Home > Media & Technology > Next Generation Technologies > Fintech > Travel Insurance Market

Travel Insurance Market Trends

Report ID: GMI4908
Published Date: Aug 2023
Report Format: PDF

Download Free Sample

Travel Insurance Market Trends

Travelers have diverse needs and preferences when it comes to insurance coverage. To cater to this, the travel insurance industry might witness a trend toward more flexible and customizable policies. This could involve insurance providers offering modular coverage options that allow travelers to select specific coverage elements based on their travel plans and preferences.

For example, a traveler could choose coverage for medical emergencies, trip cancellations, and specific activities (such as adventure sports) while excluding coverage for areas that don't apply to their trip. Customizable policies could help travelers find coverage that aligns more closely with their individual needs, potentially increasing the appeal of travel insurance.

To that end, in July 2021, a 2020-founded insurtech called Pattern Insurance Services and Setoo, a startup that assists travel agencies in selling unique and customized travel insurance products as upsells agreed to merge. The combined business will have its headquarters in Palo Alto, California, and operate as Pattern throughout the United States and Europe. The deal's details were kept between the two parties. Together, the startups have raised $25 million in grant from several investors, including Abstract Ventures, MS&AD Ventures, Comcast Ventures, Foundation Capital, FinTLV, Kamet Ventures, TechAviv Founder Partners, and Kli Capital.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of travel insurance reached USD 21 billion in 2022 and is set to witness 9.1% CAGR from 2023 to 2032, due to increasing awareness among travelers about the importance of travel insurance worldwide.

The international segment was valued at over USD 15 billion revenue in 2022 and will grow at 10% CAGR during 2023 to 2032, on account of growing recognition of potential risks involved in global travel.

North America market size recorded over USD 6 billion in revenue in 2022 and is expected to garner over 9.5% CAGR till 2032, owing to the increasing awareness and changing travel dynamics in the region.

Generali Group, Ping An Insurance Company of China, Ltd, Aviva PLC, Allianz Partners, ERGO Group AG, American Express Company, Arch Capital Group Limited, and China Pacific Insurance (Group) Co., Ltd. are some of the major travel insurance companies worldwide.