Travel Insurance Market
Travel Insurance Market Study by Single Trips and Annual/Multiple Trips for Domestic and International Trips From 2024 to 2034
Analysis of Travel Insurance Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Travel Insurance Market Outlook (2024 to 2034)
The global travel insurance market is projected to generate revenue worth US$ 51.67 billion in 2024 and has been thoroughly analyzed to expand at 7.2% CAGR to reach a size of US$ 103.56 billion by the end of 2034.
The travel industry has a direct impact on the demand for travel insurance across the world. A travel insurance company covers the risks that occur during travel, such as loss of passport, baggage, and money. They also provide coverage for bookings that are canceled by the customer. Apart from these services, travel insurance companies assist customers in claiming their insurance and finding a hospital in case of an emergency.
Continuous developments such as easy online travel booking are positively affecting the travel insurance market growth. Several companies involved in the online booking field are promoting travel insurance in their applications or platforms. Travel insurance services are easily available on online platforms that are utilized for travel bookings. This approach is helping customers reach travel insurance companies easily and is enhancing consumer awareness regarding the same.
Key Market Growth Drivers
- Travel insurance is gaining popularity all over the world, particularly since the pandemic more people are widely looking for security against lost luggage, medical problems, and trip cancellations.
- The interest of several individuals is extremely increasing in riskier adventures and extreme activities such as scuba diving, skiing, hiking, and others while they are traveling, because of this, demand for travel insurance is also increasing because of the possibility of related physical harm.
- As several companies are growing internationally, along with this number business travel is also rising. Employers are purchasing employee travel insurance to cover medical costs, vacation delays, and misplaced luggage.
- One of the key travel insurance market trends is insurance companies are increasingly offering more flexible and specialized policies that cover a wide range of services such as trip cancellations, adventure sports, and medical evacuations, thus attracting a large consumer base.
- Travelers now more easily identify policies that meet their needs due to the availability of online comparison and purchasing platforms for travel insurance, which is driving the market growth.
- Nowadays, several countries, particularly those that grant visas to visitors and students, demand evidence of valid travel insurance. This is especially true in Europe where it is required to have comprehensive travel insurance due to Schengen visa regulations.
| Report Attribute | Detail |
|---|---|
| Automated Border Control Market Size (2024E) | US$ 51.67 Billion |
| Forecasted Market Value (2034F) | US$ 103.56 Billion |
| Global Market Growth Rate (2024 to 2034) | 7.2% CAGR |
| East Asia Market Share (2024E) | 22.4% |
| North America Market Value (2024E) | US$ 11.3 Billion |
| Annual/Multiple Trips Segment Value (2034F) | US$ 52.09 Billion |
| International Segment Value (2034F) | US$ 55.2 Billion |
| Key Companies Profiled | AXA Assistance USA; Berkshire Hathaway Travel Protection; Allianz Travel Insurance; Flexicover Travel Insurance; Cover For You; World Nomads Travel Insurance; Staysure; Tata AIG General Insurance Company Limited; AA Travel Insurance; Virgin Money Travel Insurance; Aviva; HTH Travel Insurance; Nationwide Insurance; IMG Travel Insurance; Generali Global Assistance; Travelex Insurance Services; Seven Corners. |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Which Factors are Positively Influencing the Market for Travel Insurance?
“Several Governments Making Travel Insurance Compulsory Before Entering into Country”
Travel insurance is important while traveling to a foreign country where companies cover medical emergencies, flight delays, loss or damage of baggage, and other issues. The governments of various countries such as the United States, UAE, New Zealand, and Schengen countries are mandating travel insurance while traveling to their countries, which is driving the demand for travel insurance services. These counties are mandating attaching travel insurance documents while applying for a visa.
In several countries, government and regulatory authorities have laid down strict regulations on travelers regarding visas post-COVID-19 pandemic. With the presence of strict government norms, the need for travel insurance is increasing at a significant pace worldwide.
