Covid-19 Travel Insurance Market was valued at USD 2.85 Billion in 2022 and is projected to reach USD 5.12 Billion by 2030, growing at a CAGR of 8.1% from 2024 to 2030.
Between 2020 and 2022, the market saw a sharp increase in demand for Covid-19-specific coverage, with travelers seeking peace of mind in uncertain times. Insurers responded by offering products tailored to the unique risks posed by the pandemic. Coverage for medical expenses due to Covid-19, cancellation or interruption due to illness, and quarantine expenses became integral parts of standard travel insurance policies. This resulted in a surge in the number of travelers purchasing insurance policies as they began to understand the importance of safeguarding their health and financial investment while traveling.
Looking ahead, the demand for Covid-19 travel insurance is expected to remain strong through 2023 to 2033, albeit with some shifts in consumer needs and market offerings. While the global health crisis is not over, travelers' expectations and priorities are evolving. As the world moves into the post-pandemic era, insurance products may become more flexible, addressing emerging concerns like long-term Covid-19 effects, digital health monitoring, and extended coverage for travel disruptions due to global health risks or future pandemics. Moreover, the ongoing recovery of the travel sector could influence the development of new, hybrid policies that cater to both medical and non-medical contingencies.
As the Covid-19 crisis transitions into a new phase, the market for Covid-19 travel insurance will likely continue to expand in response to changing travel behaviors and increased awareness of health risks associated with international travel. With an increasing number of travelers opting for robust protection, the insurance industry is expected to innovate, offering policies that cater to diverse travel needs while adapting to the post-pandemic landscape.
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With the rapid rise of the Covid-19 pandemic, the global travel industry faced unprecedented disruptions, leading to an increased demand for Covid-19 travel insurance between 2018 and 2022. During this period, travel insurance products evolved significantly to adapt to the global health crisis. Consumers were not only seeking coverage for medical emergencies but also for cancellations, trip delays, and other unforeseen events triggered by the pandemic. The pandemic's impact on travel insurance was substantial, as policies began to incorporate new features such as trip interruption coverage and medical evacuation specifically related to Covid-19. This shift reflected both the increasing need for comprehensive travel protection and the growing concerns about health risks during international travel.
Zurich Insurance
AXA
Cat 70
HTH Worldwide
Inc.
Seven Corners Inc
Tin Leg
Trawick International
AIG
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Covid-19 Travel Insurance Market
Domestic Travel
Overseas Travel
Based on Types the Market is categorized into Below types that held the largest Covid-19 Travel Insurance market share In 2023.
Group Insurance
Personal Insurance
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Covid-19 Travel Insurance Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Covid-19 Travel Insurance Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Covid-19 Travel Insurance Market, By Type
6. Global Covid-19 Travel Insurance Market, By Application
7. Global Covid-19 Travel Insurance Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Covid-19 Travel Insurance Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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