2024-2032)         8.8.4    Latin America             8.8.4.1    Historical Trend (2018-2023)              8.8.4.2    Forecast Trend (2024-2032)         8.8.5    Middle East and Africa             8.8.5.1    Historical Trend (2018-2023)              8.8.5.2    Forecast Trend (2024-2032) 9    North America Travel Insurance Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)          9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)          9.2.2    Forecast Trend (2024-2032) 10    Europe Travel Insurance Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)          10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)          10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)          10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)          10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Travel Insurance Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)          11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)          11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)          11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)          11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)          11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Travel Insurance Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)          12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)          12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)          12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Travel Insurance Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)          13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)          13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)          13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)          13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis           14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price   15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    WorldTrips Travel Insurance             15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    Worldwide Insurance Services, LLC             15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    Trawick International             15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    International Medical Group, Inc.             15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    World Nomads             15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Aviva PLC             15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    Seven Corners Inc.             15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Generali Global Assistance & Insurance Services             15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    Trailfinders Ltd.             15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    American Express             15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others   16    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Travel Insurance Market: Key Industry Highlights, 2018 and 2032  2.    Global Travel Insurance Historical Market: Breakup by Insurance Cover (USD Million), 2018-2023 3.    Global Travel Insurance Market Forecast: Breakup by Insurance Cover (USD Million), 2024-2032 4.    Global Travel Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023 5.    Global Travel Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032 6.    Global Travel Insurance Historical Market: Breakup by End User (USD Million), 2018-2023 7.    Global Travel Insurance Market Forecast: Breakup by End User (USD Million), 2024-2032 8.    Global Travel Insurance Historical Market: Breakup by Region (USD Million), 2018-2023 9.    Global Travel Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032 10.    North America Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2023 11.    North America Travel Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032 12.    Europe Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2023 13.    Europe Travel Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032 14.    Asia Pacific Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2023 15.    Asia Pacific Travel Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032 16.    Latin America Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2023 17.    Latin America Travel Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032 18.    Middle East and Africa Travel Insurance Historical Market: Breakup by Country (USD Million), 2018-2023 19.    Middle East and Africa Travel Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032 20.    Global Travel Insurance Market Structure

What was the travel insurance market value in 2023?

The market reached a value of USD 23.47 billion in 2023.

What is the growth rate of the travel insurance market?

The market is estimated to grow at a CAGR of 24.5% between 2024 and 2032.

What is the travel insurance market forecast for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 168.84 billion by 2032.

What are the major market drivers?

The burgeoning tourism sector, increasing awareness about accidents or unwanted issues while travelling, and rising number of business and geriatric travellers are the major drivers of the market.

What are the key trends of the market?

The key trends in the market include the increasing availability of custom travel insurance plans, incorporation of artificial intelligence in travel insurance support, and expansion of travel insurance providers.

What are the different insurance covers in the market?

Single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance are the different insurance covers in the market.

What are the major distribution channels in the market?

Insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators are major distribution channels in the market.

What are the various end users of travel insurance?

Senior citizens, education travellers, business travellers, and family travellers, among others, are the various end users of travel insurance.

When should travel insurance be booked?

Ideally travel insurance should be booked soon after finalising the travel details so that travellers can get better deals and coverage.

Who are the key market players, according to the travel insurance market report?

WorldTrips Travel Insurance, Worldwide Insurance Services, LLC, Trawick International, International Medical Group, Inc., World Nomads, Aviva PLC, Seven Corners Inc., Generali Global Assistance & Insurance Services, Trailfinders Ltd., and American Express, among others, are the key players in the travel insurance market, according to the report.

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• Travel Insurance Market Trends

Statistics for the 2023 & 2024 Travel Insurance market trends, created by Mordor Intelligence™ Industry Reports. Travel Insurance trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Travel Insurance Industry

Europe dominating the travel insurance market.

• Europe has emerged as the largest global travel insurance market, holding a market share of approximately 22.1% of the total market revenue in the current year. It is expected to continue as the largest market, primarily driven by the growing demand for travel and tourism in the European region. The economic growth in the area, combined with the increasing benefits offered by travel insurance companies to frequent travelers, is anticipated to propel the market's growth.
• Mandatory rules and regulations imposed by the European government compel consumers to acquire travel insurance services as a compulsory requirement before obtaining a VISA. Additionally, the rise in tourism and the travel industry has led to various incidents affecting consumers, such as trip cancellations, medical emergencies, and loss of luggage and important documents. These factors further contribute to the increasing need for travel insurance in the region.

Rapid growth in tourism

• The travel and tourism sector has experienced consistent growth over the past ten years, with numerous nations gaining popularity among millennials and emerging as major tourist destinations. This growth is attributed to the increasing prevalence of package holidays, rising disposable income, extensive media coverage of diverse holiday options, and the convenience of online travel reservations.
• Moreover, a significant number of students choose to pursue higher education in other nations, and many universities and colleges offer scholarship opportunities that attract students from around the world. As the tourism business expands, there is a documented increase in incidents such as essential documents going missing, bags being lost, natural calamities occurring, and health problems arising.
• These factors contribute to the rising importance of travel insurance, making it a major driving force for the growth of the travel insurance market.

Travel Insurance Market Report Snapshots

• Travel Insurance Market Size
• Travel Insurance Market Share
• Travel Insurance Companies

Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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Money blog: Apple overtaken as world's second most valuable company

Nvidia has overtaken Apple to become the world's second most valuable public company; Disfrutar in Barcelona has been named the world's best restaurant; there's a new cola-flavoured Jaffa Cake launching. Read these and the rest of today's consumer news in the Money blog.

Thursday 6 June 2024 20:00, UK

• ECB cuts interest rates - and it could boost your holiday money
• McVitie's launches first ever non-fruit flavoured Jaffa Cake
• There's a new best restaurant in the world - this is how much it costs to eat there
• Now is the time to lock some of your cash away - here's why
• Asda goes from cheapest to most expensive supermarket for petrol

Essential reads

• How brands get you to buy more, more, more
• Top chef shares his take on an Italian classic - and Warwickshire Cheap Eats
• Ed Conway : Claim of £2k tax rise under Labour is over four years - same maths suggests Tories have raised taxes by £13k in last four years
• How much are student loans, when do you start paying back and what is the interest?
• Best of the Money blog - an archive

Ask a question or make a comment

Amazon is now giving all its UK customers - not just Prime members - access to its grocery delivery service.

People living in more than 100 towns and cities will also be able to access same-day delivery without needing to be a member of its subscription service. 

This covers items from Amazon Fresh, Morrisons, Co-op and Iceland. 

It comes amid efforts from the online giant to grow its grocery business in the face of tough competition within the sector.

Prime members, who used to be the only ones who could access the service, will be given more delivery options and free shipping, subject to a minimum spend. 

US regulators are investigating the notorious meme stock investor known online as Roaring Kitty.

Keith Gill shot to fame in 2021 after he fuelled a buying spree of shares in beleaguered video game retailer GameStop. The stock passed $120 from as little as $3 in three months and saw hedge funds' positions rack up big losses.

Gill returned to online chat forum Reddit on Sunday with a post revealing he had a $116m (£90.8m) position in GameStop, telling his followers that he controlled 1.8% of the company's available stock plus call options that gave him the right to buy more.

This fuelled investor confidence in GameStop, with its market value surging as much as 75% before settling around 30% higher.

Gill's trading activities are now being examined by the Massachusetts securities regulator, while the e-trade division of US bank Morgan Stanley is considering banning Gill from its platform, according to the Wall Street Journal.

The renewed interest in GameStop has gathered plenty of momentum, as our business reporter James Sillars outlined here this week...

Some Lloyds, Halifax and the Bank of Scotland customers will be charged more to use their overdrafts as of August. 

The three major banks, which are all part of Lloyds Banking Group, are set to launch a new tiered system for determining interest rates which could see some customers paying an extra 10%. 

At the moment, Lloyds has a standard rate of 39.9%, but the overhaul will see some forced to pay 49.9% for using their overdraft. 