“Companies Integrating Advanced Technologies to Improve Services”
To improve current travel insurance platforms, service providers are opting for advanced technologies such as artificial intelligence (AI), data analytics, and machine learning with GPS, which is resulting in sizable profit creation for them. To enhance their services and fulfill clients’ expectations, several travel insurance companies are seeking to strengthen their connections with insurers. The purpose of these upgrades is to enhance the experience for customers.
Key players in the travel insurance market are also taking initiatives regarding the integration of blockchain technology. Blockchain technology is efficiently making easy claims process by automating touchpoints from First Notice of Loss/First Notification of Loss to claim payments. This is becoming beneficial for market players for hassle-free claims processing and client engagement, which is contributing to the travel insurance market size expansion.
What is Limiting the Expansion of the Global Market?
“High Costs Associated with Premiums Limiting Market Growth”
A key factor restraining the growth of the market is the lack of understanding and awareness about travel insurance among several people. Also, the high cost of premiums is limiting the adoption rates, particularly consumers with tight budgets are avoiding it. Costs involved in complete travel insurance policies are generally higher as they include extensive coverage for medical emergencies, trip cancellations, lost luggage, and other scenarios.
Several travelers find the added expenditure of insurance to be difficult, especially those who are already keeping a close eye on their spending for lodging, airfare, and other travel-related costs.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Country-wise Insights
The North American region is estimated to hold 21.9% of the worldwide travel insurance market share in 2024 and is further forecasted to account for 24.7% by 2034. Western & Eastern Europe holds a significant portion of the market due to Schengen visa regulations, which require travel insurance for applicants.
Why is the Purchasing Rate of Travel Insurance Rising in the United States?
“Higher Incidences of Corporate Travelling Positively Impacting the Market”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 5.03 Billion |
| Growth Rate (2024 to 2034) | 8.8% CAGR |
| Projected Value (2034F) | US$ 11.65 Billion |
Corporate travel is becoming more common as companies are growing internationally, because of this, businesses in the United States are heavily investing in travel insurance for their employees. This insurance is becoming essential in the corporate world for handling possible problems that affect business operations and employee well-being such as medical emergencies, canceled trips, and misplaced luggage.
Businesses in the United States are widely purchasing travel insurance to lower financial risk and improve worker safety by providing them to safeguard their employees when on foreign projects. Other than this, the United States hosts millions of visitors such as students, travelers, businessmen, and others, this is further contributing to market expansion.
What is the Demand Outlook for Travel Insurance in South Korea?
“Several Companies Providing Excellent Coverage Solutions with Additional Flexibility”
| Attribute | South Korea |
|---|---|
| Market Value (2024E) | US$ 2.57 Billion |
| Growth Rate (2024 to 2034) | 8% CAGR |
| Projected Value (2034F) | US$ 5.53 Billion |
Travelers or individuals are widely purchasing travel insurance in South Korea because of the better coverage offered by several companies. More flexible and all-inclusive policies that cover anything from medical crises to trip delays and cancellations are now provided by insurance companies in the country.
Insurance is becoming more relevant and appealing when travelers choose the coverage that best suits their unique needs, such as extended travel or adventure sports, due to these customized alternatives. This adaptability not only meets a range of traveler requirements but also offers comfort, which encourages South Korean tourists to purchase travel insurance more commonly.
Category-wise Insights
Based on application, the market is segmented into individuals and groups. The individual segment holds a significant portion of the market as these travelers have different wants and preferences, and they are mostly looking for coverage that is customized to meet their particular demands and trip itinerary.
Why is a Large Portion of People Purchasing Annual/Multiple Trip Coverage Insurance Plans?
