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 |
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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.
