The Global Travel Insurance Market was valued at US$ XX billion in 2021 and is predictable to reach US$ XX billion by 2030 which is projected to attain a CAGR of XX % during the forecast period from 2021- 2030.
Travel insurance provides financial protection for expenses or losses incurred as a result of unforeseen circumstances while travelling domestically or internationally. It usually pays for lost or stolen items, emergency medical treatment, sudden death, and travel cancellation and interruption. It begins on the day of departure and continues until the insured returns home. Several companies now offer a travel insurance that includes emergency services like replacing lost passports, cash wire assistance, and rebooking cancelled flights. These services are accessible 24 hours a day, seven days a week. They also offer customization options based on geographic location and the demands of the people who are insured.
The market growth is projected to be fuelled by the growing number of international travellers who need financial protection while travelling. The increased need for recovery of expenses incurred as a result of misplaced items, travel cancellations, and medical concerns will drive market revenue. The expenses of such disasters can be substantial when travelling abroad, and travel insurance provides several compensation features that help to limit the risks.
The significant growth in the travel and tourism industry in recent years, owing to rising disposable incomes, increased business travel, and the easy availability of online travel bookings and discounted package holidays, is one of the major factors bolstering the global travel insurance market growth. Furthermore, several governments have made it essential to attach travel insurance paperwork when applying for a visa, which is fuelling the market growth. In addition, several governments have made it essential to attach travel insurance paperwork when applying for a visa, which is helping to drive the sector forward.
Europe dominated the travel insurance market in 2020, and it is likely to continue to do so over the forecast period, owing to increased travel and tourism within the European region, as well as the region's rapid economic expansion, which is assisting the travel insurance industry's growth. However, Asia-Pacific is predicted to increase significantly over the forecast period, owing to the expansion of different sectors in the region, which is encouraging business travel, and the region's growing tourist industry, which is assisting the growth of the travel insurance market.
Segmentation and Scope of the Global Travel Insurance Market
By Coverage Type
By Distribution Channel
Rest of World
Middle East & Africa
Prominent players in the Global Travel Insurance Market among others include