Travel Insurance Market is predicted to reach USD 44.64 billion at a CAGR of 9.50% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Travel Insurance Market”.

The Travel Insurance Market is estimated to register a CAGR of 9.50% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Travel Insurance Market— Passport Card, Assicurazioni Generali S.P.A., Staysure, American International Group, Inc., Trailfinders Ltd., AXA, Insurefor.com, Zurich, Aviva, Just Travel Cover.

Travel Insurance Highlights

The global Travel Insurance Market is accounted to register a CAGR of 9.50% during the forecast period and is estimated to reach USD 44.64 billion by 2032.

The surge in both budget and luxury accommodations has fueled the expansion of the travel industry in recent years. As more individuals embark on leisure trips, there is a rapidly escalating demand for travel insurance.

Segment Analysis

The global Travel Insurance Market has been segmented based on Insurance Cover, Distribution Channel, End User, and Age Group

Based on the Insurance Cover, the market is segmented into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance. The Single-Trip Travel Insurance segment was attributed to holding the largest market share in 2023. The growth of the single-trip travel insurance segment can be credited to different factors, including the cover for baggage loss, emergency treatment of dental diseases, liability cover, fire cover, missed flight/connection compensation, and a variety of other similar services.

Based on the Distribution Channel, the Travel Insurance Market has been segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. The Insurance Companies segment was expected to hold the largest market share in 2023. Travel insurance companies are seeing skyrocketing growth within the travel insurance company category, especially with leading travel insurance providers. These companies can potentially make a dramatic gain from the emerging travel sectors by being able to adapt accordingly.

Based on the End User, the Travel Insurance Market has been segmented into Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others. The Family Travelers segment was expected to hold the largest market share in 2023. The family travelers segment has performed significantly in the market owing to the prevention of infection among the patients. Moreover, the need for travel insurance services arises when people travel with their families. A family is a combination of spine individuals, which may consist of all age members and include a variety of health problems. Therefore, the family needs to purchase travel insurance that will help with the planning process and efficiently reduce risk. This leads to more enjoyable travel experiences for family members.

Based on the Age Group, the Travel Insurance Market has been segmented as 1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50. The 18-30-year-old segment was expected to hold the largest market share in 2023. The age group of early adults who are between 18 and 30 are the young adults who are claimlessly recognizable for their restless spirit and desire to journey around the world. This group makeup is on the move a lot, whether for leisure, gap years, backpacking trips, or earning while traveling internationally. Consequently, there emerges a need for insurance coverage that can address all the peculiarities of their own travel experiences.

Regional Analysis

The global Travel Insurance Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Travel Insurance Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Travel Insurance Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Travel Insurance Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Travel Insurance Market was maintained by the North American regional sector. The country's business travel industry is constantly flourishing, and travel-related insurance services are currently in high demand. Travel locater companies here provide coverage for loss of luggage, medical emergencies, natural disasters, and other eventualities of business trips. Travel expenditures contributed nearly $160 billion in total revenue for federal, state, and local governments in 2022, comprising $84 billion of tax revenue for states and municipalities. Before the pandemic, nearly 80 million overseas travelers, half of them from Canada and Mexico, made almost $240 billion in travel exports to the USA. According to the National Household Travel Survey (NHTS), each year in the United States, there are over 405 million business trips that are at least long distances, contributing to approximately 16% of worldwide long-distance traveling.

Moreover, the Europe market has been persistently growing over the forecast period. Factors such as developing travel & tourism led to the rise of wealth, modern communication, and peace among the neighboring. According to a survey done in June 2020 involving 2,636 participants from 87 state-less countries with the Research and Statistical Department of SchengenVisaInfo.com, 62% of travelers intended to visit Europe soon after the borders were opened due to the COVID-19 pandemic by European governments.

The Asia-Pacific region is envisioned to grow because of the increased demand by organizations that offer business travel to their employees with travel insurance in place. Moreover, the travel and tourism industry in some countries of the Asia Pacific, such as India, Pakistan, Bangladesh, China, etc., experienced a boom and thereby promoted the growth of the market in the region. By the year 2028, the total revenue to be generated through India's tourism and hospitality industry exceeds $59 Bill. Furthermore, FTAs (Foreign Tourist Arrivals) are expected to be at 30.5 Mn by 2028. UNWTO reveals that international tourist arrivals (ITA) were expected to increase 111.6 percent, recovering to 969.0 million in 2022. In the year 2022, ITA reached 66.2% growth compared to ITA in 2019; Therefore, there is a 66.2% increase in International Tourism Arrivals (ITA) compared to the pre-pandemic year 2019.

Furthermore, the rest of the world's Travel Insurance Market is divided into the Middle East, Africa, and Latin America. As economies in these regions keep on growing and steadily enabling more people to afford traveling for leisure, business, and other reasons, they can take flights to their destinations. UNWTO estimates that Latin America will receive as many as 78.2 million tourists by 2027, thus attracting US$ 82 billion to the local economy. This growth in the travel sector only enlarges the contingency to buy travel insurance, as travelers look for arrangements against unexpected events that include medical complications, the cancellation of trips, or lost baggage.

Key Findings of the Study

• The global Travel Insurance Market is expected to reach USD 44.64 billion by 2032, at a CAGR of 9.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market owing to the increase in tourism and the travel industry.


• Based on Insurance Cover, the Single-Trip Travel Insurance segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.


• Passport Card, Assicurazioni Generali S.P.A., Staysure, American International Group, Inc., Trailfinders Ltd., AXA, Insurefor.com, Zurich, Aviva and Just Travel Cover are the key market players.