Travel Insurance

Global Travel Insurance Market to Reach US$36.3 Billion by 2030

The global market for Travel Insurance estimated at US$21.4 Billion in the year 2024, is expected to reach US$36.3 Billion by 2030, growing at a CAGR of 9.2% over the analysis period 2024-2030. Domestic Travel, one of the segments analyzed in the report, is expected to record a 9.0% CAGR and reach US$15.9 Billion by the end of the analysis period. Growth in the International Travel segment is estimated at 9.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.7 Billion While China is Forecast to Grow at 12.5% CAGR

The Travel Insurance market in the U.S. is estimated at US$5.7 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.0 Billion by the year 2030 trailing a CAGR of 12.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.8% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.1% CAGR.

Global Travel Insurance Market - Key Trends & Drivers Summarized

What Is Travel Insurance and Why Is It Important?

Travel insurance is a type of insurance that provides coverage for unexpected events and risks associated with traveling. This can include trip cancellations, medical emergencies, lost luggage, flight accidents, and other travel-related issues. Travel insurance is important because it offers financial protection and peace of mind for travelers, ensuring that they are covered in case of unforeseen circumstances. Whether traveling for leisure or business, having travel insurance can mitigate the financial risks and inconveniences that may arise during a trip, making it an essential consideration for travelers.

How Have Changes in Travel Patterns Impacted the Market?

Changes in travel patterns have significantly influenced the travel insurance market. The increasing popularity of adventure travel, remote work, and international tourism has expanded the scope and demand for travel insurance. Adventure travelers seek coverage for activities like skiing, scuba diving, and trekking, requiring specialized policies that offer protection for high-risk activities. The rise of remote work and digital nomadism has led to a demand for long-term travel insurance policies that provide comprehensive coverage for extended stays abroad. Additionally, the increasing number of international tourists has driven the need for travel insurance that offers extensive medical coverage, emergency assistance, and trip protection. These changes in travel patterns have diversified the types of travel insurance products available, catering to the evolving needs of modern travelers.

Who Are the Key Customers and What Are Their Needs?

The key customers of travel insurance include leisure travelers, business travelers, and expatriates. Leisure travelers seek travel insurance to protect against trip cancellations, medical emergencies, and lost belongings, requiring policies that offer comprehensive and affordable coverage. Business travelers need travel insurance that provides coverage for trip cancellations, medical emergencies, and business equipment, requiring policies that cater to the specific needs of corporate travel. Expatriates and long-term travelers need travel insurance that offers continuous coverage for medical expenses, repatriation, and personal liability, requiring policies that provide extended and flexible coverage options. Each customer group values travel insurance policies that offer comprehensive coverage, ease of purchase, and reliable customer service.

What Is Driving Growth in the Travel Insurance Market?

The growth in the travel insurance market is driven by several factors, including the increasing frequency of travel, rising awareness of travel risks, and advancements in digital insurance platforms. The growing frequency of both leisure and business travel has increased the demand for travel insurance, as more travelers seek financial protection and peace of mind. Rising awareness of travel risks, including health emergencies, natural disasters, and geopolitical uncertainties, has prompted more travelers to purchase travel insurance. Advancements in digital insurance platforms have made it easier for travelers to compare, purchase, and manage travel insurance policies online, enhancing the convenience and accessibility of travel insurance. Additionally, the impact of the COVID-19 pandemic has highlighted the importance of travel insurance, driving demand for policies that offer coverage for pandemics and other health-related travel disruptions.

SCOPE OF STUDY:

The report analyzes the Travel Insurance market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Domestic Travel, International Travel); Trip (Single, Multiple, Extended)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 159 Featured) -

• Acko General Insurance
• Admiral Corporation
• Affinity Transport Solutions
• Airtkt.Com, Inc.
• Allianz Australia Limited
• Alpha Direct
• Alpha travel insurance
• Amadeus Hospitality Americas, Inc.
• American International Group, Inc.
• AMI Insurance

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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