Travel Insurance Market Size to Grow by USD 9.88 Billion, Growing Tourism and Business Travels will Present Growth Opportunities

NEW YORK, Sept. 19, 2022 /PRNewswire/ — The travel insurance market will be dominated by North America during the forecast period. Many people in the region opt for adventure sports, which pose high risks. Therefore, vendors offer special and customized policies to meet customers’ requirements. This will drive the travel insurance market growth in North America during the forecast period. However, market growth in this region will be slower than the growth of the market in other regions. The US and Canada are the key countries for the travel insurance market in North America.

The global travel insurance market size is expected to grow by USD 9.88 bn from 2021 to 2026, as per Technavio’s report. In addition, the growth momentum of the market is expected to accelerate at a CAGR of 9.23% during the forecast period. 

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Market Driver and Trend

The growing tourism and business travel is driving the growth of the market. The rise in disposable incomes, increase in business travel, and the easy availability of online travel bookings have led to the growth of the travel and tourism industry. Governments of various countries, such as the US, the UK, Australia, Germany, and Belgium, have made travel insurance mandatory for visas, which is also contributing to market growth. Major vendors are integrating digital tools, such as artificial intelligence (AI), application program interface (API), data analytics, and global positioning system (GPS), to improve distribution systems and provide a personalized user experience. Some insurers also offer insurance cover for COVID-19-related medical expenses.

Insurance for unconventional expenses is a trend in the market. In the US, vacation rentals are popular. Most vacation rentals have cancelation policies that protect the guests and hosts and generate little or no reimbursements. People can list and choose rentals on websites such as Airbnb, Home Away, and Roomorama. If a tourist books a rental offered by these vendors, then the travel is covered under the travel insurance policy. The cost includes deposits, expenses, and cancelation fees in such rentals.

Major Travel Insurance Companies

• Allianz Group
• American Express Co.
• American International Group Inc.
• Arch Capital Group Ltd.
• Aviva Plc
• AXA Group
• Berkshire Hathaway Specialty Insurance Co.
• Groupama Assurances Mutuelles
• HanseMerkur Reiseversicherung AG
• HDFC Bank Ltd.
• HTH Travel Insurance
• IMG Travel Insurance
• Insure and Go Insurance Services Ltd.
• Seven Corners Inc.
• Travel Insured International
• Travelex Group Companies
• TravelSafe Insurance
• Trip Mate Inc.
• USI Insurance Services
• Zurich Insurance Co. Ltd.

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Travel Insurance Market End-user Outlook (Revenue, USD bn, 2021-2026)

• Senior citizens – size and forecast 2021-2026
• Business travel – size and forecast 2021-2026
• Family travel – size and forecast 2021-2026
• Others – size and forecast 2021-2026

Travel Insurance Market Geography Outlook (Revenue, USD bn, 2021-2026)

• North America – size and forecast 2021-2026
• Europe – size and forecast 2021-2026
• APAC – size and forecast 2021-2026
• Middle East and Africa – size and forecast 2021-2026
• South America – size and forecast 2021-2026

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis – Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments 
• Exhibit 24: Chart on End-user – Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user – Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 Senior citizens – Market size and forecast 2021-2026
• Exhibit 28: Chart on Senior citizens – Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Senior citizens – Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Senior citizens – Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Senior citizens – Year-over-year growth 2021-2026 (%)

• 5.4 Business Travel – Market size and forecast 2021-2026
• Exhibit 32: Chart on Business Travel – Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Business Travel – Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Business Travel – Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Business Travel – Year-over-year growth 2021-2026 (%)

• 5.5 Family Travel – Market size and forecast 2021-2026
• Exhibit 36: Chart on Family Travel – Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Family Travel – Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Family Travel – Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Family Travel – Year-over-year growth 2021-2026 (%)

• 5.6 Others – Market size and forecast 2021-2026
• Exhibit 40: Chart on Others – Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Others – Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Others – Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Others – Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by End-user 
• Exhibit 44: Market opportunity by End-user ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 46: Chart on Market share by geography 2021-2026 (%)
• Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 48: Chart on Geographic comparison
• Exhibit 49: Data Table on Geographic comparison

• 7.3 North America – Market size and forecast 2021-2026
• Exhibit 50: Chart on North America – Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on North America – Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on North America – Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on North America – Year-over-year growth 2021-2026 (%)

