• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business TE Insights

Travel Insurance Market Size to Surpass $35 Billion by 2027

by Techeconomy
July 28, 2023
in TE Insights
0
Travel Trends and Destinations for the Second Half of 2023
Beautiful tropical Maldives resort

Beautiful tropical Maldives resort

UBA
Advertisements

By; OLIVIA NNOROM

As per the report by Global Market Insights, Inc. “Worldwide Travel Insurance market was valued USD  15 billion in 2020 and will surpass a revenue collection of USD 35 billion by 2027 with an annual growth rate of 11% over 2021 to 2027.”

The travel insurance market is expected to observe substantial growth by 2027 driven by booming consumer interest in key regions across the globe. Moreover, increasing demand for travel insurance policies with COVID-19 coverage is slated to further propel market growth through the forecast period.

The government-imposed lockdown restrictions forced people to stay indoors, bringing leisure travel to a halt, which brought about a steep decline in travel and tourism activities.

With successful vaccination drives and increasing governmental emphasis on economic recovery, the tourism industry is gradually regaining pre-COVID momentum, which has impelled the need for travel insurance policies among travelers.

Additionally, industry players are focusing on providing attractive travel insurance policies to extend their consumer reach. As a result, rising availability of policies with wide-ranging coverage options, including COVID-19 coverage, has been favorable for industry expansion.

Travel Insurance market
Advertisements
MTN ADS
Travel Insurance market [Source]

The travel insurance market has been bifurcated in terms of type, trip, provider, end-use, and region. Based on provider, the market has further been segmented into banks, insurance company, and others.

The others provider segment is set to witness strong growth by 2027, expanding at a steady CAGR through the assessment timeframe. Growing number of intermediaries upgrading their offerings by integrating Global Distribution System (GDS) to enable transactions among travel service operators is projected to promote segmental expansion in the coming years.

The travel insurance market has been divided into corporate travelers, senior citizens, education travelers, family travelers, backpacker & adventure travelers, and others.

The senior citizens end-use segment held a notable share in the market in 2020 and is anticipated to grow at a stable pace over 2021-2027. Surging demand for travel insurance policies that offer coverage for pre-existing and specific age-related health issues is foreseen to spur segmental growth over the review timeline.

The education travelers end-use segment is projected to observe considerable revenue growth by 2027, progressing at a solid CAGR over the analysis period. Rising number of students pursuing higher education in foreign countries is expected to boost segmental demand in the forthcoming years.

The travel insurance industry share from the others end-use segment is estimated to see substantial growth through 2027. Mounting need for travel insurance policies that provide emergency medical repatriation expenses for any activity performed on the specific expedition is calculated to fuel segmental development over the following years.

The Latin America travel insurance market is speculated to see robust growth by 2027, registering a sturdy CAGR through the forecast period. Growth of the tourism industry in LATAM is likely to stimulate regional market growth in the future.

Some of the key players profiled in the travel insurance market report include Allianz Partners, American Express Company, American International Group, Inc. (AIS), Arch Capital Group Limited, Aviva PLC, AXA Travel Insurance, Berkshire Hathaway Specialty Insurance, China Pacific Insurance, (Group) Co., Ltd., Chubb Limited, Generali Group, Groupama Sigorta AS, HanseMerkur Reiseversicherung AG

[Source]

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Travel Insurance market
Techeconomy

Techeconomy

Next Post
QNET Product Expo

QNET Product Expo to Showcase Wellness, Lifestyle Products in Lagos and Abuja

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

product management - Joy Eneghalu

My Journey: How I delved into product management | by Joy Eneghalu

6 years ago
Airtel Africa

Airtel Africa Results for Half Year Ended 30 September 2023

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.