Top 10 Cruise Travel Insurance Market Trends for 2024: Key Statistics and Insights

 

Overview

Specialized insurance is designed to protect against potential risks while on a cruise, such as medical emergencies, cancellations or interruptions, lost or delayed luggage, travel delays, and other related incidents. The global cruise travel insurance market is expected to grow from USD 2671 Million in 2023 to USD 4471 Million by 2033, at a CAGR of 5.29% during the forecast period 2023-2033. The rise in the market is due to the growing need for cruise travel insurance from various sectors such as insurance intermediaries, insurance companies, banks, insurance brokers, and others worldwide.

 

Competitive Landscape

The market for cruise travel insurance is fiercely competitive, with top companies like Allianz Global Assistance, Travel Guard, and AIG Travel, alongside specialized insurers such as CruiseCare and Berkshire Hathaway Travel Protection, competing for market dominance. These companies provide different types of coverage options designed for cruise travelers, such as thorough medical coverage, trip cancellation, and specific scenarios like itinerary changes and missed ports. Factors such as policy coverage limits, pricing, customer service, and additional benefits like emergency assistance and pre-existing condition waivers drive competitive dynamics. Insurers set themselves apart by forming partnerships with cruise lines, offering customization options, and providing value-added services in order to draw in and keep customers. For instance, starting in the latter part of 2022, cruise companies started to ease their strict rules for COVID-19 testing and vaccination for passengers. In 2023, prominent companies like Celebrity Cruises, Carnival Cruise Line, and Norwegian Cruise Lines permit unvaccinated travelers to embark on the majority of voyages. Nevertheless, longer trips or specific cruise companies may still mandate tests or vaccinations.

 

India's Tourism Infrastructure Investment and the Growing Global Cruise Travel Insurance Market

In July 2023, the Ministry of Tourism also provided financial assistance to the State Governments/UT Administrations and Central Government Agencies for the development of tourism including Cruise Tourism and Cruising along rivers, under the scheme for ‘Assistance to Central Agencies for Tourism Infrastructure development’. The details of projects sanctioned for infrastructure development at Ports and Waterways under the scheme of Assistance to Central Agencies during the last three years. Ministry of Tourism partnered with the Ministry of Ports, Shipping, and Waterways during the 1st Incredible India International Cruise Conference. The conference showcased abundant business opportunities in the cruise tourism sector including river cruising. The conference was attended by more than 300 delegates including major global cruise lines viz, MSC, Carnival, RCCL, Costa, Cordelia, Holland America group, etc. North America (NA) is the leader in the cruise travel insurance market because of the large amount of cruise travelers in the region. The market in the Asia-Pacific (APAC) region is also growing significantly because of the increasing disposable income and the rising popularity of cruising among consumers. Europe and the USA have large market shares as more cruise fans are choosing to get insurance.

 

The report provides a summary of the global top trends and future prospects for the global cruise travel insurance market based on historical data sets (current trends, industry statistics, and emerging trends shaping the cruise travel insurance industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global cruise travel insurance trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions. 

 

Growth Factors and Emerging Trends in the Cruise Travel Insurance Market

 

1. Booming Cruise Tourism Worldwide.

The cruise industry is quickly growing due to the popularity of cruising as a top travel choice for people worldwide. Cruise ships offer various facilities like dining, entertainment, bars, pools, fitness centers, spas, casinos, shore excursions, relaxation areas, activities, and shopping to improve the onboard experience for passengers. Cruise travel is enjoyed by a wide range of people, including vacationers, families, solo travelers, adventure seekers, nature lovers, senior citizens, business travelers, and luxury travelers. Factors including increased disposable income, high risk of accidental drowning, unpredictable weather, and seasickness on cruises, along with companies' emphasis on offering comprehensive cruise insurance at competitive prices, are projected to fuel the growth of the global market in the coming years.

 

Opportunities and Future Prospects in the Cruise Travel Insurance Market

The global market growth is expected to be boosted by factors including a growing number of cruise travel insurance companies, high risk of accidental drowning, seasickness, trip cancellations, and unpredictable weather during cruises, as well as a rising interest in traveling to various destinations on cruises, and higher investments in improving cruise travel insurance coverage.

 

List of Key Companies in the Cruise Travel Insurance Market

• Allianz
• AIG
• Munich RE
• Generali
• Tokio Marine
• Sompo Japan
• CSA Travel Protection
• AXA
• Pingan Baoxian
• Mapfre Asistencia
• USI Affinity
• Seven Corners
• Hanse Merkur
• MH Ross
• STARR

 

Top 5 Key Players Profile in the Cruise Travel Insurance Market

1. AIG

 

Headquarters: New York, NY

AIG, a top global insurance and financial services company, is based in New York City. Founded in 1919, AIG offers a variety of insurance products such as property and casualty, life, and retirement services. The company serves millions of customers globally, operating in over 80 countries. AIG's reputation is based on its wide-ranging knowledge of managing risks and providing financial services to individuals and institutions. Even after encountering major obstacles in the past, such as needing a large bailout during the financial crisis of 2008, AIG has made efforts to improve its financial standing and streamline its operations, placing emphasis on expanding and innovating within the insurance industry.

 

2. AXA

 

Headquarters: Paris, FR

AXA, based in Paris, France, is a well-known company respected for its wide-reaching global presence and full spectrum of financial offerings in insurance and asset management. Established in 1817, AXA operates in more than 50 countries, providing a range of products such as life, health, property, and casualty insurance, as well as investment management services. The company is acknowledged for its dedication to innovation and sustainability, working to address the changing needs of its customers and advancing ethical business strategies. AXA's leading position in the global insurance market is a result of its robust financial stability and varied portfolio, enabling it to cater to millions of customers with customized solutions for asset protection and growth.

 

3. GENERALI

 

Headquarters: Nottingham, Nottinghamshire

Generali, also known as Assicurazioni Generali S.p.A., is a prominent international insurance and financial services company based in Trieste, Italy. Established in 1831, Generali has expanded to become one of the biggest and most impactful insurance companies globally, operating in more than 50 countries. The company provides a wide variety of products such as life, health, property, and casualty insurance, along with asset management services. Generali is well-known for its strong financial stability, creative products, and customer-focused strategy, striving to offer extensive protection and assistance to both individuals and businesses. Its reputation as a significant player in the global insurance market is solidified by its extensive history and advantageous global location.

 

4. MUNICH RE

Headquarters: Munich, Bavaria

Munich Re, also known as Münchener Rückversicherungs-Gesellschaft, is a top reinsurance company based in Munich, Germany. Founded in 1880, the corporation is a major player in the reinsurance industry, providing a wide variety of reinsurance options for life, health, and property and casualty sectors. Munich Re has a global presence, delivering services in more than 50 countries through a network of subsidiaries and branch offices. The company is well-known for its focus on innovation and risk management, using advanced analytics and technology to evaluate and minimize risks. Munich Re's dedication to sustainability and social responsibility is apparent in its investment strategies and corporate practices, positioning it as an influential player in shaping the future of the reinsurance industry.

 

5. ALLIANZ

 

Headquarters: Munich

Allianz SE, headquartered in Munich, Germany, is a prominent financial services provider worldwide, specializing in insurance and asset management. Established in 1890, Allianz has a presence in over 70 countries and provides services to a customer base exceeding 100 million globally. The company provides a wide range of insurance options like life, health, property, and casualty insurance, along with comprehensive asset management services offered by its subsidiaries, which include Allianz Global Investors and PIMCO. Allianz is known for its strong financial stability, creative solutions, and customer-focused strategy. The company is prioritizing digital transformation and sustainability to improve customer experience and support global economic stability. Allianz remains a dominant presence in the worldwide insurance and financial services sector, thanks to its dedication to top-notch quality and ethical business strategies.

 

Recent Developments

 

• In April 2024, TATA AIG General Insurance Company Limited, a well-known general insurance provider, introduced a comprehensive travel insurance product called “Travel Guard Plus” that offers a new level of coverage for travelers with different package choices. TATA AIG's Travel Guard Plus was specifically designed to meet individuals' specific travel needs through a variety of policies that encompass 41 different types of coverage.

 

• In October 2021, Travel Insured International introduced a new travel protection product specifically designed for cruises called Cruise Trip Protector. Created for modern cruise passengers, Travel Insured's Tour Protector series is tailored to fulfill their requirements. In addition to pre-trip benefits such as Trip Cancellation and optional cancellation for Any Reason, this plan also includes post-trip coverages like Single Supplement, Missed Tour or Cruise Connection, and Trip Delay. Cruise Trip Protector provides extra benefits for new regulations set by certain cruise companies, such as additional coverage for Accident & Sickness Medical Expenses and Medical Evacuation coverage.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:    

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter