The global travel insurance market size is estimated to reach USD 63.87 billion by 2030, expanding at a CAGR of 15.4% from 2025 to 2030. The demand for travel insurance is poised to skyrocket on the account of growth in the tourism industry due to the factors such as easy internet travel bookings, extensive media coverage of various holiday types, an increase in disposable income, and enhanced package holidays.
The increasing adoption of various technological advancements, such as AI-based applications, the usage of Big Data, and Blockchain, is expected to create growth opportunities for travel providers in the global market. Moreover, the travel insurance market is witnessing a rise in popularity owing to benefits such as COVID-19 medical coverage, and 24/7 emergency services.
Many industries across the world were severely impacted due to the COVID-19 pandemic. However, the travel insurance market experienced significant growth owing to a surge in the demand for travel insurance services and products post-pandemic. The pandemic has accelerated the need for travel insurance among the general population, resulting in the creation of various open-source data portals and dashboards to inform citizens about the number of coverage included in travel insurance, the number of active cases, and infection rate, and recovery rate.
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The increasing adoption of various technological advancements, such as AI-based applications, the usage of Big Data, and Blockchain, is expected to create growth opportunities for travel providers in the global market. Moreover, the travel insurance market is witnessing a rise in popularity owing to benefits such as COVID-19 medical coverage, and 24/7 emergency services.
Many industries across the world were severely impacted due to the COVID-19 pandemic. However, the travel insurance market experienced significant growth owing to a surge in the demand for travel insurance services and products post-pandemic. The pandemic has accelerated the need for travel insurance among the general population, resulting in the creation of various open-source data portals and dashboards to inform citizens about the number of coverage included in travel insurance, the number of active cases, and infection rate, and recovery rate.
Travel Insurance Market Report Highlights
- In terms of insurance coverage, the single-trip insurance coverage segment held the largest revenue share of 61.1% in 2024 and is projected to expand at the highest CAGR of 16.0% during the forecast period. The adoption of travel insurance is skyrocketing, and organizations are developing and adding more benefits, such as travel insurance for sports activities. Annual multi-trip travel insurance segment is anticipated to grow at a significant CAGR during the forecast period.
- In terms of distribution channels, Insurance companies held the largest market share in 2024 and is projected to maintain its dominance during the forecast period. The market growth of this segment can be attributed to the demand for trusted sources for the distribution of these policies, as they have an authorized set of packages and can rightly advise the customers about the travel insurance plans
- In terms of end-users, The senior citizens segment dominated the market in 2024. This growth is attributed to the increase in numerous policy plans for senior citizens, such as COVID-19 insurance cover and emergency medical covers. In addition, services like emergency evacuation, subsidies in tickets, trip cancellation coverage, and coverage for luggage loss have a positive impact on the market
- The business travelers segment is anticipated to grow at a significant CAGR during the forecast period. The surge in numbers of business trips in recent years and the increasing number of business travel insurance product offerings by the industry players are the key factors driving the growth of this segment. For instance, in March 2021, Travel Insured International’s launched a new product, Worldwide Trip Protector, to enhance various insurance policies for families, business travelers, and other travelers
- Europe captured the highest market share of 35.1% in 2024 and is expected to retain its position during the forecast period. This can be attributed to the existence of numerous travel insurance companies as well as the high adoption rate as a result of government policies that encourage travel insurance usage throughout the region. For instance, in April 2022, the Insurance Regulatory and Development Authority of India announced that it will reform regulations and capital requirements and introduce new solutions to expand the penetration of insurance and provide insurers with more flexibility
- The Asia Pacific region is expected to grow at a significant CAGR during the forecast period. The market growth in this region is primarily due to the expansion of travel insurance policies to transform businesses through the deployment of COVID-19-related coverage for overseas hospitalization expenses, medical evacuation, quarantine allowance, and others to benefit travelers across the region.
- In January 2023, BATTLEFACE UNDERWRITING SERVICES SRL launched a new technology-enabled platform as a service called Robin Assist. Robin Assist leverages Application Programming Interface (API) and is apt for general agents, insurance brokers, and enterprise partners involved in providing travel insurance. It supports customer service and emergency claims.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Travel Insurance Market Variables, Trends, & Scope
Chapter 4. Travel Insurance Market: Insurance Coverage Estimates & Trend Analysis
Chapter 5. Travel Insurance Market: Distribution Channel Estimates & Trend Analysis
Chapter 6. Travel insurance market : End Use Estimates & Trend Analysis
Chapter 7. Travel insurance Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Allianz
- American International Group, Inc.
- AXA
- ASSICURAZIONI GENERALI S.P.A.
- USI Insurance Services, LLC
- battleface
- Insure & Go Insurance Services Limited
- Seven Corners Inc.
- Travel Insured International
- Zurich
- Delphi Financial Group, Inc.
- Ping An Insurance (Group) Company of China, Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 130 |
Published | November 2024 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 27.05 Billion |
Forecasted Market Value ( USD | $ 63.87 Billion |
Compound Annual Growth Rate | 15.4% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |