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The COVID-19 Outbreak brought the world to a halt, with unexpected and unforeseeable implications impacting people's lives, India's economies, communities, and even livelihoods, and the risk of a global recession and layoffs at an all-time high. Furthermore, the travel and tourist industry has endured severe economic slowdowns due to harsh quarantine rules and travel restrictions worldwide. According to a study issued by the World Tourism Organization (UNWTO) in January 2021, foreign visitors in 2020 fell by more than 74% from the previous year of 2019. SuchIndiaes influenced the Imdia travel insurance industry.
The Indian travel insurance market accounts for less than 1% of the global travel insurance. Travel has become an element of academic, business, and personal life as people grow more mobile. The primary goal of travel insurance is to give travelers a stress-free experience while minimizing dangers. As a result, purchasing a travel insurance plan to limit the risks involved with travel is always a preferable alternative. Travel insurance coverage protects you against medical and non-medical travel-related emergencies, such as lost tickets and passports, trip cancellation, curtailment and interruption, luggage loss/delay, etc.
The coverage also covers any financial losses incurred when traveling domestically or abroad, which is expected to help the country's travel insurance sector flourish. Furthermore, rising natural disasters and medical crises are some of the most typical issues encountered when traveling, driving a greater need for travel insurance. However, throughout the projection period, a lack of understanding regarding insurance plans may serve as a key obstacle to the growth of the Indian travel insurance market.
Scope of the Report
Travel insurance aims to cover losses like as trip cancellation due to medical emergencies, luggage loss, evacuation owing to medical conditions or hijacking, and loss of travel papers, among other things. India Travel Insurance Market is Segmented By Type (Railway, Bus, Aviation), By Source (Bank & Non-Banking Financial Company (NBFC)), By Insurance Cover (Single Trip, Annual Multi-Trip & Long Stay), By User (Senior Citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers & Fully Independent Travelers), By Location (Intracity, Intercity & International).
|Non-Banking Financial Company (NBFC)|
|By Insurance Cover|
|Fully Independent Travelers|
Key Market Trends
Booming Tourism Demands After Pandemic
In the last decade, the global tourism sector has seen consistent development. According to the World Tourism Organization, international visitor arrivals increased by 4.4 % to $1,184 million in 2015. Increased 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 expands, more cases of lost baggage, crucial papers, medical issues, and natural disasters are reported. A rising number of people are purchasing travel insurance to reduce the possibility of such occurrences. As a result, the tourist industry's expansion is propelling the travel insurance market forward.
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Regulations and Guidelines for Travels helps in Market growth
Regarding VISA policy, each country has its unique set of rules and restrictions for tourists of various nationalities. However, India increasingly requires travelers to purchase travel insurance to receive a VISA. Travel health insurance is required to visit nations such as the United States, France, Belgium, Luxembourg, Norway, Finland, and Poland, among others. Due to the high medical expenditures and hospitalization fees in visiting countries, this provision guarantees that tourists are sufficiently covered in the event of medical crises. Travel health insurance covers medical expenses until the tourist returns to their home country for further treatment. The requirement of travel health insurance by authorities is a primary driver for the Indian travel insurance sector.
The report covers major players operating in the India Travel Insurance market, their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation and process automation. The key market players are focusing on improving their production capacity, which will help them to increase exports.
- In 2021, In the first half of FY2022, private life insurer Bharti AXA Life Insurance increased its weighted new business premium by 33% to Rs 285 crore, up from Rs 214 crore the previous year. In September 2021, the company had a 53% increase in weighted new business premium.
- In 2021, Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, India's largest commercial conglomerate, and AXA, one of the world's largest insurance firms, announced the introduction of Bharti AXA Life Unnati, a new participation savings product. This plan is meant to offer consumers with-term financial security by combining savings and protection into a single plan.
- In 2020, TATA AIG introduced a new travel insurance coverage that covers baggage delay and loss. Travel insurance's Baggage Delay coverage reimburses you for checked-in baggage, which covers personal goods such as clothing, toiletries, and other basics you wear or use. You will be paid for the permanent loss of an entire piece of checked-in baggage stowed on the train or airplane you are taking under the Baggage Loss insurance. To do so, you'll need to have all of your claims validated by railway or airline personnel.
Table of Contents
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 Insights on Various Regulatory Trends Shaping Asset Management Market
4.5 Insights on impact of technology and innovation in Operation in Asset Management
4.6 Insights on Performance of Asset Managers
4.7 Industry Attractiveness - Porters' Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.2 By Source
5.2.2 Non-Banking Financial Company (NBFC)
5.3 By Insurance Cover
5.3.1 Single trip
5.3.2 Annual multi-trip
5.3.3 Long stay
5.4 By User
5.4.1 Senior Citizens
5.4.2 Education Travelers
5.4.4 Business Travelers
5.4.5 Family Travelers
5.4.6 Fully Independent Travelers
5.5 By Location
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 TATA AIG
6.2.2 HDFC ERGO General Insurance
6.2.3 Bharti AXA
6.2.4 Bajaj Allianz
6.2.5 SBI General Insurance
6.2.6 Royal Sundaram
6.2.7 ICICI Lombard
6.2.9 Apollo Munich
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The India Travel Insurance Market market is studied from 2018 - 2027.
What is the growth rate of India Travel Insurance Market?
The India Travel Insurance Market is growing at a CAGR of <10% over the next 5 years.
Who are the key players in India Travel Insurance Market?
TATA AIG, HDFC ERGO General Insurance, Bharti AXA, Bajaj Allianz, SBI General Insurance are the major companies operating in India Travel Insurance Market.