Top 10 Travel Medical Insurance Trends: Market Analysis and Future Outlook
RELEASE DATE: Aug 2024 Author: Spherical Insights Request Free Sample
Overview
Emergency healthcare expenses incurred while traveling are covered by travel medical insurance. The Global Travel Medical Insurance Market size is expected to hold a significant share by 2033, at a CAGR of 12.6% during the forecast period 2023-2033. Travel medical insurance will cover expenses up to the plan limit for individuals who take a trip and experience an unintentional injury, illness, or health issue that is covered by the trip's medical insurance.
Advancement in Travel medical insurance
The global market comprises some of the leading companies in the travel medical insurance industry, such as Policybazaar, Tata AIG Travel Insurance, Apollo Munich Health Insurance Company, Bajaj Allianz General Insurance Company, and Bharti AXA General Insurance Company. For instance, in July 2022, only authorized Indian travel insurance providers were accepted by German missions as providers of Indian travel medical insurance.
Government Initiatives and Regional Market Expansion
- Thailand declared that it will continue to offer free insurance to visitors from other countries till the end of 2024. Under this program, health insurance for accidents or catastrophic events up to THB 500,000 ($13,650) is offered to foreign visitors. The Thai government unveiled the program earlier this year, allocating THB 50 million ($1.4 million) to pay for visitors' medical costs. Compensation of up to THB 1 million ($27,300) in case of death and up to THB 300,000 ($8,187) in case of organ loss or permanent disability is covered under the policy.
Insights and Projections: Global Travel Medical Insurance Market Analysis
The report provides a summary of the global top trends and future prospects for the global travel medical insurance market based on historical data sets (current trends, industry statistics, and emerging trends shaping the travel medical insurance industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global travel medical 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 Travel Medical Insurance Industry
- Protects against unplanned medical costs.
Regardless of how carefully a traveler plans their vacation, a medical emergency is never guaranteed. Travelers are extremely vulnerable since they run the danger of becoming ill, getting hurt, having an accident, etc. In the event of an unanticipated medical emergency while on the road, travelers may find themselves stranded without access to financial assistance. Furthermore, the unexpected medical costs could put a great deal of financial strain on the vacation budget of the tourist, making the entire trip terrifying. This demonstrates the essential importance of having traveling medical insurance to guard against unforeseen medical expenses. Therefore, it is expected that as more people look to protect themselves from unanticipated financial constraints, the demand for travel medical insurance will rise in the years to come.
Opportunities and Future Prospects in the Travel Medical Insurance Industry
- Growing incidence of medical emergencies for passengers on ships, aircraft, and international journeys.
According to estimates, 1 in 100,000 travelers will die; 40% will die from trauma, 60% from illnesses, and less than 3% will die from infectious diseases. Simple preventive measures, such refraining from simultaneous alcohol consumption, can reduce trauma and other travel-related injuries, such as traffic accidents and drowning, by up to 85%. On average, 1 in 604 flights have an in-flight emergency. Travelers have a two- to three-fold increased risk of thrombosis compared to non-travelers. In 2-4% of cases, fever might happen during or after travel; in tertiary centers, it can affect up to 25–30% of cases. Though rarely severe, traveler's diarrhea is the most common illness linked to travel. The previously mentioned information emphasizes the increasing significance of travel medical insurance in reducing health risks and emergencies when traveling.
List of Key Companies in the Travel Medical Insurance Industry
- Policybazaar
- Tata AIG Travel Insurance
- Apollo Munich Health Insurance Company
- Bajaj Allianz General Insurance Company
- Bharti AXA General Insurance Company
- American International Group
- Trawick International
- Seven Corners
- Travelex Insurance Services
5 Players in the Travel Medical Insurance Industry
1. Policybazaar
Headquarters: Haryana, India.
