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Global Travel Insurance Market 2018 Size, Share, Type and Application, Forecast by 2025

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Travel insurance market 2018 is analyzed by insurance coverage, consumers and distribution channels in coming years. The research report gives industry statistics and overall market share of travel insurance industry by 2025.
Adroit Market Research
Global Travel Insurance Market
Size by Type (Medical Expenses, Trip Cancellation, Trip Delay,
Property Damage), by Application (Domestic Travel,
International Travel), by Type of Travel (Business Travel,
Leisure Travel), By Region and Forecast 2018 to 2025
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Global Travel Insurance Market Size To Cross The USD 35 Billion Mark By 2025
• The global travel insurance market size is expected to be valued at more than USD 35 billion by 2025 owing to increasing
levels of tourism globally. The global tourist arrivals reached approximately 11.9 billion in 2017.
• Tourism has become the largest component of international trade in services, constituting 25% of total share. Thus,
tourism growth has provided an impetus to travel insurance companies to capitalize on the rising demand for insurance
among travellers. The rising awareness amongst young travellers regarding the need to secure their travel against medical
and non-medical contingencies is a major factor driving the growth of global travel insurance industry.
• Insurance providers are increasing their value-added services to achieve product differentiation from their competitors
and to maintain better customer relationships. Recent market trends include the usage of data analytics to predict risks
and formulate precise contingency plans. For instance, insurers can monitor weather conditions and notify their customers
in advance, so that they can plan their trips accordingly. Such travel insurance industry trends are majorly being adopted
by travel insurance providers located in the U.S. The U.S. travel insurance market size is estimated to cross USD 8 bn mark
by the end of 2025.
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Global Travel Insurance Market Size To Cross The USD 35 Billion Mark By 2025
• On the basis of type, the medical expense segment is anticipated to witness the highest growth during the forecast
period. Medical expense coverage is crucial since it covers the cost of emergency treatment as well as any other
overhead cost occurring at the time of travel. The uncertainty while travelling to foreign lands can pose health hazards
and therefore, many countries have made travel insurance mandatory to issue VISA.
• Geographically, Asia Pacific held the largest share in global travel insurance market. This has been attributed to the high
demand for corporate travel insurance from countries such as China, Japan and Korea. The growing segment of travellers
in countries such as India is providing tremendous opportunities to insurance companies and travel agencies to tap into.
However, in terms of growth rate, Latin America is expected to exhibit the highest growth of 8.8% over the forecast
period. Travel insurance is gaining popularity in several developing countries of Europe. UK travel insurance market share
is expected to witness a decrease due to decline in the number of travellers.
• Companies including Allianz SE, Munich Reinsurance America, Inc., American Express Company, Travelex Insurance
Services, Atlas Travel Insurance Services Ltd, Aviva PLC, Saga Plc, Bajaj Finserv Limited, China Pacific Life Insurance Co.,
Ltd., MS&AD Insurance Group Holdings, Inc., Munich Reinsurance Company, Ping An Insurance Company of China, Ltd.,
China Life Insurance Company Limited., MAPFRE Insurance Company Inc., Prudential Financial Inc., and Chubb Limited
amongst others have a broader presence within the global market.
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Key Segments of the Global Travel Insurance Market
Type Overview, 2015-2025 (USD Million)
• Medical Expenses
• Trip Cancellation
• Trip Delay
• Property Damages
Application Overview, 2015-2025 (USD Million)
• Domestic Travel
• Outbound Travel
Type of Travel Overview, 2015-2025 (USD Million)
• Business Travel
• Leisure Travel
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Key Segments of the Global Travel Insurance Market
Regional Overview, 2015-2025 (USD Million)
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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