Travel Insurance Market Expanding with Mandating Regulations Emphasizing Safety and Security of Travelers: Fact.MR Report

According to an updated industry research report by Fact.MR, a market research and competitive intelligence provider, turnover of the global Travel Insurance Market is estimated at US$ 103.56 Billion in 2034 and thereafter expand at a noteworthy CAGR of 7.2% between 2024 to 2034.

Travel insurance which covers medical emergencies, aircraft delays, baggage loss or damage, and other concerns, is crucial while visiting foreign countries. Travel insurance services are increasing in demand because several governments, including those in the United States, UAE, New Zealand, and the Schengen area, require them for visitors visiting their countries. Travel insurance documentation needs to be attached when applying for a visa in these countries.

After the COVID-19 epidemic, several countries have implemented stringent visa rules for tourists, as mandated by government and regulatory bodies. Travel insurance is becoming increasingly necessary due to stringent government regulations, and this trend is happening globally.

The North American region holds a significant portion of the market due to the huge number of business journeys that are continuously being reported in the United States and Canada. A large share of the market is being held by Western and Eastern Europe because of Schengen visa restrictions that necessitate travel insurance for those applying for a visa.

Leading Players Driving Innovation in the Travel Insurance Market:

The Key Players in the Infant Travel Insurance Industry include AXA Assistance USA; Berkshire Hathaway Travel Protection; Allianz Travel Insurance; Flexicover Travel Insurance; Cover For You; World Nomads Travel Insurance; Staysure; Tata AIG General Insurance Company Limited; AA Travel Insurance; Virgin Money Travel Insurance; Aviva; HTH Travel Insurance; Nationwide Insurance; IMG Travel Insurance; Generali Global Assistance; Travelex Insurance Services; Seven Corners.

Travel Insurance Industry News & Trends:

The world-renowned travel insurance provider World Nomads launched their new Annual Multi-Trip (AMT) plan in the UK and Ireland in July 2024. Insurance Edge reports that the launch follows a strategic underwriting partnership with Collinson, one of the leading UK travel insurance providers dedicated to making travel simple and secure for all.

TATA AIG General Insurance launched "Travel Guard Plus" in March 2024, which pays for roughly one-third of the nation's premiums for foreign travel insurance. Through several or single journeys, the plan provides coverage for a maximum of one year.

InsuranceDekho, an insurtech startup, expanded its service offerings in September 2022 by adding travel insurance to its online platform. To provide travel insurance services, the company has teamed with top insurance companies like ICICI Lombard, Bajaj Allianz, and Reliance General.

Online travel agency Trip.com and AXA Partners announced in April 2022 that a new travel insurance package that was first offered in the UK in 2021 would now be available throughout Europe. Among its many advantages are cancellation, luggage insurance, medical emergency insurance, and more.

Key Takeaways from Travel Insurance Market Study:

The travel insurance market is forecasted to touch a valuation of US$ 103.56 billion by 2034. East Asia is analyzed to hold 23.1% of the global market share by the end of 2034.

The North American market is estimated to generate revenue worth US$ 11.3 billion in 2024. The market in the United States is estimated to generate a turnover of US$ 5.03 billion in 2024.

Demand for annual/multiple trip coverage is forecasted to reach US$ 52.09 billion by the end of 2034. The market in South Korea is projected to expand at an 8% CAGR from 2024 to 2034. In 2024, the market in Canada is analyzed to reach a value of US$ 3.8 billion.

“To grow their earnings and attract more travelers, key participants in the travel insurance market are focusing on diversifying their product offerings by introducing plans specifically designed for adventure sports, long-term travel, and others,” says Fact.MR analyst

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High Demand for Travel Insurance with Annual or Multiple Trips Coverage

When compared to single-trip insurance, the demand for annual/multiple-trip coverage is higher as it provides the best value and convenience for people who need to travel continuously to several destinations. Buying single-trip plans repeatedly results in higher overall costs and a sense of unease. Opposite to this, annual and multiple-trip policies provide coverage for an infinite number of journeys within a year. Individuals who have to travel continuously throughout the year find these long-term policies perfect because they remove the need to plan for insurance for every trip.

Annual or multiple-trip insurance includes significant one-time investments or premiums, but for those who travel frequently, they offer a very cost-effective alternative.

More Valuable Insightson Offer

Fact.MR, in its new offering, presents an unbiased analysis of the travel insurance market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on coverage type (single trips, annual/multiple trips), trip type (domestic, international), and end-use application (individual, group), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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