Global Travel Insurance Market to record 14.44% CAGR through 2027

February 03, 2021

According to a research report titled ‘Global Travel Insurance Market Size study, by Insurance Cover (Single Trip Travel Insurance, Annual, Multi-Trip Travel Insurance, Long-Stay Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Insurance Aggregator, Others), by User (Senior Citizen, Education Traveller, Backpacker, Business Traveller, Family Traveller, Fully independent Traveller) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global travel insurance market is anticipated to garner substantial returns over 2020-2027, registering a CAGR of 14.44% throughout.

As per the findings of the report, growing number of international tourists is significantly expanding global travel insurance market size. In fact, United Nation World Tourism Organization claims that the first half of 2019 saw a 4% rise in the number of international tourists across the globe, indicating a stronger demand for international trade services.

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Further, rising cognizance among young tourists regarding the significance of securing travels from medical and non-medical emergencies are positively impacting worldwide global travel insurance industry outlook. In this context, Account Activity Analysis (AAA) Foundation, in 2018, found out that 38% of the US population increased and started investing in travel insurance for future travels.

Notably, increasing demand for protection for tip cancellations to recoup monetary investment has become a major priority for travelers, compelling them to avail travel insurance. This ensures security for the travel in various ways by leveraging data analytics to predict precise & accurate itinerary for the traveler. In recent times, the surge in cost of travel insurance for corporate travels has enhanced the industry dynamics.  

Despite the positive outlook of global travel insurance market, lack of awareness among lower and middle economy regarding the benefits of insurance is negatively affecting the business scenario.

Considering the geographical scope, North America, Asia Pacific, Europe, and Latin America are the key contributor to the overall travel insurance industry remuneration. Among these, Asia Pacific is projected to accrue strong returns over the forecast period, attributable to rising awareness regarding insurance and growth of tourism sector in emerging nations like India.

Speaking of the competitive landscape, top-tier players in global travel insurance market sphere are Prudential Financial, Inc., Ping An Insurance, Munich Reinsurance Co., MS&AD Insurance Group Holdings, China Pacific Life Insurance Co., Ltd., Bajaj Finserv Ltd., Travelex Insurance Services, Inc., American Express Co., and Allianz SE.

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