“Cost-Effectiveness and Ideal Solution for People Who Continuously Travels”
| Attribute | Annual/Multiple Trips |
|---|---|
| Segment Value (2024E) | US$ 26.46 Billion |
| Growth Rate (2024 to 2034) | 7% CAGR |
| Projected Value (2034F) | US$ 52.09 Billion |
The demand for annual/multiple trips coverage insurance plans is higher in comparison with single trip policies because they offer the best value and convenience for individuals who need to travel continuously from one destination to another. Annual and multiple-trip policies cover an unlimited number of trips within a year which offers peace of mind and potentially lower overall expenses compared to purchasing single-trip policies multiple times. People who require to travel several times a year are finding these long-term policies ideal for them as they eliminate the need to arrange insurance for each trip.
Even though one-time investments or premiums are high for annual or multiple-trip policies, it is an extremely money-saving solution for people who travel frequently.
Which Trip Type Segment Holds a Significant Portion of the Market?
“High Expenditures Related to Traveling Abroad”
| Attribute | International |
|---|---|
| Segment Value (2024E) | US$ 27.85 Billion |
| Growth Rate (2024 to 2034) | 7.1% CAGR |
| Projected Value (2034F) | US$ 55.2 Billion |
The international segment is evaluated to account for 53.9% of revenue share in 2024 because it covers the higher risks and possible expenses associated with traveling overseas. Traveling abroad generally needs high costs related to medical, trip cancellations, and other unexpected incidents, and because of this unfamiliarity with healthcare systems and legal variations, the demand for travel insurance is high for international trips.
Travelers who are going abroad also look for more extensive coverage to guard against things such as lost luggage and emergency evacuation. As a result, compared to domestic travel, the complexity and risks associated with foreign travel increase the need for comprehensive insurance coverage.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Competitive Landscape
Prominent players in the travel insurance market are focusing on expanding their product offerings by adding specialized policies for adventure sports, long-term travel, and others to increase the profit margin and grab the attention of travelers.
- In July 2024, the new Annual Multi-Trip (AMT) package from World Nomads, a global supplier of travel insurance, was introduced in the United Kingdom and Ireland. According to Insurance Edge, the launch comes after a strategic underwriting collaboration with Collinson, one of the top travel insurance companies in the United Kingdom that is committed to enabling easy and confident travel for everyone.
- In March 2024, 'Travel Guard Plus' was introduced by TATA AIG General Insurance, which covers about one-third of the country's international travel insurance premiums. The plan offers coverage for up to one year through multiple or single journeys.
- In September 2022, Insurtech Startup InsuranceDekho enhanced its service offerings by introducing travel insurance on its online platform. The company has partnered with leading insurance organizations such as Reliance General, Bajaj Allianz, ICICI Lombard, and others to offer travel insurance services.
- In April 2022, online platform Trip.com and AXA Partners announced the expansion of a new travel insurance product in the European region that was introduced in the United Kingdom in 2021. It offers a wide range of benefits such as cancellation, baggage cover, medical emergency cover, and others.
Fact.MR provides detailed information about the price points of key providers of travel insurance positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.
Segmentation of Travel Insurance Market Research
-
By Coverage Type :
- Single Trips
- Annual/Multiple Trips
-
By Trip Type :
- Domestic
- International
-
By End-use Application :
- Individual
- Group
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 5.1. Coverage Type 5.2. Trip Type 5.3. End-use Application 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Coverage Type 6.1. Single Trips 6.2. Annual/Multiple Trips 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Trip Type 7.1. Domestic 7.2. International 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-use Application 8.1. Individual 8.2. Group 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. East Asia 9.6. South Asia & Pacific 9.7. MEA 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. MEA Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Coverage Type, Trip Type, and End-use Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Allianz Travel Insurance 19.2. Travelex Insurance Services 19.3. World Nomads Travel Insurance 19.4. Tata AIG General Insurance Company Limited 19.5. Seven Corners 19.6. HTH Travel Insurance 19.7. Generali Global Assistance 19.8. IMG Travel Insurance 19.9. AXA Assistance USA 19.10. Berkshire Hathaway Travel Protection 19.11. Nationwide Insurance 19.12. Aviva 19.13. AA Travel Insurance 19.14. Staysure 19.15. Virgin Money Travel Insurance 19.16. Cover For You 19.17. Flexicover Travel Insurance
Don't Need a Global Report?
