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).

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 Travel Insurance market was valued at $26.54 Bn in 2024, and is expected to reach $ 58.40 Bn by 2030 due to rising number of outbound travelers

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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

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.

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

The global travel insurance market size was valued at USD 25.45 billion in 2023 , asia-pacific was the highest revenue contributor.
Report Scope:

Discover Market Research Intellect's Travel Insurance Market Report, worth USD 15.3 billion in 2024 and projected to hit USD 32.7 billion by 2033, registering a CAGR of 9.2% between 2026 and 2033.Gain in-depth knowledge of emerging trends, growth drivers, and leading companies.

The size of the Travel Insurance Market was valued at USD 23.6 Billion in 2023 and is projected to reach USD 44.55 Billion by 2032, with an expected CAGR of 9.50% during the forecast period. Recent developments include: May 2022: Generali Group secured a 25% ownership in Future Generali India Insurance (FGII), granting Generali Group a controlling interest in FGII, which ranks as the 7th largest non-life insurer in India. This acquisition enables Generali Group to broaden its footprint in the Indian market and provide an extensive array of travel insurance offerings to Indian travelers., February 2023: Vistara established a partnership with Allianz Partners to present optional travel insurance to its passengers. During the booking procedure for domestic and international flights, customers now have the opportunity to select travel insurance.. Key drivers for this market are: Increasing Customer Preference for Convenience, Premium Features, and Advanced Safety 41, Improved Comfort, New Materials and Autonomous Technologies Driving demand for innovative seats. Potential restraints include: Significant Power Consumption in Automotive Interior Electronics 43, Fluctuation in Raw Material Prices of automotive interior 44. Notable trends are: Growing tourism industry and government initiatives mandating travel insurance are driving the market growth.

Market Size statistics on the Travel Insurance industry in the US

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

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.

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

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.

Global Travel Insurance market size 2021 was recorded $17029.1 Million whereas by the end of 2025 it will reach $29152 Million. According to the author, by 2033 Travel Insurance market size will become $85432.1. Travel Insurance market will be growing at a CAGR of 14.385% during 2025 to 2033.

USD 38000 Million in 2024; projected USD 69402.65 Million by 2033; CAGR 7%.

US Travel Insurance Market is projected to reach USD 21.15 billion by 2032, growing at a CAGR of 18.14% from 2024-2032.

The Philippines travel Insurance market was valued at USD 96.63 Million in 2024. The market is expected to grow at a CAGR of 19.80% during the forecast period of 2025-2034 to reach a value of USD 588.41 Million by 2034.

The Philippines travel Insurance market is witnessing a notable shift, moving beyond traditional coverage models toward data-driven, modular policies tailored for evolving traveller preferences. As international and domestic tourism rebound post-pandemic, there is an increasing demand for insurance products that reflect modern travel risks, ranging from health emergencies to cyber threats and trip cancellations. According to the Department of Tourism, international arrivals reached over 5.4 million in 2023, a strong rebound that is encouraging insurers to partner with airlines and OTAs (Online Travel Agencies) to offer embedded insurance solutions. Moreover, the Philippine Insurers and Reinsurers Association (PIRA) has been actively collaborating with the Insurance Commission to draft digital-first regulatory frameworks.

Moreover, the launch of AI-powered microinsurance platforms in collaboration with local fintech players like UBX and GCash, allowing real-time underwriting for low-premium policies, has been one standout development in the Philippines travel Insurance market. These systems use behavioural data and risk modelling to customise premiums. Start-ups are also deploying blockchain to fast-track claims processing, especially for flight delays or baggage loss.

Furthermore, the ASEAN Travel Corridor Arrangement Framework, designed to ease business and essential travel across Southeast Asia is reshaping the Philippines travel insurance market dynamics. By promoting greater regional mobility, it is driving demand for cross-border coverage and tailored insurance products. This, combined with the rise in overseas Filipino workers (OFWs), reaching over 2.16 million in 2023, has created steady demand for outbound insurance with broader medical and legal coverage. Insurers like Sun Life and Paramount Life now offer tailored policies for OFWs, including coverage for job loss and health emergencies.

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.