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 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.

Data

Age : Numeric, the customer’s age Employment Type : Character, the sector of employment GraduateOrNot : Character, whether the customer is a college graduate AnnualIncome : Numeric, the customer’s yearly income FamilyMembers : Numeric, the number of family members living with the customer ChronicDiseases : Numeric, whether the customer has any chronic conditions FrequentFlyer : Character, whether a customer books frequent tickets EverTravelledAbroad : Character, has the customer ever travelled abroad TravelInsurance : Numeric, whether the customer bought travel insurance

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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

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 Annual Travel Insurance Cost Report by Squaremouth analyzes thousands of travel insurance policies to provide insights into the cost and value of annual versus single-trip coverage for U.S. travelers. The dataset includes comparisons of average costs, daily rates, and coverage types, as well as trends by traveler age and policy type. The data shows generational pricing differences and further distinguishes between the cost of medical-only and comprehensive annual plans, illustrating how coverage inclusions affect premiums.

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.

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).

Context

This public dataset contains data concerning the public and private insurance companies provided by IRDAI(Insurance Regulatory and Development Authority of India) from 2013-2022. This is a multi-index data and can be a great practice to hone manipulation of pandas multi-index dataframes. Mainly, the business of the companies (total premiums and number of policies), subscription information(number of people subscribed), Claims incurred and the Network hospitals enrolled by Third Party Administrators are attributes focused by the dataset.

Content

The Excel file contains the following data | Table No.| Contents| | --- | --- | |**A**|**III.A: HEALTH INSURANCE BUSINESS OF GENERAL AND HEALTH INSURERS**| |62| Health Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |63| Personal Accident Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |64| Overseas Travel Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |65| Domestic Travel Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |66| Health Insurance - Net Premium Earned, Incurred Claims and Incurred Claims Ratio| |67| Personal Accident Insurance - Net Premium Earned, Incurred Claims and Incurred Claims Ratio| |68| Overseas Travel Insurance - Net Earned Premium, Incurred Claims and Incurred Claims Ratio| |69| Domestic Travel Insurance - Net Earned Premium, Incurred Claims and Incurred Claims Ratio| |70| Details of Claims Development and Aging - Health Insurance Business| |71| State-wise Health Insurance Business| |72| State-wise Individual Health Insurance Business| |73| State-wise Personal Accident Insurance Business| |74| State-wise Overseas Insurance Business| |75| State-wise Domestic Insurance Business| |76| State-wise Claims Settlement under Health Insurance Business| |**B**|**III.B: HEALTH INSURANCE BUSINESS OF LIFE INSURERS**| |77| Health Insurance Business in respect of Products offered by Life Insurers - New Busienss| |78| Health Insurance Business in respect of Products offered by Life insurers - Renewal Business| |79| Health Insurance Business in respect of Riders attached to Life Insurance Products - New Business| |80| Health Insurance Business in respect of Riders attached to Life Insurance Products - Renewal Business| |**C**|**III.C: OTHERS**| |81| Network Hospital Enrolled by TPAs| |82| State-wise Details on Number of Network Providers |

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

This statistic shows the leading travel insurance companies in the U.S. in 2019, by claim filing process rating. Travel Insured International and Travelex Insurance Services tied with a claim filing process rating of *** out of 10.

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

In 2023, the gross premium written value by travel insurance companies in Singapore amounted to ***** million Singapore dollars. This rebound follows a sharp decline since 2019, with the impact of Covid-19 significantly reducing travel activities.

In 2023, Indonesia Travel Insurance Market reached a value of USD 62.0 million, and it is projected to surge to USD 143.7 million by 2030

The UK Travel Insurance Market is projected to reach at USD 3.16 Bn by 2030, driven by the growth in the overseas travel.

Market Size statistics on the Travel Insurance industry in the US

The Health Insurance Marketplace Public Use Files contain data on health and dental plans offered to individuals and small businesses through the US Health Insurance Marketplace.

Exploration Ideas

To help get you started, here are some data exploration ideas:

• How do plan rates and benefits vary across states?
• How do plan benefits relate to plan rates?
• How do plan rates vary by age?
• How do plans vary across insurance network providers?

See this forum thread for more ideas, and post there if you want to add your own ideas or answer some of the open questions!

Data Description

This data was originally prepared and released by the Centers for Medicare & Medicaid Services (CMS). Please read the CMS Disclaimer-User Agreement before using this data.

Here, we've processed the data to facilitate analytics. This processed version has three components:

1. Original versions of the data

The original versions of the 2014, 2015, 2016 data are available in the "raw" directory of the download and "../input/raw" on Kaggle Scripts. Search for "dictionaries" on this page to find the data dictionaries describing the individual raw files.

2. Combined CSV files that contain

In the top level directory of the download ("../input" on Kaggle Scripts), there are six CSV files that contain the combined at across all years:

• BenefitsCostSharing.csv
• BusinessRules.csv
• Network.csv
• PlanAttributes.csv
• Rate.csv
• ServiceArea.csv

Additionally, there are two CSV files that facilitate joining data across years:

• Crosswalk2015.csv - joining 2014 and 2015 data
• Crosswalk2016.csv - joining 2015 and 2016 data

3. SQLite database

The "database.sqlite" file contains tables corresponding to each of the processed CSV files.

The code to create the processed version of this data is available on GitHub.

As of 2023, the Irish insurance member company with the highest value of personal accidents and travel insurance gross written premiums was Chubb. The global insurance company had a total gross written premium for the personal accidents and travel insurance sector of approximately ** million euros at that time. This was followed by MAPFRE, with personal accident and travel insurance total gross written premiums reaching a value of approximately ** million euros. The top three is completed by AIG, with a gross written premiums for personal accident and travel insurance reaching approximately **** million euros.