According to the Allied Market Research new 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, an Increase in the use of digital distribution channels among insurance providers, and favorable government regulations regarding travel insurance drive the growth of the global single-trip travel insurance market. However, a lack of awareness regarding single-trip travel insurance policies hinders market growth. On the other hand, the introduction of new products & services and new technological developments in the travel insurance industry present new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global single trip traveI insurance market.
• The implementation of the 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 traveI 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.

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

Based on end users, the family travelers segment accounted for the largest share in 2020, contributing to more than one-fourth of the global single trip traveI insurance market, and is projected to maintain its lead position during the forecast period. This is owing to the rise in multigenerational travel trends among 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 an increase in awareness related to the significant advantage of singIe trip travel insurance among the single trip population.

Leading Market Players Single Trip Travel Insurance