?? Travel Insurance Market: H1 2023 Trends

Global Travel Insurance Market News?

?? H1 2023 Summary: Travel Insurance and Travel Market Trends

?? Tourism Industry: Expect travel business to grow, albeit a slowing momentum than in 2021 and 2022

• Willingness to travel is trending upwards globally but the rise in airfares and hotel rates this year have shown to limit travel??
• Travel and tourism sector jobs are expected to recover to 95% of 2019 levels?
• North America and Latin America travel sectors are predicted to recover to pre-pandemic levels by the end of this year, while Europe, the Middle East, Africa and Asia-Pacific predicted to recover in 2024

Source: Morning Consult “The State of Travel & Hospitality: H1 2023”

?? USA Travel Insurance Market: Trends Reported in H1 2023

• The average spent on travel insurance for summer trips has increased almost 7% from 2022 and nearly 18% since 2021.?
• There is an increase in baby boomers traveling this summer as compared to the past 2 years, accounting 40% of all summer travelers this year?
• Meanwhile, Gen X, Gen Z and millennials taking summer trips are observing a decreasing trend since 2021.?

Source: Forbes Advisor. (2023, May 1). Summer Travel Insurance Trends of 2023

?? US-based Seven Corners Travel Insurance reports Increased Travel Insurance purchases in H1 2023

• Travel insurance purchases in 2023 has increased by 20.7% from 2022 within the same period, driven by the unpredictability of the wider economy
• The top 4 destinations among American travelers this year are Mexico, Italy, the United Kingdom and France.?

Source: Seven Corners. (2023, 13 Jan) Seven Corners reports rise in purchases for H1 2023

Travel Insurance Partnership Movements

?? ?Blink Parametric - GetCover

Blink Parametric and GetCover join forces to launch online travel insurance products that use real-time parametric flight delay solution

?? ?bolttech - Taiwan Mobile

bolttech, in partnership with Taiwan Mobile, are to partner up to streamline travel insurance purchase experience and offer a wide range of personal insurance options on the Taiwan Mobile app.

?? ?AXA Partners - Trip.com

Trip.com has partnered with AXA Partners to provide benefits such as medical, cancellation and baggage cover, which can be selected when booking a flight on Trip.com for French and German travelers.?

Our New Blog Articles

?? New Players Take Flight: Assessing The Impact Of 4 Thai Airlines On Travel Insurance?

Discover the impact on the travel industry with the launch of 4 new airlines in the Thai aviation industry?

• Really Cool Airlines
• Landarch Airlines?
• P80 Air
• Siam Seaplane

Read More

?? Key Travel Insurance Purchase Channels Insurers Need To Know

Remain competitive amidst the ever-evolving travel insurance landscape by exploring both traditional and emerging travel insurance purchase channels:?

• Travel Agencies?
• Insurance Brokers
• Insurance Company Websites
• Mobile Apps?
• Insurtech Platforms?

And more!?

Read More

Our New Research?

?? Understanding Consumers' Travel Insurance Needs: Canada Market

New report from our "Understanding Consumers’ Travel Insurance Needs" series is now available on the Canada market. This report includes travel insurance research insights based on a survey of 500 travelers.

What is in the report (50+ pages)

• Purchase Influencing Factors?
• Preferred Product Benefits And Services
• Travel Players As A Distribution Channel
• Claims & Assistance Expectations

By the way, we have similar reports for other markets too…?

• USA ????
• France ????
• Singapore ?????

Contact us?to receive a sample of the report and get the pricing details.