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. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Pramod Borasi, a Senior Research Analyst at Allied Market Research, stated, “the business traveler segment is expected to experience fastest growth in the coming years, owing to rise in number of international ventures and surge in number of business expansions.”
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 report offers detailed segmentation of the global single trip travel insurance market based on component, deployment mode, enterprise size, application, and region.
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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. Moreover, the insurance aggregators segment is projected to manifest the highest CAGR of 23.2% from 2021 to 2030.
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. However, the business travelers segment is expected to portray the largest CAGR of 22.3% from 2021 to 2030.
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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.
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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