Globalization coupled with increasing spending capacity of individuals have influenced the rise in number of air travellers across the globe for both, business and leisure purposes. According to the data published by International Air Transport Association (IATA) in 2018, 4.4 billion people travelled through scheduled flights. A large section of this population comprised of business travellers, who are proactively opting for travel insurance policies to ensure adequate coverage of their trip. According to a survey conducted by Association of Corporate Travel Executives (ACTE) in 2017, traveller’s safety emerged as the most essential priority for the corporate travel managers. Corporates are increasingly integrating travel insurance policies into their core risk mitigation strategies, to provide for any potential damages resulting from travel-related incidents. In order to monetize on the prevalent opportunity while simultaneously catering to their specific requirement, travel insurance market participants are introducing flexible plans for corporate clients, which range from bundled and a la carte coverage options. AXA SA, for instance, provides Protect and Assist as their Accident & Business Travel Insurance product, which allows the traveller to tailor the coverage as per their specific business requirement. Hence, the rapid surge in the rate of business travel along with increasing availability of flexible insurance products is driving the growth of global travel insurance market. In terms of region, Asia Pacific is expected to register highest CAGR over the forecast period. Increasing spending capacity across the countries is increasing both national and international tourism. For instance, according to the Insurance Regulatory and Development Authority of India, in 2016-17, the insurance sector in India issued 230,000 international travel insurance policies covering approximately 460,000 people. The region recorded tourist arrivals of about 324 million in 2017, which encompassed close to quarter of the global figures. Similar advancement in travel and tourism indicates a positive growth trajectory for the global travel insurance market.
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The innovative travel insurance policies offered by major players such as Tata AIG General Insurance Company Limited, Bajaj Allianz General Insurance Co. Ltd and ICICI Lombard General Insurance Company Limited amongst others are influencing its adoption, thus driving the growth of global travel insurance market. For instance, TATA AIG offers a customized plan to all its clients based on their specific travel requirements. It also offers specific plans for senior citizens to cover all type of health risk and other age-associated coverage for their travel plans.
The outbreak of the covid-19 pandemic has adversely affected the travel and tourism industry across the globe. The restrictions across countries have led to decrease in both national and international travels over the months. With reopening of national travel across various countries such as United States, India, and China amongst others, the demand for travel insurance is expected to rise. This rapid spread of the virus has instilled concerns among travellers to procure effective travel insurance plans for protecting themselves and their family from any probable damage caused by the virus. The insurance companies are also innovating their travel insurance offerings by including coverage for covid-19 treatment in case of infection during the travel. For instance, Insubuy, an insurtech company engaged in offering various types of travel insurance across the United States, have modified and innovated their medical travel insurance product based on the current situation for users travelling both, inter and intra United States. The company has also launched a travel medical insurance product covering coronavirus specifically for students and exchange visitors travelling to the United States. Thus, the covid-19 outbreak has positively impacted the global travel insurance market and is expected to influence growth of the same over the forecast period.
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The detailed research study provides qualitative and quantitative analysis of global travel insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Global Travel Insurance Market:
- By Insurance Cover
- Medical Treatment
- Loss
- Damage and Theft
- Resuming Your Journey
- Cancellation Insurance
- Lump Sum Payment
- Caretaker Coverage
- Death Itinerary
- By Distribution Channel
- Insurance Intermediaries
- Insurance Company
- Bank
- Insurance Broker
- Insurance Aggregator
- Others
- By End User
- Senior Citizens
- Education Traveler
- Backpackers
- Business Traveler
- Family Traveler
- Fully Independent Traveler
- By Payment Method
- Monthly Outstanding balance Payment
- Single Payment Method
- By Trip Type
- Single Trip Travel Insurance
- Annual Multi Trip Travel Insurance
- Long Stay Travel Insurance
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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