Growth in tourism and rising concerns for security are boosting the growth of the travel insurance market in India during the forecast period.
According to TechSci Research report, “India Travel Insurance Market By Type, By Source, By Insurance Cover, By User, By Location, Competition, Forecast & Opportunities, 2024”, India travel insurance market is expected to grow at a CAGR of around 12% during the forecast period on account of increasing concern for safety and security. Moreover, increase in the tourist traffic, rising natural calamities, medical emergencies, rise in the occurrences of loss of luggage and important documents are the other key factors that are propelling the growth of travel insurance market in India. Furthermore, owing to the benefits offered under a travel insurance policy, more people are looking forward to getting their trip insured, before leaving for vacation, thereby fueling growth in the market. Since most of the travelers seek overseas travel insurance in the country when they travel to a foreign country, this simply implies that there is an extensive potential for travel insurance in India. Not only the international travelers, but there has been an exceptional rise in the domestic travel industry as well. Around 30 million Indians indulge in domestic travel every year, and they also seek for domestic travel insurance, which is bolstering the growth of India travel insurance market. However, the market is likely to get subdued due to lack of guidance and awareness regarding the insurance policies.
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India travel insurance market can be segmented based on type, source, insurance cover, user, location and region. Based on type, the market can be segmented into railway, bus and aviation. Out of which, the railway is the dominating sector owing to comparatively low-cost insurance and high chances of incurring unforeseen medical expenses and other travel related emergencies. In terms of location, the market is segregated into Intracity, Intercity and International. The international sector is anticipated to witness high growth in the upcoming years on account of high chances of luggage misplacing due to connected flights. International travel insurance is a must for students as it includes health cover, protection against sponsorship hassle or interruption in studies. There are benefits which also cater to baggage loss, medical expenses, accidents, dental treatment, loss of vital documents and credentials, such as passport, and pre-medical checkups, which is further aiding the growth of this segment. The top Indian insurance companies are selling such international travel insurance just for students.
TATA AIG, Apollo Munich, Bharti AXA, Bajaj Allianz, SBI General Insurance, Royal Sundaram, HDFC Ergo, ICICI Lombard, Reliance, Religare, among others are the leading players operating in India travel insurance market. Domestic travel insurance policies have been issued by private general insurers and public sector insurer.
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“India travel insurance market is expected to grow substantially during the forecast period. Growth in tourism is the key factor propelling the travel insurance market. Owing to problems and mishaps that may occur during traveling, insurance companies are providing their service offering 24×7 worldwide. Benefits like medical assistance, emergency evacuation, protection against natural calamities and terrorist activities, and travel inconvenience benefits that are designed to keep the customers safe from unforeseen emergencies, which is expected to fuel the demand for travel insurance in India through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Travel Insurance Market By Type, By Source, By Insurance Cover, By User, By Location, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India travel insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India travel insurance market.
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