In India travel insurance market was
valued at over $ 80 million in 2018, exhibiting a CAGR of close to 12%. Travel insurance market in India accounts
for less than 1% of the total travel insurance industry worldwide. As
individuals are becoming more mobile, travel has become a part of academic,
business and personal life. The major aim of the travel insurance is to provide
hassle-free travel to the tourists and reducing the risks to the minimal.
Therefore, it is always a better option to buy a travel insurance plan to
mitigate the risks associated with travelling. Purchasing a travel insurance
policy provides cover against medical and non-medical travel-related
contingencies such as emergency medical condition, loss of tickets &
passport, trip cancellation, curtailment & interruption, loss/delay of
baggage, etc.
The policy also covers the
financial loss that may incur while traveling domestically or internationally,
which is further anticipated to boost the growth of travel insurance market in
the country. In addition, increasing natural calamities coupled with medical
emergencies are some of the common problems registered while traveling, thereby
pushing the demand for travel insurance. However, the lack of awareness about
insurance policies might act as a major impediment to the growth of India
travel insurance market during the forecast period.
Based on insurance cover, the
travel insurance market is segmented into single trip, annual multi-trip, and
long stay. Among them, the single trip travel insurance accounts for a
relatively large market share owing to the growth in business travel coupled
with rise in disposable income, which is creating the need for safe traveling.
However, more affordable and cheaper travel has made it easy for several family
travelers, and fully independent travelers to take up several trips in a year,
thus creating a substantial growth for annual multi-trip travel insurance, which
is driving the growth of this segment through 2024.
The major market players in India
travel insurance market are TATA AIG, Apollo Munich, Bharti AXA, Bajaj Allianz,
SBI General Insurance, Royal Sundaram, HDFC Ergo, ICICI Lombard, Reliance, Religare,
etc. The key players are investing more to develop new insurance policies in order
to increase their customer bases and expand their geographic reach.
Years
considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To analyse and forecast the market size of India
travel insurance market
- To forecast India travel insurance market based
on type, source, insurance cover, user, location and regional distribution.
- To identify drivers and challenges for India
travel insurance market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions etc. in India
travel insurance market.
- To identify and analyse the profile of leading
players operating in India travel insurance market.
Download Free Sample Report
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of travel insurance service providers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the suppliers which could not be identified due to the limitations of secondary
research. TechSci Research analyzed the product types, application types and
presence of all major travel insurance service providers across the country.
TechSci
Research calculated India travel insurance market size by using a bottom-up
approach, where data for various end user industries and its application across
various product types were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company website, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target
Audience:
- Travel insurance suppliers
- Government bodies such as regulating authorities
and policy makers
- Industry associations
- Organizations, forums and alliances related to
travel insurance market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as product
service providers and partners, end users etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India travel insurance market has been segmented
into following categories, in addition to the industry trends which have also
been detailed below:
- India Travel Insurance Market, By Type:
- India Travel
Insurance Market, By Source:
- Bank
- Non-Banking
Financial Company (NBFC)
- India Travel
Insurance Market, By Insurance Cover:
- Single trip,
- Annual multi-trip
- Long stay
- India Travel
Insurance Market, By User:
- Senior citizens
- Education travelers
- Backpackers
- Business travelers
- Family travelers
- Fully independent
travelers
- India Travel
Insurance Market, By Location:
- Intracity
- Intercity
- International
- India
Travel Insurance Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in India travel insurance market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.
India travel insurance
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]
In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]