The revenue of the global travel insurance market is predicted to be nearly eight times larger in 2030 than it was in 2021. Sized at approximately 14.3 billion U.S. dollars in 2021, the market is expected to reach the size of around 108.8 billion U.S. dollars by 2030, according to Next Move Strategic Consulting. The source attributed this to an outlook that vaccinations, growing business travels, and the availability of online booking sites will lead to the global travel industry to recover from the coronavirus pandemic.

The Europe Travel Insurance Market Report is Segmented by Coverage Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance), End User (Senior Citizens, Education Travelers, Business Travelers, and More), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, and More), and Geography (United Kingdom, Germany, France, and More). The Market Forecasts are Provided in Terms of Value (USD).

In 2023, Asia-Pacific Travel Insurance Market reached a value of USD 5.49 billion, and it is projected to surge to USD 23.95 billion by 2030

While demand for travel insurance has exhibited substantial volatility over the past five years, long-term growth has been robust. Pandemic-era travel restrictions in 2020 led to an unprecedented decline in travel insurers’ revenue, as international and domestic trips plummeted sharply and consumer willingness to travel waned. When restrictions eased and incomes recovered, pent-up demand for travel led to a vigorous rebound in travel insurance sales in 2021, with continued robust growth through 2024 as travelers caught up on delayed plans. Strong revenue expansions, along with elevated investment income because of recent jumps in interest rates, have bolstered profit’s revenue share in the last five years. As the pandemic backlog subsides, the market expects to see slower revenue gains in 2025. Overall, revenue for travel insurers has mounted at a CAGR of 3.7% over the past five years, reaching $5.8 billion in 2025. This includes a 2.0% jump in revenue in that year. Meanwhile, the industry’s landscape has become more concentrated, with small insurers struggling to survive volatile demand and larger firms gaining share through acquisitions. Online channels have rapidly overtaken traditional agencies, and insurers have formed new digital partnerships to reach buyers. Rising climate and geopolitical risks have also spurred product innovation focused on flexibility and data-driven underwriting. In 2025, travel insurance demand is expected to face short-term hurdles as new tariffs and increased government deficits pressure consumer budgets, potentially curbing vacations and business trips and slowing revenue growth. Insurers may respond to market changes through mergers and acquisitions, potentially leaving smaller competitors at a disadvantage. Still, the outlook brightens as economic stability, modest GDP gains, rising disposable income and declining fuel costs are forecast to make travel more accessible, stimulating renewed demand. Growth prospects also lie in niche markets, such as student trips and emerging travel destinations. Concurrently, digital transformation is reshaping the travel insurance space, as generative AI and automation are boosting customer service, streamlining claims and preventing fraud, helping insurers increase efficiency and appeal to tech-savvy travelers. Overall, revenue for travel insurance businesses is forecast to expand at a CAGR of 1.6% in the next five years, reaching $6.3 billion in 2030.

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Travel Insurance Market Size 2025-2029

The travel insurance market size is valued to increase USD 14.09 billion, at a CAGR of 10.8% from 2024 to 2029. Growing tourism and business travels will drive the travel insurance market.

Major Market Trends & Insights

North America dominated the market and accounted for a 34% growth during the forecast period.
By End-user - Senior citizens segment was valued at USD 5.1 billion in 2023
By Type - General travel insurance segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 118.52 million
Market Future Opportunities: USD 14093.80 million
CAGR : 10.8%
North America: Largest market in 2023

Market Summary

The market encompasses a dynamic and continually evolving industry, driven by the increasing demand for coverage against unforeseen expenses related to travel. Core technologies, such as artificial intelligence and blockchain, are revolutionizing the market with innovative solutions for personalized policies and streamlined claims processing. Applications of travel insurance extend beyond traditional trip cancellations and medical coverage, with growing adoption for extreme sports and adventure activities. Despite these advancements, challenges persist, including the lack of awareness and delayed services that hinder customer satisfaction. According to a recent survey, over 50% of travelers admitted to not purchasing travel insurance, citing perceived high costs and lack of understanding as major barriers. Regulatory frameworks, such as the European Union's Travel Insurance Directive, are shaping the market's landscape and driving competition among service types, including comprehensive, single-trip, and annual policies. In the regional arena, Asia Pacific is poised for significant growth, with a projected 11.5% increase in travel insurance premiums by 2026. This expansion is fueled by rising disposable incomes, growing tourism, and increasing business travel. Amidst these trends, the market continues to unfold, offering both opportunities and challenges for stakeholders.

What will be the Size of the Travel Insurance Market during the forecast period?

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How is the Travel Insurance Market Segmented and what are the key trends of market segmentation?

The travel insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userSenior citizensBusiness travelFamily travelOthersTypeGeneral travel insurancePremium travel insuranceProduct TypeSingle-tripAnnual multi-tripLong-stayDistribution ChannelInsurance companyBankOnline travel agencyAirlinesOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaRest of World (ROW)

By End-user Insights

The senior citizens segment is estimated to witness significant growth during the forecast period.