An internet marketplace for loan and insurance products is designated as PB Fintech Ltd. In addition to offering easy access to finance, insurance, and other financial goods, the company wants to raise awareness in India on the financial ramifications of illness, death, and damage. The organization only receives income from within India. The insurance business sector and the other business segment are the company's two operating segments. The company's additional services section, which primarily provides online marketing, consulting, and assistance services to the financial services sector, accounts for the majority of its income. The Group offers Insurance Broker services under the Insurance services division.
2. American International Group, Inc
Headquarters: New York, United States
The American International Group (AIG) and the Tata Group have partnered to form the Tata AIG General Insurance Company Limited. This year, 2019, marks 18 years since Tata AIG General Insurance Company Limited started doing business in India on January 22, 2001. With multiple firsts to its name, the firm has expanded rapidly to become India's most favored private general insurance provider. Motivated by a goal of improving customers' tomorrows through the provision of reliable and creative risk solutions, Tata AIG's extensive line of protection plans is supported by years of great service capabilities, a smooth claims process, and professional product understanding.
3. Trawick International
Headquarters: Alabama USA
Trawick International is an online marketplace for student and travel insurance. In addition to many other items, the product range comprises travel medical insurance, insurance for travel, trip insurance for cancelling or interruption, foreign education insurance, and group trip insurance. Every product also comes with a terrorist cover.Trawick International is a popular choice among Squaremouth consumers and is constantly ranked among the most reliable suppliers of travel insurance. The maximum amount of Trawick's single-trip emergency medical coverage, which is $250,000 under their Safe Travels Voyager plan, is $50,000. Additionally, Trawick offers plans with medical evacuation coverage of up to $2,000,000. Trawick has a reputation for providing travelers with outstanding customer service, as seen by the 4/5-star rating that Squaremouth customers have given them.
4. Seven Corners, Inc
Headquarters: Indiana, United States
Seven Corners, Inc. is a creative, customer-focused provider of specialty benefit management and international travel insurance. It was founded in 1993.Based in Torrance, California, the company offers insurance strategies and products. The organization provides affordable medical insurance, executive disability insurance, retirement plans, business trip accident insurance, and cost containment measures to its clientele. The business Seven Corners, Inc. is an insurance provider. In addition to offering claim support and other medical help, the company offers travel medical, visitor and immigrant, trip protection, and student travel insurance. Seven Corners provides global customer service.
5. Travelex Insurance Services
Headquarters: Omaha, NE,
Travelex Insurance Services, Inc. is an insurance provider. The organization provides insurance for travelers, comprising travel security and essential travel support, via tour companies, travel agents, airports, and online. Travelex Insurance Services serves consumers throughout Nebraska. Travelex Insurance Services has been a leading travel insurance provider for the United States and Canada, offering a wide range of travel protection solutions. They are a leading travel industry partner dedicated to assisting travelers in seeing the globe and all it has to offer with confidence and safety.
Recent Development
- In June 2024, the global personal travel insurance and support business of AIG is to be acquired by Zurich Insurance for US$600 million, with a possible earn-out payment.
- In May 2024, the insurance provider TATA AIG General Insurance Company Limited announced its official launch of Student Guard Overseas Travel Insurance a product line created especially to support students seeking higher education overseas. According to the company, the purpose of the initiative is to financially shield Indian students learning overseas from unanticipated events including illness or accident-related medical costs, unintentional death, or dismemberment.
- In January 2024, InsureMyTrip, Canada's quickly expanding insurance for travelers’ comparison website, is thrilled to announce the latest addition of Travelex Insurance Solutions Canada Ltd. to its list of insurers.
- In May 2024, the unexpected events & Illness Sum Insureds supplied by Tata AIG determine the five types of the Student Guard Insurance. Plan A as well as Plan B, Ultimate, Ultimate Plus, and Supreme are the titles of the different kinds of plans.
- In October 2023, leading worldwide insurance provider Starr Insurance (Starr) and Trawick International, an established international insurance provider, announced their collaboration. Through this partnership, three new travel insurance products are being introduced, all of which are underwritten by Starr Indemnity & Liability Company, one of Starr's American subsidiaries.
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