The new rates are set to be: 

The 27.5% rate currently being offered to Club Lloyds customers will also be axed. 

There will be specific criteria for each tier based on a customer's credit information and account activity. 

For those who will see a rise, the banks will introduce a temporary tier for six months, which means the initial impact will be no more than 7.4% of what they are paying at the moment. 

"We are writing to our customers to let them know we're introducing new interest rate tiers on our overdrafts," a Lloyds Banking Group spokesperson said.

"The changes mean many will continue to pay the same or less than they do today, while some may see an increase." 

Nvidia has overtaken Apple to become the world's second most valuable public company.

The AI microchip maker's share price has risen to be worth more than $3trn (£2.34trn) for the first time. 

Only Microsoft is a more valuable company listed on a stock exchange, while Apple has fallen into third place.

Nvidia shares rose 5% after a year of growth - with one share now costing $1,224.40 (£957).

Nvidia's chips are powering much of the rush into AI, which has seen it become a poster child of the AI boom.

Demand for its processors from the likes of Google, Microsoft and Facebook owner Meta have been outstripping supply. 

Nvidia's shares - up nearly 150% so far this year - are also being boosted by an upcoming move to split its stock by 10-to-one on Friday. 

Ian Coatsworth, investment analyst at AJ Bell, said the stock split will "bring its share price down and make it more affordable to investors". 

Tech companies - including Microsoft and Apple - have been racing to develop AI and embed it in their products.

Nvidia is a younger company than some of its peers, having been founded in 1993. Similar to many tech giants, it was founded in California in the US.

Britain is less likely to lose power this winter than it was last year, according to the company that runs the grid.

National Grid's Electricity System Operator (ESO) said it expects power plants, wind farms and other generation methods to be able to provide more than enough power to meet demand this time around. 

In an early outlook, it said the grid would have an average margin - the difference between supply of electricity and demand for it - of 5.6 gigawatts (GW) this coming winter. 

This means the period when demand might outstrip supply is just 0.1 hours.

The increased margins are in part because of improved capacity, thanks to a new 765km high-voltage cable that connects the UK's electricity network with Denmark.

The cable, called an interconnector, is known as the Viking Link, and started transporting wind power between the two countries in December.

New gas generation, growth in battery storage capacity and increased generation connected to the distribution networks have also contributed to the higher margins. 

Despite this, ESO's chief operating officer Kayte O'Neill has said it will still need to be "vigilant" due to uncertainties around global energy markets.

"As a prudent system operator we remain vigilant, continuing to monitor potential risks and working closely with our partners to establish any actions necessary to build resilience," she said.

The continent's energy system has been forced to reinvent itself in recent years, faced with potential gas shortages due to the war in Ukraine.

The 20 countries using the euro currency have seen interest rates cut from record highs following progress in the battle against inflation over the past two-and-a-half years.

The Frankfurt-based European Central Bank (ECB) said it was "appropriate" to trim its main deposit rate from 4% to 3.75%.

It followed an assertion last month by its president, Christine Lagarde, that the pace of price increases was now "under control".

But the Bank declared in a statement that the battle was not won - signalling data-driven caution on future policy decisions in the months ahead.

Its staff even revised upwards their forecasts for inflation this year and next.

As we have been discussing in Money this week, the cut before the US and UK could weaken the euro - potentially making Britons' holiday money go further.

McVitie's is selling a new flavour of Jaffa Cake - and it marks the first ever non-fruit flavour since the treat launched in 1927.

Shelves across the country will soon be stocked cola bottle flavoured cakes.

The new flavour will launch in Asda stores from 10 June and be available in other UK supermarkets - including Tesco, Sainsbury's, Morrisons, Iceland and Co-op - in the coming weeks.

Adam Woolf, marketing director at McVitie's, said: "Jaffa Cakes Cola Bottle is certainly one of our more unexpected product launches – stepping away from fruit flavours for the very first time. 

"Jaffa Cakes have always stood out from the crowd (and the biscuit aisle), but we really wanted to try something new with this one. It's no doubt going to cause some debate among our Jaffanatics, and we can't wait to hear what they think."

