Insights into Travel Insurance Market and it’s growth outlook

The global travel insurance market is gathering momentum and it is expected to record notable growth over the forthcoming years. With increased domestic as well as international travel worldwide, travel insurance has become a necessary precaution today which helps ensure that the travelers and their trip costs are protected before and during travels.

On the basis of trip, the travel insurance industry is segmented into single, multiple, and extended trips. The extended trip segment is likely to witness substantial growth in the future, due to a strong demand for travel insurance policies that cover expenses in case a trip gets extended due to unexpected circumstances, such as medical emergencies, weather cancellation, or airline cancellation.

In terms of the service provider, the travel insurance market is classified into banks and others. The other segment is expected to witness a robust demand over the next few years. This segment includes brokers and insurance aggregators that enable customers to figure out the best suited insurance policy among all plans available in the market.

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Considering the end-users, the travel insurance industry is bifurcated into family travelers, corporate travelers, backpacker & adventure travelers, education travelers, and senior citizens, among others. The demand for travel insurance policies among education travelers is expected to witness a sharp rise in the coming years. This can be attributed to the uptick in the number of international students pursuing education in foreign countries.

From a regional frame of reference, the travel insurance market in Asia Pacific countries is estimated to record a remarkable growth in the near future, with rapid expansion of the tourism sector in India, Australia, Taiwan, and South Korea.

The rapid spread of the novel coronavirus pandemic during 2020 and subsequent travel restriction have significantly disrupted the industry trends. In order to contain the spread of the virus, governments had imposed lockdown and travel restrictions prohibiting local as well as international travel.

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However, numerous countries have undertaken active measures to resume travel activities in a safe manner. As a result, various insurance providers have introduced travel insurance policies with proper COVID-19 coverage for international travelers while traveling amidst the pandemic.

For instance, America Visitor Insurance had introduced a range of insurance options with complete coverage for COVID-19 and related illnesses for travelers to choose from. Customers can compare these options using the company's Visitor's insurance for COVID-19 tool depending on factors such as traveler's age, duration of travel, and maximum required coverage along with the need for pre-existing conditions for COVID-19 coverage.