The Travel Insurance Market Report is Segmented by Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), by Product Type (Trip Cancellation/Delay, Travel Medical Insurance (Personal Accident), and Other Product Types), by Distribution Channel (Insurance Companies, Insurance Intermediaries, Banks, Insurance Brokers and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Report Offers Market Size and Forecasts for all the Above Segments in Value Terms in USD.

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 Report Covers travel insurance companies in USA and it is Segmented By Insurance Coverage (Single-Trip Travel Insurance and Annual Multi-trip Travel Insurance), By Distribution channels (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Others) and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc.)). The report offers market size and forecasts for the United States Travel Insurance Market in value (USD Billion) for all the above segments.

The global travel insurance market size reached USD 20.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 50.4 Billion by 2033, exhibiting a growth rate (CAGR) of 10.77% during 2025-2033. There are various factors that are driving the market, which include the rising focus on enhanced convenience during purchasing, managing, and utilizing services, favorable government initiatives, and increasing demand for personalized and customized traveling solutions.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on insurance type, coverage, distribution channel, and end user.

The Report Covers European Travel Insurance Companies and it is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Direct Sales, Online Travel Agents, Airports And Hotels, Brokers, and Other Insurance Intermediaries), By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc.) and by Country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The Market size and forecasts for Europe Travel Insurance Market are provided in terms of value (USD Million) for all the above segments.

The corporate travel insurance market size was over USD 5.73 billion in 2024 and is anticipated to cross USD 58.7 billion by 2037, growing at more than 19.6% CAGR during the forecast period i.e., between 2025-2037. Europe industry is expected to dominate majority revenue share by 2037, driven by increasing number of business travelers with high travel spending, increasing trend of travel and tourism, and significant economic growth of the region.

[217+ Pages Report] The global Corporate Travel Insurance market size is expected to grow from USD 3,729.40 million to USD 10,274.23 million by 2028, at a CAGR of 18.40% from 2022-2028

China Travel Insurance Market has valued at USD 5322.45 Million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 9.67% through 2028.

The Report Covers Travel Insurance Companies in India and the Market is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Direct Sales, Online Travel Agents, Airports And Hotels, Brokers, and Other Insurance Intermediaries) and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc.). The market size and forecast values for the India Travel Insurance Market are Provided in USD million for the above segments.

TBRC travel insurance market report includes single-trip travel insurance, annual multi-trip travel insurance, long-stay travel insurance

The size and share of the market is categorized based on geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

[235+ Pages Report] The global Travel Insurance market size is expected to grow from USD 13,193.40 million in 2021 to USD 49,132.95 million by 2028, at a CAGR of 24.50% from 2022-2028

The Report Covers Travel Insurance Companies in Saudi Arabia and It is Segmented by Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Others), by Distribution Channels (Direct Sales, Online Travel Agents, Airports and Hotels, Brokers, and Other Insurance Intermediaries), and by End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, Etc. )). The Report Offers Market Size and Forecast Values for the Saudi Arabia Travel Insurance Market in USD Million for the Above Segments.

The international travel insurance market is experiencing robust growth, driven by increasing global travel and heightened awareness of unforeseen events during journeys. The market size in 2025 is estimated at $50 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033. This growth is fueled by several key factors. Rising disposable incomes, particularly in emerging economies, are enabling more individuals to afford international travel, thereby increasing demand for insurance coverage. Furthermore, the increasing frequency and severity of travel disruptions, such as flight cancellations and medical emergencies abroad, are prompting travelers to prioritize insurance protection. The market segmentation reveals that trip cancellation and medical expense coverage are the most dominant segments, largely due to the significant financial implications associated with these events. Business travel represents a substantial portion of the market, reflecting the higher risk profile and greater financial consequences of disruptions for business travelers. The geographical distribution shows a significant concentration in North America and Europe, driven by established tourism industries and higher travel insurance penetration rates. However, rapid growth is expected in Asia-Pacific regions, driven by burgeoning middle classes and increased outbound tourism. The competitive landscape is characterized by a mix of large multinational insurers and regional players. Companies like Munich Re Group, Allianz, and AIG hold significant market share, leveraging their global reach and established brand reputation. However, the market is also attracting new entrants, particularly in emerging markets, capitalizing on the growing demand for travel insurance products. The future trajectory of the market will likely be influenced by factors such as technological advancements, particularly in areas such as online purchasing and claims processing. Government regulations and initiatives promoting travel safety also play a significant role in shaping the market dynamics. The long-term forecast suggests continued expansion, driven by sustained growth in international tourism and evolving consumer preferences for comprehensive travel insurance packages.

Travel Insurance Market size was valued at USD 17.8 billion in 2021 and is poised to grow from USD 20.32 billion in 2022 to USD 63.9 billion by 2030, growing at a CAGR of 15.4% in the forecast period (2023-2030).

Ireland Travel Insurance Market valued at $166.3 Mn in 2024, and is projected to reach at $383.6 Mn by 2030, due to increase in number of outbound travellers.

