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: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

• To analyze 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 analyze the profile of leading players operating in India travel insurance market.

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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:

•   Market, By Type:
• Railway
• Bus
• Aviation
• Market, By Source:
• Bank
• Non-Banking Financial Company (NBFC)
• Market, By Insurance Cover:
• Single trip,
• Annual multi-trip
• Long stay
• Market, By User:
• Senior citizens
• Education travelers
• Backpackers
• Business travelers
• Family travelers
• Fully independent travelers
• Market, By Location:
• Intracity
• Intercity
• International
• Market, By Region:
• North Region
• West Region
• East Region
• South 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.