• 7.4 Europe – Market size and forecast 2021-2026
• Exhibit 54: Chart on Europe – Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Europe – Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Europe – Year-over-year growth 2021-2026 (%)

• 7.5 APAC – Market size and forecast 2021-2026
• Exhibit 58: Chart on APAC – Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on APAC – Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on APAC – Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa – Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)

• 7.7 South America – Market size and forecast 2021-2026
• Exhibit 66: Chart on South America – Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America – Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America – Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America – Year-over-year growth 2021-2026 (%)

• 7.8 US – Market size and forecast 2021-2026
• Exhibit 70: Chart on US – Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US – Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US – Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US – Year-over-year growth 2021-2026 (%)

• 7.9 China – Market size and forecast 2021-2026
• Exhibit 74: Chart on China – Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China – Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China – Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China – Year-over-year growth 2021-2026 (%)

• 7.10 Germany – Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany – Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany – Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany – Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany – Year-over-year growth 2021-2026 (%)

• 7.11 UK – Market size and forecast 2021-2026
• Exhibit 82: Chart on UK – Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on UK – Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on UK – Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on UK – Year-over-year growth 2021-2026 (%)

• 7.12 Canada – Market size and forecast 2021-2026
• Exhibit 86: Chart on Canada – Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Canada – Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Canada – Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Canada – Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.3 Impact of drivers and challenges 
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

9 Vendor Landscape

• 9.2 Vendor landscape 
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 96: Matrix on vendor position and classification

• 10.3 Allianz Group 
• Exhibit 97: Allianz Group – Overview
• Exhibit 98: Allianz Group – Business segments
• Exhibit 99: Allianz Group – Key news
• Exhibit 100: Allianz Group – Key offerings
• Exhibit 101: Allianz Group – Segment focus

• 10.4 American Express Co. 
• Exhibit 102: American Express Co. – Overview
• Exhibit 103: American Express Co. – Business segments
• Exhibit 104: American Express Co. – Key offerings
• Exhibit 105: American Express Co. – Segment focus

• 10.5 American International Group Inc. 
• Exhibit 106: American International Group Inc. – Overview
• Exhibit 107: American International Group Inc. – Business segments
• Exhibit 108: American International Group Inc. – Key news
• Exhibit 109: American International Group Inc. – Key offerings
• Exhibit 110: American International Group Inc. – Segment focus

• 10.6 AXA Group 
• Exhibit 111: AXA Group – Overview
• Exhibit 112: AXA Group – Business segments
• Exhibit 113: AXA Group – Key offerings
• Exhibit 114: AXA Group – Segment focus

• 10.7 Insure and Go Insurance Services Ltd. 
• Exhibit 115: Insure and Go Insurance Services Ltd. – Overview
• Exhibit 116: Insure and Go Insurance Services Ltd. – Product / Service
• Exhibit 117: Insure and Go Insurance Services Ltd. – Key offerings

• 10.8 Seven Corners Inc. 
• Exhibit 118: Seven Corners Inc. – Overview
• Exhibit 119: Seven Corners Inc. – Product / Service
• Exhibit 120: Seven Corners Inc. – Key offerings

• 10.9 Travel Insured International 
• Exhibit 121: Travel Insured International – Overview
• Exhibit 122: Travel Insured International – Product / Service
• Exhibit 123: Travel Insured International – Key offerings

• 10.10 Trip Mate Inc. 
• Exhibit 124: Trip Mate Inc. – Overview
• Exhibit 125: Trip Mate Inc. – Product / Service
• Exhibit 126: Trip Mate Inc. – Key offerings

• 10.11 USI Insurance Services 
• Exhibit 127: USI Insurance Services – Overview
• Exhibit 128: USI Insurance Services – Product / Service
• Exhibit 129: USI Insurance Services – Key offerings

• 10.12 Zurich Insurance Co. Ltd. 
• Exhibit 130: Zurich Insurance Co. Ltd. – Overview
• Exhibit 131: Zurich Insurance Co. Ltd. – Business segments
• Exhibit 132: Zurich Insurance Co. Ltd. – Key offerings
• Exhibit 133: Zurich Insurance Co. Ltd. – Segment focus

11 Appendix

• 11.2 Inclusions and exclusions checklist 
• Exhibit 134: Inclusions checklist
• Exhibit 135: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 136: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 137: Research methodology
• Exhibit 138: Validation techniques employed for market sizing
• Exhibit 139: Information sources

• 11.5 List of abbreviations 
• Exhibit 140: List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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