The market trends encompass a range of offerings designed to protect businesses and individuals from financial losses incurred during travel. One significant segment of this market caters to senior citizens, offering policies tailored to their unique needs. These plans cover various health and age-related aspects excluded from standard travel insurance. In the current landscape, approximately 25% of travel insurance policies are purchased by senior citizens, demonstrating a substantial market presence. Looking forward, industry analysts anticipate that this sector will expand, with senior travel insurance accounting for 30% of the overall market by 2025. Key features of travel insurance for seniors include coverage for medical expenses related to pre-existing conditions, underwriting guidelines tailored to age, and claims processing systems specifically designed for senior citizens. Additionally, adventure activities coverage, claims management workflows, and fraud detection systems are increasingly integrated into these policies. Other essential features include lost luggage insurance, rental car insurance, flight delay compensation, and trip cancellation coverage. Advanced technologies, such as data analytics dashboards, risk assessment models, and policy management software, are also integrated to enhance the customer experience. Furthermore, family travel insurance and customer portal features enable policy administration and claims processing for multiple travelers under a single policy. Emergency medical evacuation, personal liability coverage, and international travel insurance are also crucial components of comprehensive travel insurance offerings. As businesses and individuals navigate the complexities of the evolving the market, it is essential to understand the latest trend

In 2023, India Travel Insurance Market reached a value of USD 364.8 million, and it is projected to surge to USD 1005.9 million by 2030

The UK Travel Insurance Market is Segmented by Insurance Type (Single Trip, Annual Multi-Trip, and More), Coverage Type (Baggage, Medical Only, Trip Cancellation and More), Distribution Channel (Online, Direct, Insurance Broker and More), Destination Coverage (European Coverage, Worldwide Coverage, Domestic), and End Users (Individual, Families, Corporate). The Market Forecasts are Provided in Terms of Value (USD).

Discover the booming US travel insurance market! Learn about its projected growth (CAGR >3%), key drivers, segments (single-trip, annual multi-trip, etc.), top companies, and regional trends through 2033. Get insights into market dynamics and future opportunities. Recent developments include: In May 2022, the International Medical Group (IMG), a leading insurance benefits and assistance services company, introduced iTravelInsured Essential. iTravelInsured Essential is a cost-effective travel insurance product that offers the most necessary travel protection benefits., In April 2022, USI Affinity announced the launch of a new travel protection plan, Road Trip Insure, offered through its Travel Insurance Services division.. Notable trends are: Increased Focus on Travel Safety and Insurance is Driving the Market Growth.

The global travel insurance market size is expected to register a steady revenue CAGR over the forecast period, Key factors driving market revenue growth are flourishing travel and tourism industry, globalization of businesses, and evolving lifestyles

Demand for the Travel Insurance industry is continuing to climb from pandemic lows, although cost pressures have stifled growth expectations, with the market of potential travellers reaching pre-pandemic levels of saturation. Insurers have met this demand, facilitating delay, cancellation and other risk coverage services. Financial market performances, both equities and bonds, have lifted, supporting insurers' investment revenue channels. Travel experiences became one of the most popular forms of revenge spending coming out of the pandemic, with demand swiftly rebounding above pre-pandemic levels. While international departures plummeted into early 2021-22, a lightning-fast recovery as restrictions lifted has facilitated easier travel and a major upswing in demand. More recently, travellers have been hit with skyrocketing premium pricing, which has allowed insurers to generate record returns. Overall, industry revenue is expected to rise at an annualised 7.1% over the five years through 2024-25 to $1.8 billion. This includes an anticipated jump of 9.4% in the current year. Industry insurers have faced rising costs in the form of reinsurance expenses and claim payouts. Overseas conflicts and other disruptions have heightened risks for travellers. Reinsurers and underwriters have responded by charging higher fees to travel insurers, with many opting to pass on costs to travellers in the form of higher premiums. Travel insurers have taken advantage of the flood of demand and lifted their policy prices to budget for their rising costs. Overshooting their claims payouts has resulted in healthy profit margins. Many insurers have also limited operating costs by shifting towards using online channels to distribute and market products. A forecast recovery in household discretionary income will make travel more accessible. This growing activity is set to generate greater demand for travel insurance providers. Consequently, industry revenue is forecast to expand at an annualised 4.0% through the end of 2029-30 to $2.2 billion. Profit margins are set to weaken as intensifying price-based competition from comparison sites places downwards pressure on this growth. Additionally, many travellers will be deterred should insurers continue to pass on premium price hikes.

Market Size statistics on the Travel Insurance industry in the US

In 2023, U.S. Travel Insurance Market reached a value of USD 8.17 billion, and it is projected to surge to USD 15.50 billion by 2030

United States Travel Insurance Market was valued at USD 3.39 billion in 2024 and is anticipated to grow USD 4.56 billion by 2030 with a CAGR of 5.13% during forecast period

The Germany Travel Insurance Market Report is Segmented by Coverage Type (Single Trip, Annual Multi-Trip), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Other End-Users), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators), and Geography (Germany). The Market Forecasts are Provided in Terms of Value (USD).

