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Travel Credit Insurance Market Trends

Report ID: GMI9122
Published Date: Apr 2024
Report Format: PDF

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Travel credit insurance Market Trends

The travel credit insurance industry is witnessing a notable trend with the emergence of startups actively launching new services in collaboration with industry partners. These innovative ventures are reshaping the landscape of travel insurance by leveraging partnerships with established players to offer unique and tailored solutions. By joining forces with airlines, booking platforms, and fintech firms, startups can tap into existing networks and customer bases, accelerating their market penetration and enhancing the accessibility of travel credit insurance.

These partnerships enable startups to differentiate themselves through value-added services, such as seamless booking integration, personalized coverage options, and innovative digital platforms. As a result, rising startups are playing a crucial role in driving growth and innovation within the Travel Credit Insurance Market, catering to the evolving needs of modern travelers.

For instance, in September 2022, Insurtech startup InsuranceDekho broadened its range of offerings by introducing travel insurance on its digital platform. Through collaborations with prominent insurers such as HDFC Ergo, Care, Reliance General, ICICI Lombard, and Bajaj Allianz, InsuranceDekho started providing a diverse selection of travel insurance products.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of travel credit insurance reached USD 14.1 billion in 2023 and is set to witness 10% CAGR between 2024 and 2032, as travelers become more conscious of potential risks associated with their journeys.

The trip cancellation segment is expected to hold over 76% of the market share by 2032, owing to the increasing travel uncertainties and disruptions caused by events like natural disasters, political unrest, and health emergencies.

North America market size generated USD 4 billion in revenue in 2023, attributed to a large population of frequent travelers and a diverse range of destinations.

American Express, JPMorgan Chase, Citi, Capital One, Bank of America, Wells Fargo, U.S. Bank, PNC Bank, Barclays, HSBC, Allianz Partners, Travelex Insurance Services and Nationwide.