India Travel Insurance Market Size
| 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 |
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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 Market Trends
This section covers the major market trends shaping the India Travel Insurance Market according to our research experts:
Boost in tourism post pandemic
The tourism sector in India is a significant component of India's growth and economy. In the last decade, the global tourism sector has seen steady development. According to the World Tourism Organization, international visitor arrivals stood at 12 million in 2021. The share of tourism in India's GDP was 9.2% in 2020. Tourism supported more than 50 million jobs. The tourism sector generated 8.1 % of India's total employment. By 2027, some studies have indicated that tourism in India is expected to grow approximately 7% and is expected to be a $450 billion industry. Expanded disposable income, package holidays, broad media coverage of various holiday kinds, and simple internet travel reservations have contributed to the tourism industry's expansion.
As the tourism industry grows, more cases of lost baggage, crucial papers, medical issues, and natural disasters are stated. A rising number of people are purchasing travel insurance to reduce the possibility of such occurrences. Consequently, the tourist industry's expansion is propelling the travel insurance market forward.
Digitalization driving market growth
In the months gone by, insurers have started to realize the fact that the conventional approach of selling insurance products to consumers will no longer be near enough for the insurers who wish to stay forward of their competitors. The basis of the entire insurance industry is based on offering products and services to the consumers that help them stay protected against loss because of an unfortunate event.
And, in 2022, this will continue to remain an essential element of what insurers do, we will also witness a technology-driven shift in the way insurance is sold. The insurers will concentrate more on selling insurance products through a telemedical process which is the need of the hour. This will be balanced by the e-KYC process for completing the verification process of the consumers to buy a health and term insurance plan. During the COVID-19 pandemic, the digital shift toward selling insurance policies has gained considerable traction and is sure to continue in the years to come. Buying insurance through digital channels reduces the buying process and gives consumers a plethora of options to select the right insurance product as per their choice and requirement.
India Travel Insurance Industry Overview
The report includes major key players operating in the India Travel Insurance market, their product portfolio, key financials, and developments. The market is changing with many technological advancements through product innovation and process automation.
India Travel Insurance Market Leaders
TATA AIG
HDFC ERGO General Insurance
Bajaj Allianz
SBI General Insurance
Reliance General Insurance
*Disclaimer: Major Players sorted in no particular order
India Travel Insurance Market News
- In January 2023, The Insurance Regulatory and Development Authority of India (IRDAI) made KYC mandatory for buying new health, auto, and travel insurance from January 1, 2023, insurers to collect KYC documents purchasing a new life and non-life insurance policy, irrespective of the premium
- In August 2022, ICICI Lombard, India's leading private non-life insurance company, launched its latest line-up of 14 new or enhanced insurance solutions, including riders/add-ons and upgrades across Health, Motor, Travel, and Corporate segments
India Travel Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porters' Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights into Technological Advancements in the Industry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Coverage
5.1.1 Single-Trip Travel Insurance
5.1.2 Annual Multi-trip Travel Insurance
5.1.3 Others
5.2 By Distribution Channel
5.2.1 Direct Sales
5.2.2 Online Travel Agents
5.2.3 Airports And Hotels
5.2.4 Brokers
5.2.5 Other Insurance Intermediaries
5.3 By End-User
5.3.1 Senior Citizens
5.3.2 Business Travelers
5.3.3 Family Travelers
5.3.4 Others (Education Travelers, etc)
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 TATA AIG
6.2.2 HDFC ERGO General Insurance
6.2.3 ICICI Lombard
6.2.4 Bajaj Allianz
6.2.5 SBI General Insurance
6.2.6 Royal Sundaram
6.2.7 Chola MS
6.2.8 Reliance
6.2.9 Apollo Munich
6.2.10 Religare*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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 Research 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.
What years does this India Travel Insurance Market cover?
The report covers the India Travel Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Travel Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Travel Insurance Industry Report
Statistics for the 2024 India Travel Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Travel Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