By  Sarah Taaffe-Maguire , business reporter

Are we entering an era of interest rate cuts? Probably not. Or at least, not yet. 

But the European Central Bank (ECB) which controls the euro currency does look set to make their first cut in four years this afternoon. 

And Canada yesterday became the first country in the club of G7 industrialised nations to bring down borrowing costs by lowering their benchmark interest rate. 

The UK, however, isn't currently expected by markets to make a cut until September. 

Elsewhere, oil prices remain below $80 but are slightly more expensive than earlier this week. A barrel of the benchmark Brent crude oil costs $79.10.

The good news for people going on holidays to countries using the euro continues - the pound is still doing well against the currency with £1 equal to €1.1757. 

That could go even higher after the ECB decision at 1.15pm. A pound also can buy $1.2783. 

Like in the US, the UK's most valuable companies have become more valuable as the FTSE (Financial Times Stock Exchange) 100 and 250 indices are up 0.33% and 0.41% respectively.

Every Thursday  Savings Champion founder Anna Bowes  gives an insight into the savings market and how to make the most of your money...

Can you believe we are almost halfway through 2024?

Although the rate rises that we have seen this year have slowed compared with the previous couple of years, and we have even seen some falls, savers are now able to find hundreds of savings accounts that pay an interest rate higher than inflation.

The latest data from the Office for National Statistics showed inflation was still higher than predicted, however - which means the anticipated base rate cut is likely to be pushed back again – into the second half of this year.

While bad news for borrowers, this is great news for savers.

Incredibly, the latest statistics from the Bank of England show there is over £253bn sitting in current accounts and savings accounts earning no interest at all.

With top rates available paying 5% or even a bit more, that is potentially £12.65bn of gross interest that is not being claimed by savers.

So now really is the time to move your money if you have cash languishing, earning less than inflation, especially if you can lock some away with a fixed rate, as a base rate cut will happen at some stage, we just don't know when.

Easy access

If you think you'll need access to your money, an easy access account is a wise choice.

The base rate cuts that we have been waiting for are yet to start, so the top rates on offer are still paying almost as much as they were at the beginning of the year.

Fixed-term bonds 

There is a strange phenomenon with fixed-term bond rates at the moment: the longer you tie up your cash, the lower the interest rates on offer.

Normally, you'd expect to be rewarded for tying up your cash over the longer term - but base rate forecasts have flipped this.

Fixed-term cash ISAs

A frequent complaint that I hear from savers is that the tax-free rates on ISAs are usually lower than the pre-tax rates on the equivalent non-ISA accounts – and this is particularly true with fixed-term accounts.

As many more savers are paying tax on their interest once again, cash ISAs are more popular than ever, as the tax-free rate of the ISA can still be considerably more than the interest earned after tax has been deducted on the non-ISA bond equivalents.

The renowned "50 Best" list of the world's best restaurants was revealed in Las Vegas last night - with a new restaurant taking top spot.

Disfrutar in Barcelona took the crown from Central in Lima, Peru (previous winners are ineligible and instead join a Best of the Best list).

Eating the standard menu costs £247 (€290) - with an extra £136 (€160) if you want the wine pairing.

To be fair, you do get around 30 courses.

They also offer a unique menu for your table for between €1,050 and €390 per person - the more people, the less it costs.

The 50 Best list says: "The combination of brilliantly imaginative dishes, unsurpassed technical mastery and playful presentation results in the dining experience of a lifetime, as full of surprises as it is memories."

Dishes include:

• Caviar-filled Panchino doughnut
• Frozen gazpacho sandwich
• Thai-style cuttlefish with coconut multi-spherical
• Squab with kombu spaghetti, almond and grape

Two UK restaurants made the top 50 but the UK was eclipsed by countries from across South America as well as Thailand, Italy, France and Spain.

London's Kol moved up slightly to 17, while Ikoyi, which we reported on a few weeks ago following a link-up with Uber Eats, came it at 42.

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