The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company's Travel Insurance Global Market Report 2023, the global travel insurance market size will grow from $19.1 billion in 2022 to $22.44 billion in 2023 at a compound annual growth rate (CAGR) of more than 17%. The travel insurance market size is then expected to grow to $40.5 billion in 2027 at a CAGR of 16%. Factors such as increase in demand for embedded, event-driven insurances, growing awareness of travel associated risks, and the rising medical costs will drive the market.
The global travel insurance market is highly concentrated, with a few large players operating in the market. Allianz Group was the largest competitor with a 16% share of the market, followed by Axa S.A, Berkshire Hathaway Specialty Insurance Company, Zurich Insurance Group AG, American International Group Inc., American Express Company, Chubb Limited, Aviva Plc, Seven Corners Inc., and Travelex Insurance Services Inc.
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Major companies operating in the travel insurance market are focused on adopting and offering digital platforms and mobile applications that allow travelers to easily purchase, manage and access their insurance policies, and enable key players to gain a competitive advantage in the market. Digital platforms provide a seamless and convenient user experience, enabling travelers to review coverage details, submit claims and receive real-time assistance on their mobile devices. For instance, in March 2022, Virgin Money, a UK-based financial services company, unveiled a new digital travel insurance offering that incorporates comprehensive coverage for COVID-19. The travel insurance policies come with the added option to include enhanced COVID-19 coverage and standard coverage for pre-departure and overseas incidents. As a fully digital solution, policyholders can conveniently purchase, update and track their claims online.
Furthermore, rising focus on using blockchain technology to offer additional services with transparency and security is gaining traction among the travel insurance market trends. Blockchain technology refers to a decentralized, distributed and public digital system that records information across computers in a manner that is impossible to alter or change. Blockchain brings transparency and security to insurance operations. For instance, in January 2022, Etherisc GmbH, a Germany-based decentralized insurance platform company, launched FlightDelay, a flight insurance product, on the Gnosis Chain Mainnet, a blockchain platform. This innovative offering utilizes blockchain technology and Chainlink Data Feeds to autonomously issue insurance policies and process payouts for travelers facing flight delays or cancellations.
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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, Other Coverages
4) By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Other End-Users
5) By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Other Distribution Channels
According to the travel insurance market analysis, the top growth potential in the travel insurance market by insurance cover will arise in the single-trip travel insurance market, which will gain $12.5 billion of global annual sales by 2027.
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