Single Trip Travel Insurance Market to Reach $45.8 Bn, Globally, by 2030 at 19.1% CAGR: Allied Market Research

- Rapid growth in tourism, Increase in use of digital distribution channel among insurance providers, and favorable government regulations regarding travel insurance drive the growth of the global single trip travel insurance market.

PORTLAND, Ore., Feb. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Single Trip Travel Insurance Market by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global single trip travel insurance industry generated $8.8 billion in 2020, and is anticipated to generate $45.8 billion by 2030, witnessing a CAGR of 19.1% from 2021 to 2030.

Prime Determinants of Growth

Rapid growth in tourism, Increase in use of digital distribution channel among insurance providers, and favorable government regulations regarding travel insurance drive the growth of the global single trip travel insurance market. However, lack of awareness regarding single trip travel insurance policy hinders the market growth. On the other hand, introduction of new products & services and new technological developments in the travel insurance industry present new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global single trip travel insurance market.
• The implementation of global lockdown resulted to travel restrictions, which in turn, reduced the demand for single trip travel insurance, especially during the initial phase.

The Insurance Intermediaries Segment to Maintain Its Leadership Status Throughout the Forecast Period

Based on distribution channel, the insurance intermediaries segment held the highest market share in 2020, accounting for more than half of the global single trip travel insurance market, and is estimated to maintain its leadership status throughout the forecast period. This is because they enable transactions between travel industry service providers such as airlines, hotels, car rental companies, and travel agencies in the country. Moreover, the insurance aggregators segment is projected to manifest the highest CAGR of 23.2% from 2021 to 2030, due to the fact that the aggregators offer consumers with adequate information and help make informed decisions about the purchases of insurance policies in the market.

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The Family Travelers Segment to Maintain Its Lead Position During the Forecast Period

Based on end user, the family travelers segment accounted for the largest share in 2020, contributing to more than one-fourth of the global single trip travel insurance market, and is projected to maintain its lead position during the forecast period. This is owing to rise in multigenerational travel trend among the families. However, the business travelers segment is expected to portray the largest CAGR of 22.3% from 2021 to 2030. This is attributed to rise in demand for corporate travel experience, including booking, expenses, customized travel insurance policies, trip management, and others.

Asia-Pacific, followed by Europe & North America, to Maintain Its Dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global single trip travel insurance market. Moreover, the same region is expected to witness the fastest CAGR of 22.2% during the forecast period, owing to increase in awareness related to the significant advantage of single trip travel insurance among the single trip population.

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Leading Market Players

• AGA Service Company
• Bajaj Allianz General Insurance Company
• Care Health Insurance
• GeoBlue
• HDFC ERGO General Insurance Company Limited
• ICICI Lombard General Insurance Company Ltd.
• IFFCO-Tokio General Insurance Company Limited
• Nationwide Mutual Insurance
• Reliance General Insurance
• World Nomads Travel Insurance

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