Travel insurance market to grow by USD 9.88 billion from 2021 to 2026 | Growing tourism and business travel drives market growth - Technavio

NEW YORK, July 18, 2023 /PRNewswire/ -- The travel insurance market is set to grow by USD 9.88 billion from 2021 to 2026 progressing at a CAGR of 9.23% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growing tourism and business travel. The rise in disposable incomes, increase in business travel, and the easy availability of online travel bookings have led to the growth of the travel and tourism industry. Governments of various countries, such as the US, the UK, Australia, Germany, and Belgium, have made travel insurance mandatory for visas, which is also contributing to market growth. Major vendors are integrating digital tools, such as artificial intelligence (AI), application program interface (API), data analytics, and global positioning system (GPS), to improve distribution systems and provide a personalized user experience. Some insurers also offer insurance coverage for COVID-19-related medical expenses. - Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and the forecast period (2022-2026). Download Sample Report in minutes!

The travel insurance market covers the following areas:

• Travel Insurance Market Sizing
• Travel Insurance Market Forecast
• Travel Insurance Market Analysis

The report on the travel insurance market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Travel Insurance Market 2022-2026 - Market Dynamics

Insurance for unconventional expenses is a trend in the market. In the US, vacation rentals are popular. Most vacation rentals have cancelation policies that protect the guests and hosts and generate little or no reimbursements. People can list and choose rentals on websites such as Airbnb, Home Away, and Roomorama. If a tourist books a rental offered by these vendors, then the travel is covered under the travel insurance policy. The cost includes deposits, expenses, and cancelation fees in such rentals.

Lack of awareness and delayed services challenge the growth of the market.  Lack of awareness about insurance as a protection tool and inadequate details of the types of insurance products pose a major threat to the market. This often keeps potential clients away. This is one of the primary reasons for the slow growth of the market. In emerging countries, most insurance firms do not provide adequate insurance coverage for trip cancelation. Furthermore, the claim settlement process is a vital component in the whole process flow as it is crucial for the goodwill of the insurance company. Hence, such challenges impede market growth during the forecast period.

Travel Insurance Market 2022-2026: Market Segmentation

This report extensively covers travel insurance market segmentation by end-user (senior citizens, business travel, family travel, and others) and geography (North America, Europe, APAC, MEA, and South America). 

• The senior citizens segment will be significant for market growth during the forecast period. Travel insurance plans for senior citizens are meant for elderly travelers and they cover various health and age-related aspects of senior citizens. Most of the time, these aspects are excluded from basic travel insurance benefits. Furthermore, travel insurance for senior citizens can safeguard trips by covering overseas medical expenses, theft of belongings, and more, depending on the coverage which will drive the demand for this segment during the forecast period. Hence, such factors boost the segment growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

• Allianz Group
• American Express Co.
• American International Group Inc.
• Arch Capital Group Ltd.
• Aviva Plc
• AXA Group
• Berkshire Hathaway Specialty Insurance Co.
• Groupama Assurances Mutuelles
• HanseMerkur Reiseversicherung AG
• HDFC Bank Ltd.
• HTH Travel Insurance
• IMG Travel Insurance
• Insure and Go Insurance Services Ltd.
• Seven Corners Inc.
• Travel Insured International
• Travelex Group Companies
• TravelSafe Insurance
• Trip Mate Inc.
• USI Insurance Services
• Zurich Insurance Co. Ltd.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - Buy the report!

Vendor Offerings

• American Express Co. - The company offers travel insurance plans such as single trip insurance and multi trip insurance.
• American International Group Inc. - The company offers travel insurance services such as travel guard.
• Allianz Group - The company offers travel insurance plans such as Onetrip prime, Alltrips executive and Onetrip rental car protector.

