Allied Market Research

The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others.

WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Travel Insurance Market by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years), Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Distribution Channel (Airlines, Bank, Insurance Company, Online Travel Agency (OTA), Railway Operators, Travel Agents/Tour Operators, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the travel insurance market was valued at $22.6 billion in 2023, and is estimated to reach $143.5 billion by 2033, growing at a CAGR of 20.1% from 2024 to 2033.

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The travel insurance covers the expenses incurred and minimizes the risks during travel. It offers coverage in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical condition or hijack, loss of travel documents, and others. The travel insurance providers are executing travel rules & regulations and developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition. 

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182 – Tables
72 – Charts
200 – Pages

Prime Determinants of Growth  

The travel insurance market is driven by an increase in emergency and medical expenses, rapid growth in tourism, and rise in baby boomer travel. However, lack of awareness regarding benefits related to travel insurance and low penetration level and fewer written policies of travel insurance restrain market growth to some extent. Nevertheless, expansion of existing travel insurance products and services and new technological developments in the travel insurance industry are expected to offer ample growth opportunities in the upcoming years.