The Business Research Company’s Travel Insurance Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Travel Insurance Global Market Report 2023 evaluates travel insurance market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global travel insurance market is expected to grow to $41,424.6 million in 2027 at a rate of 16.5%. The market is then expected to grow at a CAGR of 16.6% from 2027 and reach $89,122.9 million in 2032.
Growing demand for embedded, event-driven insurance is expected to be a key driver for the growth of the travel insurance market in the forecast period. Embedded, event-driven travel insurance refers to insurance coverage that is seamlessly integrated into other products or services, such as travel bookings, to provide convenient and automatic protection during specific events or activities. The demand for these types of travel insurance reflects the evolving needs and preferences of modern travelers who seek personalized, convenient and event-specific coverage options. For instance, in December 2022, according to a report published by Companjon, a European tech business specializing in embedded insurance, travel-related embedded insurance products reported strong consumer demand for flexible coverage triggered by specific events, such as Cancel for Any Reason Insurance (90%), Luggage Loss Insurance (85%) and Delay Insurance (84%). Particularly, the 25-44 age group is demanding embedded insurance, due to automated claims processing, instant payouts and a reliable service. Additionally, over 40% of consumers value the flexibility to cancel purchases and receive instant reimbursements. Therefore, the growing demand for embedded, event-driven insurance will drive demand for travel insurance going forward.
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The travel insurance market segments in the report are:
1) By Type: Domestic; International
2) By Insurance Cover: Single-Trip Travel Insurance; Annual Multi-Trip Travel Insurance; Long-Stay Travel Insurance
3) By Distribution Channel: Insurance Intermediaries; Insurance Companies; Banks; Other Distribution Channels
4) By Coverage: Medical Expenses; Trip Cancellation; Trip Delay; Property Damage; Other Coverages
5) By End-User: Senior Citizens; Corporate Travelers; Family Travelers; Education Travelers; Other End-Users”
The table of contents in TBRC’s travel insurance market report includes:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
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18. Competitive Landscape And Company Profiles
19. Key Mergers And Acquisitions
20. Opportunities And Strategies
21. Travel Insurance Market, Conclusions And Recommendations
22. Appendix
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