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What is the Personal Travel Accident Insurance Market Size?

The personal travel accident insurance market size is forecast to increase by USD 45.3 billion and a CAGR of 7.4% between 2024 and 2029. The market is experiencing significant growth due to several key factors. The increasing number of travel accidents has led to a higher demand for insurance coverage. Additionally, the availability of insurance products and services through digital channels has made it more convenient for consumers to purchase policies. However, concerns related to cyberattacks in the insurance industry pose a challenge to market growth. As the industry continues to digitalize, insurers must prioritize cybersecurity to protect sensitive customer information and maintain trust. Moreover, leveraging data analytics and artificial intelligence, insurers offer customized policies at competitive prices, attracting a substantial customer base. Overall, the market is expected to witness steady growth in the coming years as consumers seek peace of mind while traveling.

What will be the size of Market during the forecast period?

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Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments.

Age Group

  Adults
  Senior citizens
  Children


Type

  General personal travel accident insurance
  Premium personal travel accident insurance


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

    Brazil

Which is the largest segment driving market growth?

The adults segment is estimated to witness significant growth during the forecast period. Personal travel accident insurance caters to adults aged 18 and above, offering protection against unforeseen injuries during travel. The market's expansion is fueled by the increasing popularity of adventure activities and the rising number of travel accidents. One common type of coverage is accidental death or dismemberment (AD and D) insurance.

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The adults segment was the largest segment and valued at USD 55.70 billion in 2019. This policy provides financial compensation in the event of fatalities or severe injuries resulting in the loss of limbs, sight, or hearing. Professionals in high-risk industries, such as construction or sports, particularly benefit from this coverage. The economic growth in North America and the increasing demand for enhanced security during travel contribute to the market's expansion. Direct sales channels and improved customer experience are also key factors driving the market's growth. Seek professional assistance for comprehensive travel accident insurance solutions. Hence, such factors are fuelling the growth of this segment during the forecast period.

Which region is leading the market?

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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Personal travel accident insurance is a crucial financial safety net for North Americans embarking on domestic or international journeys, particularly for those engaging in adventure sports. Vendors cater to this demand by providing customized policies, integrating telematics to assess risks, and ensuring comprehensive coverage for medical expenses overseas, trip cancellations, and disability or death benefits. The market's expansion is driven by several factors, including the increasing number of road accidents resulting in fatalities, the growing need for air ambulance services, and the aging population. Employers also play a significant role by offering insurance coverage as part of their corporate commitment to employee welfare. Insurance intermediaries facilitate the process by providing valuable insights and guidance to consumers, ensuring they make informed decisions when selecting the most suitable policy for their travel needs.

How do company ranking index and market positioning come to your aid?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Allianz SE: The company offers personal travel accident insurance such as Bajaj Allianz individual travel insurance, which cover medical costs related to medical evaluation and repatriation, detaining or losing checked baggage entirely, missing connection

The global travel insurance market, valued at $32.7 billion in 2025, is poised for significant growth. While the exact CAGR is not provided, considering the consistent rise in global travel and increasing awareness of travel-related risks, a conservative estimate would place the annual growth rate between 5-7% over the forecast period (2025-2033). Key drivers include the rising popularity of adventure travel, increasing disposable incomes in emerging economies, and a growing preference for packaged travel deals that often include insurance. Furthermore, stricter visa requirements in certain countries are indirectly boosting demand as travelers seek comprehensive coverage. The market is segmented by coverage type (Trip Cancellation, Trip Delay, Medical Expense, Property Damage, Other) and traveler type (Family Traveler, Senior Citizens, Business Traveler, Other). The high demand for medical expense coverage, especially among senior citizens and those traveling to regions with high healthcare costs, is a notable trend. Conversely, the market faces restraints such as increasing competition among insurers, complexities in claim processing, and the occasional perception of travel insurance as an unnecessary expense. The market's regional distribution is expected to reflect existing travel patterns. North America and Europe will likely maintain substantial market shares due to high outbound tourism. However, the Asia-Pacific region is projected to witness faster growth, driven by the burgeoning middle class and rising outbound travel from countries like China and India. Established players like Allianz, Munich Re Group, AIG, and others will continue to dominate the market, leveraging their global reach and established distribution networks. However, opportunities exist for niche players focusing on specific travel segments or providing innovative insurance products tailored to emerging trends such as sustainable tourism or adventure travel. The forecast period (2025-2033) suggests a considerable expansion of the market, driven by the factors outlined above, potentially reaching a value exceeding $50 billion by 2033. The market's future trajectory depends on global economic conditions, travel restrictions, and the continued evolution of insurance products.

The size and share of the market is categorized based on Application (Medical travel insurance, Trip cancellation insurance, Baggage loss insurance, Travel accident insurance) and Product (Emergency medical coverage, Trip interruption, Lost baggage compensation, Travel accident protection) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Global Business Travel Insurance market size will be USD 19.98 Billion by 2030. Business Travel Insurance Industry's Compound Annual Growth Rate will be 18.79% from 2023 to 2030.