Travel Insurance Market Expected to reach US$ 40,067.4 Mn by 2025, expanding at a CAGR of 9.9% from 2017 to 2025.

Nowadays travel has become a key part of academics, businesses, and personal life, exposing people to travel related contingencies. In order to mitigate the risks associated, it’s always a better option to buy a travel insurance plan. Travel insurance offers insurance protection while you travel. It is important to understand whether the policy covers domestic travel or overseas travel or both. Travel insurances helps in protecting families and individuals against travel related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport, etc. and also interruption or delays in flights or delayed arrival of baggage etc. The global market is at a growing stage and is an extremely attractive market thereby supporting the increase in the tourism growth levels and the business travels during the forecast period. In terms of revenue, 

Global Travel Insurance Market was valued at US$ 17,530.5 Mn in 2016 and is expected to reach US$ 40,067.4 Mn by 2025, expanding at a CAGR of 9.9% from 2017 to 2025.

The Global Travel Insurance Market is enhanced by factors such as:

•             Growing tourist traffic.

•             Rise in globalization.

•             Increased incidences of loss of luggage.

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Based on distribution channel segmentation, in 2015, traditional channel encompassing insurance intermediaries consisting of tour operators and travel agents accounted for around half of the overall sale of travel insurance policies and is projected to lead the market throughout the prognosis period. Insurance aggregators is anticipated to be the fastest growing channel owing to the widening usage of internet worldwide.

On the basis of end-user segmentation, senior citizens offer immense opportunity for travel insurance companies as they have been identified as the major buyers of long-duration travel insurance policies. Leisure and medical treatment are key reasons for senior citizens to travel. After working diligently for decades, the Gen S individuals seek to travel and explore exotic locations and cherish these experiences forever.

Among trip type, the single trip travel insurance policy dominated the market in the previous years, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of constant city breaks, upsurge in family travelers, shopping trips abroad, and winter sun holidays. Further, the annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.

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Geographically, all Asia-Pacific economies would see a significant increase in the number of older people and this trend would be particularly observed in Singapore, China, and Korea. The over 50s, and more precisely the over 65s, shall account for an increasingly significant portion of leisure travelers predominantly in Australia and Japan, where over 65s now account for over 20% of all leisure travelers.

Some of the leading players operating in the Global Travel Insurance Market include CSA Travel Protection, USI Affinity, Seven Corners Inc., Travel Safe, MH Ross, Allianz Global Assistance, Travel Insured International, AIG Travel, and InsureandGo.