Market Size of India Travel Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 12.00 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
India Travel Insurance Market Analysis
India Travel Insurance Market has generated a revenue of USD 65 million in the current year and is poised to achieve a CAGR of 12% for the forecast period. Travel insurance offers financial protection for expenses or losses incurred due to unanticipated events while domestic or overseas travel. It usually covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into impact from the day of travel until the insured reaches back home. Currently, various companies are offering travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights. They are also presenting customization options depending on the geographical location and the requirements of the insured individuals.
The travel insurance market in India accounts for less than 1% of the total travel insurance industry worldwide. As individuals are becoming more flexible, travel has become a part of intellectual, business, and personal life. The major objective of travel insurance is to offer hassle-free travel to tourists and to reduce the risks to a minimum. Consequently, it is always a better option to buy a travel insurance plan to diminish the risks associated with traveling. Acquiring a travel insurance policy provides cover against medical and non-medical travel-related contingencies such as emergency medical conditions, loss of tickets & passports, trip cancellation, curtailment & interruption, loss/delay of baggage, etc.
The policy also includes the financial loss that may incur while traveling domestically or internationally, which is further anticipated to boost the development of the travel insurance market in the country. Besides, increasing natural calamities coupled with medical emergencies are some of the common problems registered while traveling, thereby pushing the demand for travel insurance. Nevertheless, the lack of awareness about insurance policies might act as a major obstacle to the growth of the Indian travel insurance market during the forecast period.
India Travel Insurance Industry Segmentation
The report focuses on the complete background of the Indian Travel Insurance Market, which comprises an assessment of the developing market trends by segments, important changes in the market dynamics, and a market overview. India's Travel Insurance Market is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Direct Sales, Online Travel Agents, Airports And Hotels, Brokers, and Other Insurance Intermediaries) and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc). The report offers market size and forecast values for the India Travel Insurance Market in USD million for the above segments.
| By Insurance Coverage | |
| Single-Trip Travel Insurance | |
| Annual Multi-trip Travel Insurance | |
| Others |
| By Distribution Channel | |
| Direct Sales | |
| Online Travel Agents | |
| Airports And Hotels | |
| Brokers | |
| Other Insurance Intermediaries |
| By End-User | |
| Senior Citizens | |
| Business Travelers | |
| Family Travelers | |
| Others (Education Travelers, etc) |
India Travel Insurance Market Size Summary
The India travel insurance market is experiencing significant growth, driven by the increasing importance of travel insurance in providing financial protection against unforeseen events during domestic and international travel. This market is characterized by the availability of comprehensive coverage options, including emergency medical care, trip cancellation, and loss of belongings, among others. The sector is witnessing a shift towards more personalized insurance solutions, with companies offering 24/7 emergency services and customization based on geographical and individual needs. Despite accounting for a small fraction of the global travel insurance industry, the market is poised for expansion as travel becomes an integral part of personal and professional life for many Indians. The growing awareness of the benefits of travel insurance, coupled with the rise in travel-related incidents, is expected to drive demand, although challenges such as limited awareness about insurance policies remain.
The tourism industry in India, a vital component of the country's economy, is a significant driver of the travel insurance market's growth. As tourism expands, so does the need for travel insurance to mitigate risks associated with travel, such as medical emergencies and lost baggage. The market is also witnessing a technological transformation, with insurers increasingly adopting digital channels for selling insurance products, a trend accelerated by the COVID-19 pandemic. This shift towards technology-driven solutions, including telemedical processes and e-KYC verification, is enhancing the consumer experience by simplifying the purchasing process and offering a wider range of options. Key players in the market, such as TATA AIG, HDFC ERGO General Insurance, and Bajaj Allianz, are actively innovating and automating processes to stay competitive. Regulatory changes, such as the mandatory KYC requirements by the Insurance Regulatory and Development Authority of India, are also shaping the market dynamics, ensuring a more secure and streamlined insurance purchasing experience.
India Travel Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porters' Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights into Technological Advancements in the Industry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance Coverage
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2.1.1 Single-Trip Travel Insurance
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2.1.2 Annual Multi-trip Travel Insurance
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2.1.3 Others
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2.2 By Distribution Channel
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2.2.1 Direct Sales
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2.2.2 Online Travel Agents
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2.2.3 Airports And Hotels
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2.2.4 Brokers
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2.2.5 Other Insurance Intermediaries
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2.3 By End-User
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2.3.1 Senior Citizens
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2.3.2 Business Travelers
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2.3.3 Family Travelers
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2.3.4 Others (Education Travelers, etc)
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India Travel Insurance Market Size FAQs
What is the current India Travel Insurance Market size?
The India Travel Insurance Market is projected to register a CAGR of 12% during the forecast period (2024-2029)
Who are the key players in India Travel Insurance Market?
TATA AIG, HDFC ERGO General Insurance, Bajaj Allianz, SBI General Insurance and Reliance General Insurance are the major companies operating in the India Travel Insurance Market.