save 40%! on Country & Region specific reports
List Of Table
Table 01: Global Market US$ Mn Forecast by Region, 2019-2034
Table 02: Global Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 03: Global Market US$ Mn Forecast by Trip Type, 2019-2034
Table 04: Global Market US$ Mn Forecast by End-use Application, 2019-2034
Table 05: North America Market US$ Mn Forecast by Country, 2019-2034
Table 06: North America Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 07: North America Market US$ Mn Forecast by Trip Type, 2019-2034
Table 08: North America Market US$ Mn Forecast by End-use Application, 2019-2034
Table 09: Latin America Market US$ Mn Forecast by Country, 2019-2034
Table 10: Latin America Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 11: Latin America Market US$ Mn Forecast by Trip Type, 2019-2034
Table 12: Latin America Market US$ Mn Forecast by End-use Application, 2019-2034
Table 13: Western Europe Market US$ Mn Forecast by Country, 2019-2034
Table 14: Western Europe Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 15: Western Europe Market US$ Mn Forecast by Trip Type, 2019-2034
Table 16: Western Europe Market US$ Mn Forecast by End-use Application, 2019-2034
Table 17: Eastern Europe Market US$ Mn Forecast by Country, 2019-2034
Table 18: Eastern Europe Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 19: Eastern Europe Market US$ Mn Forecast by Trip Type, 2019-2034
Table 20: Eastern Europe Market US$ Mn Forecast by End-use Application, 2019-2034
Table 21: East Asia Market US$ Mn Forecast by Country, 2019-2034
Table 22: East Asia Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 23: East Asia Market US$ Mn Forecast by Trip Type, 2019-2034
Table 24: East Asia Market US$ Mn Forecast by End-use Application, 2019-2034
Table 25: South Asia & Pacific Market US$ Mn Forecast by Country, 2019-2034
Table 26: South Asia & Pacific Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 27: South Asia & Pacific Market US$ Mn Forecast by Trip Type, 2019-2034
Table 28: South Asia & Pacific Market US$ Mn Forecast by End-use Application, 2019-2034
Table 29: MEA Market US$ Mn Forecast by Country, 2019-2034
Table 30: MEA Market US$ Mn Forecast by Coverage Type, 2019-2034
Table 31: MEA Market US$ Mn Forecast by Trip Type, 2019-2034
Table 32: MEA Market US$ Mn Forecast by End-use Application, 2019-2034
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 04: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region, 2019-2034
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 07: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 08: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 10: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 11: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 12: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 13: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 14: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 15: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 16: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 17: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 18: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 19: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 20: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 22: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 23: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 24: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 25: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 26: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 27: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 28: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Figure 29: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Coverage Type, 2019-2034
Figure 30: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Trip Type, 2019-2034
Figure 31: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-use Application, 2019-2034
Figure 32: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country, 2019-2034
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the size of the travel insurance market in 2024?
The global market for travel insurance is estimated at US$ 51.67 billion in 2024.
What is the projected revenue from travel insurance by 2034?
The travel insurance market is projected to reach US$ 103.56 billion by the end of 2034.
What is the demand growth projection for travel insurance services?
Worldwide demand for travel insurance is forecasted to rise at a CAGR of 7.2% from 2024 to 2034.
What is the forecasted size of the market for travel insurance in Japan?
The market in Japan is projected to reach US$ 7.03 billion by the end of 2034.
Who are the leading companies of travel insurance?
Key service providers are Seven Corners, HTH Travel Insurance, Generali Global Assistance, and IMG Travel Insurance.
Which coverage type of travel insurance is highly popular?
The annual/multiple trips segment is analyzed to generate revenue worth US$ 52.09 billion by 2034.
Which region is projected to account for a significant market share?
North America is projected to hold 24.7% of the global market share by the end of 2034.
Travel Insurance Market