With The Increase In Tourism, The Travel Insurance Market Is Expected To Surpass $32 Billion By 2026

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Oct 10, 2022, 11:20 ET

The Business Research Company's travel insurance market research report expands on key drivers, trends, and growth opportunities in the market.

LONDON, Oct. 10, 2022 /PRNewswire/ -- The rise in tourism is contributing to the growth of the travel insurance market. Travel insurance helps the tourism sector by providing financial help through certain packages that help travelers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage. For instance, in 2019, according to the United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency, globally, 1.5 billion international tourist arrivals were recorded, a 4% increase compared to the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.

The global travel insurance market size is expected to grow from $16.05 billion in 2021 to $18.81 billion in 2022 at a compound annual growth rate (CAGR) of 17.2%. The global travel insurance market share is expected to grow to $32.61 billion in 2026 at a CAGR of 14.7%.

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Incorporation Of Advanced Technologies – A Key Trend In The Travel Insurance Market

The incorporation of advanced technologies is gaining popularity among the travel insurance market trends. Major companies operating in the travel insurance sector are focused on new technologies to strengthen their position in the market. For instance, in May 2019, ICICI Lombard, an India-based insurance company, introduced the artificial intelligence (AI)-based cashless claims settlement process. Through ICICI Lombard's AI-based cashless claims settlement, the complete claim authorization process has been automated. The company has utilized various algorithms using Cognitive Computing along with Intelligent Character Recognition (ICR) and Optical Character Recognition (OCR) in this tech-enabled innovation.

Major Players In The Travel Insurance Market

Major players in the travel insurance market are Allianz SE, American Express Company, American International Group Inc., Assicurazioni Generali S.P.A, Atlas Travel Insurance, Aviva plc, Axa S.A., Bajaj Finserv Limited, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, Generali Group, Insure & Go Insurance Services Limited, MAPFRE, Prudential Financial Inc., Saga Plc, Seven Corners Inc., Crum & Forster, Travelex Insurance Services Inc., USI Affinity Inc., Zurich Insurance, and Arch Capital Group Ltd.

Travel Insurance Market Segmentation

The global travel insurance market is segmented -

1) By Type: Domestic, International

2) By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance

3) By Coverage: Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, Others

4) By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Others

5) By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Others

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