Student Travel Insurance Market to Reach $15.5 Billion, Globally, by 2032 at 21.1% CAGR: Allied Market Research
The global student travel insurance market is experiencing growth due to several factors such as increase in awareness and demand for student travel insurance, mandatory requirement of student travel insurance in many countries, and rise in student mobility.
Wilmington, Delaware, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Student Travel Insurance Market by Type (Domestic Travel and International Travel), Coverage (Single Trip Coverage and Annual multi-trip Coverage), and Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers and Insurance Aggregators): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the student travel insurance market was valued at $2.8 billion in 2023, and is estimated to reach $15.5 billion by 2032, growing at a CAGR of 21.1% from 2024 to 2032.
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Prime Determinants of Growth
The student travel insurance market is driven by rise in awareness among students and educational institutions about the importance of having comprehensive insurance coverage while studying abroad. Furthermore, the mandatory requirement of student travel insurance by many countries and universities further propels the market growth. In addition, rise in the trend of students participating in various educational programs, internships, and volunteer opportunities overseas, creates a higher demand for tailored insurance solutions that cater to the specific needs of student travelers. On the contrary, the potential for enhanced coverage options, improved accessibility, and tailored solutions that address the evolving needs of student travelers are fostering growth and ensuring adequate protection for students studying abroad.
Report Coverage and Details
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $2.8 billion |
| Market Size in 2032 | $15.5 billion |
| CAGR | 21.1% |
| No. of Pages in Report | 357 |
| Segments Covered | Type, Coverage, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segment Highlights
Based on type, the domestic travel segment in the student travel insurance market is driving due to the increasing number of students participating in domestic educational programs, internships, and short-term courses within their home countries. This segment's growth is fueled by the need for financial protection against risks such as trip cancellations, medical emergencies, and loss of personal belongings during these domestic travels, which are often not covered by standard health insurance policies.
By coverage, the single trip coverage segment is experiencing growth due to rise in popularity of short-term study abroad programs, exchange programs, and summer courses among students. These programs typically last for a few weeks to a few months, making single-trip travel insurance an attractive option for students who do not require annual coverage. The convenience and affordability of single-trip policies, which provide tailored coverage for specific trips, contribute to the segment's expansion.
Based on distribution channel, the insurance intermediaries segment is witnessing growth due to their ability to offer personalized advice and guidance to students and their families when selecting appropriate travel insurance policies. Intermediaries, such as travel agents and insurance brokers, have established relationships with various insurance providers, enabling them to offer a wide range of options and negotiate favorable terms for their clients. In addition, the increasing use of online platforms by intermediaries to provide easy access to travel insurance has further driven the segment's growth.
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Regional Outlook
Region-wise, Europe dominated the student travel insurance market. This is attributed to the rise in the number of elderly citizens traveling internationally and domestically, as well as an increase in the amount spent on business travel, which is among the causes driving the expansion of the European travel insurance industry. However, in Asia-Pacific, the student travel insurance market is driven by the region's emerging economies, expanding population, and growing middle-income population segment. The travel insurance industry is particularly robust in nations with significant GDP growth and rising per capita income, such as China, Japan, India, Indonesia, Korea, Australia, Hong Kong, Taiwan, New Zealand, and Singapore.
Players
- TATA AIG General Insurance Company Limited
- Bajaj Allianz General Insurance Company
- Zurich American Insurance Company
- HDFC ERGO General Insurance Company Limited
- Future Generali India Insurance Company Ltd.
- AXA Partners Holding SA
- Tokio Marine HCC
- Travel Guard
- Allianz
- Reliance General Insurance
The report provides a detailed analysis of these key players in the global student travel insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In April 2024, SingSaver, a leading personal finance comparison platform in Singapore and a subsidiary of MoneyHero Group entered into a preferred partnership with Allianz Partners Singapore to introduce Allianz Travel Hero, an innovative travel insurance solution that allows customers to tailor their insurance plans and enjoy dynamic coverage.
- In April 2024, TATA AIG General Insurance Company Limited, a leading general insurance provider, launched “Travel Guard Plus”, a comprehensive travel insurance product that redefines complete coverage for travelers with an array of bundle plans. TATA AIG’s Travel Guard Plus has been designed to meet people’s diverse travel needs with a wide range of plans where 41 different types of covers have been packaged to meet the needs of customers.
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the student travel insurance market analysis from 2024 to 2032 to identify the prevailing student travel insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the student travel insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global student travel insurance market trends, key players, market segments, application areas, and market growth strategies.
Student Travel Insurance Market Key Segments:
By Type
- Domestic Travel
- International Travel
By Coverage
- Single Trip Coverage
- Annual multi-trip Coverage
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)
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