Single Trip Travel Insurance Market Report 2025 (Global Edition)

Global Single Trip Travel Insurance Market Report 2025 Market Size Split by Distribution channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance brokers, Insurance Aggregators), by En...

Single Trip Travel Insurance Market Report Description

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Single Trip Travel Insurance Market Insights Video

Competitive Landscape of the Single Trip Travel Insurance Market

Major players in the single-trip travel insurance business, including Bajaj Allianz General Insurance Company, HDFC ERGO General Insurance Company Limited, and AGA Service Company, have a sizeable portion of the industry. Many businesses are teaming up to enhance the single trip travel insurance capabilities in response to the growing demand for single trip travel insurance. Additionally, a number of businesses are growing their current services to keep up with the demand for single trip travel insurance due to the increase in demand. Furthermore, industry participants are growing their partnerships in order to extend their single trip operations and customer base.

July 2021: Travelers were able to schedule travel with confidence when they resume vacationing owing to the inclusion of Cancel for Any Reason coverage to the Travel Select plan, which was announced by Travelex Insurance Services. (Source: https://www.globenewswire.com/en/news-release/2021/07/28/2270393/0/en/Travelex-Insurance-Launches-Cancel-for-Any-Reason-to-Aid-Traveler-Confidence.html ) January 2021: Allianz Partners and SmartNomad, a digital travel concierge that combines human knowledge and artificial intelligence (AI) to create amazing travel experiences, have partnered. Additionally, SmartNomad customers will have access to Allianz's round-the-clock customer service and travel assistance for both local and international flights, lodging, and car rentals. (Source: https://travelprofessionalnews.com/allianz-partners-and-smartnomad-announce-travel-insurance-partnership/amp/ ) July 2020: A new travel insurance plan from ABTA offers coronavirus medical coverage. Additionally, it covers the client in the event that they are advised to self-isolate or are unable to travel due to coronavirus infection. The new ABTA Travel Sure policy does not, however, offer any coverage for travel disruption brought on by a coronavirus, just like nearly all other travel insurance policies issued after the pandemic was declared. (Source: https://www.travelmole.com/news/abta-launches-new-travel-insurance-product/ )

Top Companies Market Share in Single Trip Travel Insurance Industry: (In no particular order of Rank)

• AGA Service Company
• Bajaj Allianz General Insurance Company
• Care Health Insurance
• GeoBlue
• HDFC ERGO General Insurance Company Limited
• ICICI Lombard General Insurance Company Ltd.
• IFFCO-Tokio General Insurance Company Limited
• Nationwide
• Reliance General Insurance
• World Nomads Travel Insurance
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Single Trip Travel Insurance Market

Which Region Dominates the Single Trip Travel Insurance Market in 2024?

According to Cognitive Market Research, North America currently dominates the Single Trip Travel Insurance market, and the region is expected to have significant growth during the projected period driven by a rise in both local and international travel as well as a growing awareness of the necessity for travel protection. The rising acceptance of solo travel, corporate travel, and adventure tourism have fueled the need for single trip travel insurance. In addition, more travelers are choosing coverage because to growing overseas healthcare costs and increased anxiety about unanticipated trip disruptions like pandemics, natural catastrophes, or political instability.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Due to expanding disposable incomes, more and more people—particularly in Southeast Asian, Chinese, and Indian countries—are opting for travel insurance to cover unanticipated situations like medical emergencies, trip cancellations, and misplaced luggage. The expanding middle class and greater public awareness of the benefits of travel insurance have also been mentioned as contributing factors to this expansion.

The current report Scope analyzes Single Trip Travel Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Single Trip Travel Insurance Market Analysis

According to Cognitive Market Research, the global Single Trip Travel Insurance market size was estimated at USD 9542.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 3816.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 120.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Single Trip Travel Insurance market with a market size of USD 3011.52 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period driven by rising need for cutting-edge, superior goods and services that cater to changing consumer demands.
• The Canada Single Trip Travel Insurance market had a market share of USD 458.03 million in 2024 and is projected to grow at a CAGR of 19.5% during the forecast period because of laws and practices that are favorable.
• The Mexico Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 347.34 million in 2024.

Europe Single Trip Travel Insurance Market Analysis

According to Cognitive Market Research, the global Single Trip Travel Insurance market size was estimated at USD 9542.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 2862.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.0% from 2024 to 2031.

• The United Kingdom Single Trip Travel Insurance market had a market share of USD 480.93 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period because travel is growing more quickly and more people are using digital channels for dissemination.
• The France Single Trip Travel Insurance market is projected to witness growth at a CAGR of 18.2% during the forecast period, with a market size of USD 263.36 million in 2024.
• According to Cognitive Market Research, the German Single Trip Travel Insurance market size was valued at USD 566.81 million in 2024 and is projected to grow at a CAGR of 19.2% during the forecast period due to tighter government restrictions on international travel and a surge in the use of digital distribution channels by insurance companies to drive sales of single trips.
• The Italy Single Trip Travel Insurance market is projected to witness growth at a CAGR of 18.4% during the forecast period, with a market size of USD 246.19 million in 2024.
• The Russia Single Trip Travel Insurance market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 443.71 million in 2024.
• The Spain Single Trip Travel Insurance market is projected to witness growth at a CAGR of 18.1% during the forecast period with a market size of USD 234.74 million in 2024
• The Luxembourg Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.1% during the forecast period, with a market size of USD 88.74 million in 2024.
• The Portugal Single Trip Travel Insurance market is projected to witness growth at a CAGR of 18.8% during the forecast period, with a market size of USD 60.12 million in 2024.
• The Greece Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.3% during the forecast period, with a market size of USD 34.35 million in 2024.
• The Rest of Europe's Single Trip Travel Insurance market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 443.71 million in 2024.

