Travel Insurance Market to Reach $106.8 billion, by 2032 at 20.1% CAGR

Allied Market Research - Seite 2

2022

Market Size in 2022

$16.8 billion

Market Size in 2032

$106.8 billion

CAGR

20.1 %

No. of Pages in Report

381

Segments covered

Insurance Cover, Distribution Channel, End User, Age Group, and Region.

Drivers

Rapid growth in tourism

Convenient shopping due to online comparison sites

Travel rules and regulations

Opportunities

Expansion of products and services

New technological developments in the travel insurance

Restraint

Lack of awareness regarding travel insurance policy

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The long-stay travel insurance segment to maintain its leadership status throughout the forecast period.

By insurance cover, the single-trip travel insurance segment held the largest market share in 2022, accounting for more than three-fifths of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its comprehensive coverage for a single journey, including trip cancellations, medical emergencies, and baggage loss, providing travelers with peace of mind. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032, owing to the increasing number of long-term travelers seeking comprehensive insurance coverage for extended stays abroad.