The global travel insurance market is booming, projected to reach $77.38 billion by 2033 with a 15.40% CAGR. Discover key market trends, drivers, restraints, and top players in this comprehensive analysis. Explore regional market shares and product segmentation insights for strategic planning. Recent developments include: In March 2024, Allianz SpA completed the acquisition of the Italian insurance and reinsurance company Tua from Assicurazzioni Generali SpA for an agreed price of EUR 280 million. The transaction was first announced on October 12th, 2023., In May 2023, InsureMyTrip is now offering travel insurance in Canada. Traveling Canadians and visitors to Canada can now go online at insuremytrip.ca to compare, quote, and buy travel insurance from the best travel insurance providers in the country. With the launch of insuremyTrip.ca, the website is set to become the go-to travel insurance comparison website in Canada., In February 2023, Vistara formed a partnership with Allianz Partners to offer optional travel insurance to its passengers. Customers can now opt for travel insurance during the booking process for both domestic and international flights.. Key drivers for this market are: Role of Social Media in Fueling the Global Travel Insurance Market, Growing International Travelers and Changing Demographics Drive Demand. Potential restraints include: Role of Social Media in Fueling the Global Travel Insurance Market, Growing International Travelers and Changing Demographics Drive Demand. Notable trends are: Single-journey Travel Insurance Driving the Travel Insurance Market.

Discover the booming UK travel insurance market! This comprehensive analysis reveals market size, growth projections (CAGR 5.03%), key trends, and leading players like Allianz and Chubb. Learn about market segmentation and future opportunities in single-trip, annual multi-trip insurance. Recent developments include: October 2023: Munich Re, a world-renowned reinsurance company, has joined forces with the world-renowned International SOS, an international leader in health and security, to create an integrated policy solution for the management of epidemics and pandemics. As a result of this new collaboration between the two companies, International SOS is now offering health advisory services for Munich Re's policyholders affected by the pandemic., December 2023: Chubb has entered into a strategic partnership with NetSPI, a leading provider of advanced attack surface management (APM) and penetration testing services. NetSPI's flexible solutions are designed to meet the needs of businesses of all sizes and across a variety of industries, according to a Chubb news release. This partnership provides clients with the assurance that they can identify vulnerabilities, security vulnerabilities, and risk exposure before it becomes a claim.. Key drivers for this market are: Population Growth and the Emergence of Tourism are Driving the Market, The Positive Impact of Online Media. Potential restraints include: Population Growth and the Emergence of Tourism are Driving the Market, The Positive Impact of Online Media. Notable trends are: Expansion of Tourism Industry.

The global business travel insurance market is anticipated to grow from USD 5,355.8 million in 2025 to USD 7,645.5 million by 2033, exhibiting a CAGR of 8.7% during the forecast period (2025-2033). The market growth is attributed to the increasing number of business trips, growth of emerging economies, and rising awareness about travel risks. The expansion of the insurance industry in various regions, and the increasing adoption of online platforms for insurance purchase are also contributing to the market growth. North America held the largest market share in 2025 and is expected to retain its dominance during the forecast period due to the presence of a large number of multinational companies and the high frequency of business travel in the region. Asia Pacific is projected to be the fastest-growing region in the market due to the rapidly growing economies, the increasing number of business travelers, and the rising awareness about travel risks. Major players in the business travel insurance market include Pin An, AIG, PICC, Allianz, CPIC, PICC, AIA, AXA, TaiKang, Chubb, and others. These companies are focusing on offering comprehensive coverage, expanding their distribution channels, and providing value-added services to attract customers. Business travel insurance is a type of insurance that protects business travelers from financial losses incurred while traveling for business purposes. It can provide coverage for a variety of expenses, including medical expenses, lost luggage, and trip cancellation or interruption.

In 2023, Canada Travel Insurance Market reached a value of USD 542.9 million, and it is projected to surge to USD 1101.2 million by 2030

The size of the Travel Insurance Industry in Saudi Arabia market was valued at USD 120.20 Million in 2023 and is projected to reach USD 241.48 Million by 2032, with an expected CAGR of 10.48% during the forecast period. Recent developments include: In August 2022, Bahrain and Saudi Arabia discussed cooperation to create diverse business opportunities in the sector of tourism and promote its sustainability in line with international developments., In February 2022, the Saudi central bank (SAMA) approved the proposed merger between SABB Takaful and Walaa Insurance., In January 2022, eBaoTech Corporation, a digital insurance solution provider collaborated with Walaa Cooperative Insurance Company to deploy eBaoTech's Digicore platform and launched the first batch of products on the new platform. Walaa will use eBay cloud DigitalCore to manage all commercial and consumer lines of business to greatly improve its operational efficiency and obtain technology advancements in the digital age.. Notable trends are: Increasing Domestic Travel is Driving the Market.

Check Market Research Intellect's Business Travel Insurance Market Report, pegged at USD 6.9 billion in 2024 and projected to reach USD 12.4 billion by 2033, advancing with a CAGR of 7.5% (2026-2033).Explore factors such as rising applications, technological shifts, and industry leaders.