Asia Pacific Single Trip Travel Insurance Market Analysis

According to Cognitive Market Research, the global Single Trip Travel Insurance market size was estimated at USD 9542.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2194.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Single Trip Travel Insurance market size was valued at USD 987.62 million in 2024 and is projected to grow at a CAGR of 22.0% during the forecast period driven by the growing need for superior, cutting-edge products and services that can adapt to the needs of shifting consumers.
• The Japan Single Trip Travel Insurance market is projected to witness growth at a CAGR of 21.0% during the forecast period, with a market size of USD 302.87 million in 2024.
• The India Single Trip Travel Insurance market had a market share of USD 263.36 million in 2024 and is projected to grow at a CAGR of 24.3% during the forecast period because of advantageous laws and customs.
• The South Korean Single Trip Travel Insurance market is projected to witness growth at a CAGR of 21.6% during the forecast period, with a market size of USD 219.47 million in 2024.
• The Australian Single Trip Travel Insurance market is projected to witness growth at a CAGR of 22.2% during the forecast period, with a market size of USD 114.12 million in 2024.
• The South East Asia Single Trip Travel Insurance market is projected to witness growth at a CAGR of 23.5% during the forecast period, with a market size of USD 151.43 million in 2024.
• The Rest of Asia Pacific Single Trip Travel Insurance market is projected to witness growth at a CAGR of 22.3% during the forecast period, with a market size of USD 155.82 million in 2024.

South America Single Trip Travel Insurance Market Analysis

According to Cognitive Market Research, the global Single Trip Travel Insurance market size was estimated at USD 9542.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 477.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Single Trip Travel Insurance market size was valued at USD 204.20 million in 2024 and is projected to grow at a CAGR of 20.5% during the forecast period due to the rapid growth of travel and the increasing number of people utilizing digital means for distribution.
• Argentina's Single Trip Travel Insurance market had a market share of USD 80.15 million in 2024 and is projected to grow at a CAGR of 20.8% during the forecast period because of more insurance companies using digital distribution channels to increase single trip sales and more stringent government regulations on foreign travel.
• Colombia Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 42.46 million in 2024.
• Peru Single Trip Travel Insurance market is projected to witness growth at a CAGR of 20.1% during the forecast period, with a market size of USD 39.12 million in 2024.
• Chile Single Trip Travel Insurance market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 34.35 million in 2024.
• The Rest of Latin America's Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.0% during the forecast period, with a market size of USD 76.81 million in 2024.

Middle East Single Trip Travel Insurance Market Analysis

According to Cognitive Market Research, the global Single Trip Travel Insurance market size was estimated at USD 9542.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 190.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031..

• The GCC Countries Single Trip Travel Insurance market is projected to witness growth at a CAGR of 21.0% during the forecast period, with a market size of USD 81.68 million in 2024 driven by the rising demand for innovative, high-quality goods and services that can change to meet the demands of changing customers.
• The Egypt Single Trip Travel Insurance market is projected to witness growth at a CAGR of 20.5% during the forecast period, with a market size of USD 20.04 million in 2024.
• The South Africa Single Trip Travel Insurance market is projected to witness growth at a CAGR of 21.2% during the forecast period, with a market size of USD 30.15 million in 2024 because travel is growing at a quick pace and more individuals are using digital means of distribution.
• The Turkey Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 16.41 million in 2024.
• The Nigeria Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.3% during the forecast period, with a market size of USD 20.04 million in 2024.
• The Rest of the MEA Single Trip Travel Insurance market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 22.52 million in 2024.

Single Trip Travel Insurance Market Analysis

How are Segments Performing in the Global Single Trip Travel Insurance Market?

Single Trip Travel Insurance Market Distribution Channel Segment Analysis

According to Cognitive Market Research, insurance companies category is likely to dominate the Single Trip Travel Insurance Market over the forecast period driven by the need for comprehensive coverage and a growing awareness of the risks associated with travel. Insurance companies are using their broad networks, sound financial standing, and wide range of products to draw in customers looking for customized plans as travel returns throughout the world. These businesses profit from their capacity to offer customized coverage alternatives that meet the demands of different travelers, such as medical crises and trip cancellations.

The insurance brokers are the fastest-growing segment in the Single Trip Travel Insurance Market because of their capacity to provide individualized guidance and access to a large selection of insurance products. As go-betweens, brokers assist tourists in navigating the many insurance options available to them. By comparing quotes from various insurers, they frequently negotiate cheaper prices. Their ability to understand client needs and provide personalized solutions strengthens their role in the industry, especially as travelers increasingly seek help in picking the correct coverage for their unique journeys.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Single Trip Travel Insurance Industry. Request a Free Sample PDF!

Single Trip Travel Insurance Market End-use Segment Analysis

According to Cognitive Market Research, the business travelers segment dominates the market because business travel is becoming more and more popular as organizations continue to grow internationally. Companies are looking for travel insurance coverage for employees as a way to reduce risks related to medical emergencies, trip cancellations, and lost luggage during brief business trips, as international business activities have resumed since the pandemic. The market for single-trip insurance policies designed for business travelers has grown as a result of the increase in remote work and international collaborations.

Education travelers are projected to be the fastest-growing segment in the Single Trip Travel Insurance market driven by the growing number of students going on exchange, internship, and short-term academic program trips overseas. The demand for comprehensive travel insurance that covers medical help, study interruptions, and personal items has increased as students look into choices for studying abroad. The demand in this segment of the market is driven by the desire of parents and educational institutions to secure the safety of their students.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

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