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Key Topics Covered:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021 

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments 
• Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 Senior citizens - Market size and forecast 2021-2026
• Exhibit 28: Chart on Senior citizens - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Senior citizens - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Senior citizens - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Senior citizens - Year-over-year growth 2021-2026 (%)

• 5.4 Business Travel - Market size and forecast 2021-2026
• Exhibit 32: Chart on Business Travel - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Business Travel - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Business Travel - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Business Travel - Year-over-year growth 2021-2026 (%)

• 5.5 Family Travel - Market size and forecast 2021-2026
• Exhibit 36: Chart on Family Travel - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Family Travel - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Family Travel - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Family Travel - Year-over-year growth 2021-2026 (%)

• 5.6 Others - Market size and forecast 2021-2026
• Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by End-user 
• Exhibit 44: Market opportunity by End-user ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 46: Chart on Market share by geography 2021-2026 (%)
• Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 48: Chart on Geographic comparison
• Exhibit 49: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026
• Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026
• Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 UK - Market size and forecast 2021-2026
• Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.12 Canada - Market size and forecast 2021-2026
• Exhibit 86: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers 

• 8.2 Market challenges 

• 8.3 Impact of drivers and challenges 
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends 

9 Vendor Landscape

• 9.1 Overview 

• 9.2 Vendor landscape 
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 96: Matrix on vendor position and classification

• 10.3 Allianz Group 
• Exhibit 97: Allianz Group - Overview
• Exhibit 98: Allianz Group - Business segments
• Exhibit 99: Allianz Group - Key news
• Exhibit 100: Allianz Group - Key offerings
• Exhibit 101: Allianz Group - Segment focus

• 10.4 American Express Co. 
• Exhibit 102: American Express Co. - Overview
• Exhibit 103: American Express Co. - Business segments
• Exhibit 104: American Express Co. - Key offerings
• Exhibit 105: American Express Co. - Segment focus

• 10.5 American International Group Inc. 
• Exhibit 106: American International Group Inc. - Overview
• Exhibit 107: American International Group Inc. - Business segments
• Exhibit 108: American International Group Inc. - Key news
• Exhibit 109: American International Group Inc. - Key offerings
• Exhibit 110: American International Group Inc. - Segment focus

• 10.6 AXA Group 
• Exhibit 111: AXA Group - Overview
• Exhibit 112: AXA Group - Business segments
• Exhibit 113: AXA Group - Key offerings
• Exhibit 114: AXA Group - Segment focus

• 10.7 Insure and Go Insurance Services Ltd.
• Exhibit 115: Insure and Go Insurance Services Ltd. - Overview
• Exhibit 116: Insure and Go Insurance Services Ltd. - Product / Service
• Exhibit 117: Insure and Go Insurance Services Ltd. - Key offerings

• 10.8 Seven Corners Inc. 
• Exhibit 118: Seven Corners Inc. - Overview
• Exhibit 119: Seven Corners Inc. - Product / Service
• Exhibit 120: Seven Corners Inc. - Key offerings

• 10.9 Travel Insured International 
• Exhibit 121: Travel Insured International - Overview
• Exhibit 122: Travel Insured International - Product / Service
• Exhibit 123: Travel Insured International - Key offerings

• 10.10 Trip Mate Inc. 
• Exhibit 124: Trip Mate Inc. - Overview
• Exhibit 125: Trip Mate Inc. - Product / Service
• Exhibit 126: Trip Mate Inc. - Key offerings

• 10.11 USI Insurance Services 
• Exhibit 127: USI Insurance Services - Overview
• Exhibit 128: USI Insurance Services - Product / Service
• Exhibit 129: USI Insurance Services - Key offerings

• 10.12 Zurich Insurance Co. Ltd. 
• Exhibit 130: Zurich Insurance Co. Ltd. - Overview
• Exhibit 131: Zurich Insurance Co. Ltd. - Business segments
• Exhibit 132: Zurich Insurance Co. Ltd. - Key offerings
• Exhibit 133: Zurich Insurance Co. Ltd. - Segment focus

11 Appendix

• 11.1 Scope of the report 

• 11.2 Inclusions and exclusions checklist
• Exhibit 134: Inclusions checklist
• Exhibit 135: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 136: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 137: Research methodology
• Exhibit 138: Validation techniques employed for market sizing
• Exhibit 139: Information sources

• 11.5 List of abbreviations 
• Exhibit 140: List of abbreviations

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