According to a new report by UnivDatos, The India Travel Insurance Market was valued at USD million in 2023 and is expected to grow at a strong CAGR of around 13.7% during the forecast period (2024-2032). Travel insurance is a unique form of insurance that is intended to guard a man against numerous risks that might occur physically while traveling. This can include ticket and trip cancellations, medical evacuations, misplaced or lost luggage, and entrapment and delays. The current advancement in travel Insurance in India: The market for travel insurance in India is increasing continuously due to factors such as an increase in outbound tourism, rising awareness of the numerous risks, related to travel, and the ever-growing influence of COVID-19 which has leading many travelers to be more cautious while traveling. Products and services policies are assuming online formats thus enabling easier comparison and purchase. Airlines are also giving the clients an option to choose from a range of insurance policies that will suit them depending on their needs; be it an adventurous one, or a family one among others. However, gaps are still there like poor awareness of a few segments, hurdles to come under the policy and to understand them and claims processes.

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KEY GROWTH DRIVERS:

The travel insurance market in India has shown great potential growth in demand due to rising numbers of both domestic and international tourists. Increased awareness of the importance of traveling and the emergence of new groups of consumers who have higher disposable incomes also dictate great attention to travel insurance. The market here is that it comprises a wide product spectrum to meet different client needs such as single business travelers, families, students, and corporate organizations.

·        At the 21st ASEAN-India Summit, Prime Minister Narendra Modi proposed celebrating 2025 as the “ASEAN-India Year of Tourism,” highlighting the importance of bolstering tourism and cultural exchange between ASEAN nations and India. To support this initiative, India has designated USD 5 million for joint tourism projects and promotional activities.

·        According to a report by ICICI Lombard titled ‘Research on Travel Behaviours 2023’, in a country where the total insurance penetration is only about 4%, the Lombard report highlighted that 92% of this cohort were likely to purchase travel insurance for their next vacation.

The report suggests that the Increasing Travel Activity is a significant factor driving the growth of the travel insurance market in the coming years. The enhancing traveling frequency in India emerged as a strong ground for the traveling insurance market, which shows that more and more consumers are willing to travel nationally and internationally. Since the middle-income class is growing, given the disposable income levels and the easing of limitations to free movement, more people and families are taking up traveling, for tourism, business, and education amongst other reasons. This increased mobility supports the newfound celebrations of experience as worth spending money on and brings to the public’s attention the many unpleasant possibilities related to traveling, including accidents requiring medical interventions, trip cancellation, and loss of baggage. With awareness of such risks rising, travelers are embracing travel insurance to hedge against losses, and to have a worry-free trip. Moreover, more and more online services concerning travel arrangements introduced insurance options, as having insurance typically becomes part of travel packages, which in turn increases the demand. Further, due to increased focus on safety and security the demand for travel insurance is rising in India and the increased mobility is also ensuring that travel insurance is becoming a mandatory factor in the travel industry.

International Travel Segment Gaining Maximum Traction in the Market

International travel Insurance has emerged as a large segment of the travel insurance market in India due to the rise in the number of Indians traveling for business, tourism, and education purposes across the world. With the easing of the COVID-19 restrictions, there is an increased focus on travel insurance and more travelers who would like to be protected in situations like medical evacuation, and trip cancellation among others. Other related factors that have boosted this growth have been the Online policy purchase channel also known as the new buying channel and the emergence of online selling platforms for insurance policies enables travelers to compare and select insurance plans relevant to their needs at their personal convenience time. Further, shifting consumer trends leading to adventurous displacements, trips, and longer stays are also putting pressure on exigent insurance solutions. Therefore, it was found that the international travel segment has high potential growth rates in the future, considering the overall development of the travel industry and the increased interest of consumers in risk management procedures.

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Conclusion

In conclusion, the Indian travel insurance market remains optimistically poised for growth due to factors such as the rise in the number of outbound travelers, rising literacy, and another go-around effect of changing trends that include online mode. In addition, as more and more Indian travelers become aware of such threats, the need for effectively insuring against all the possible risks during the journey increases. The competition is also enhancing the regulatory framework together with new products making the consumer base more informed. Nonetheless, continued attempts to enhance policyholder understanding of the policy terms together with the continued refinement of claims processes will be critical in the future in growing market penetration. Therefore, despite certain challenges, travel insurance in India has plenty of potential to become a lucrative industry shortly as it continues to address the needs of new and increasingly heterogeneous traveler populations.