Travel Insurance Market Size To Reach $63.87 Billion By 2030

Travel Insurance Market Growth & Trends

The global travel insurance market size is estimated to reach USD 63.87 billion by 2030, expanding at a CAGR of 15.4% from 2025 to 2030, according to a new report by Grand View Research, Inc. The demand for travel insurance is poised to skyrocket on the account of growth in the tourism industry due to the factors such as easy internet travel bookings, extensive media coverage of various holiday types, an increase in disposable income, and enhanced package holidays.

The increasing adoption of various technological advancements, such as AI-based applications, the usage of Big Data, and Blockchain, is expected to create growth opportunities for travel providers in the global market. Moreover, the travel insurance market is witnessing a rise in popularity owing to benefits such as COVID-19 medical coverage, and 24/7 emergency services.

Many industries across the world were severely impacted due to the COVID-19 pandemic. However, the travel insurance market experienced significant growth owing to a surge in the demand for travel insurance services and products post-pandemic. The pandemic has accelerated the need for travel insurance among the general population, resulting in the creation of various open-source data portals and dashboards to inform citizens about the number of coverage included in travel insurance, the number of active cases, and infection rate, and recovery rate.

 Request a free sample copy or view report summary: Travel Insurance Market Report

Travel Insurance Market Report Highlights

• In terms of insurance coverage, the single-trip insurance coverage segment held the largest revenue share of 61.1% in 2024 and is projected to expand at the highest CAGR of 16.0% during the forecast period. The adoption of travel insurance is skyrocketing, and organizations are developing and adding more benefits, such as travel insurance for sports activities. Annual multi-trip travel insurance segment is anticipated to grow at a significant CAGR during the forecast period.

• In terms of distribution channels, Insurance companies held the largest market share in 2024 and is projected to maintain its dominance during the forecast period. The market growth of this segment can be attributed to the demand for trusted sources for the distribution of these policies, as they have an authorized set of packages and can rightly advise the customers about the travel insurance plans

• In terms of end-users, The senior citizens segment dominated the market in 2024. This growth is attributed to the increase in numerous policy plans for senior citizens, such as COVID-19 insurance cover and emergency medical covers. In addition, services like emergency evacuation, subsidies in tickets, trip cancellation coverage, and coverage for luggage loss have a positive impact on the market

• The business travelers segment is anticipated to grow at a significant CAGR during the forecast period. The surge in numbers of business trips in recent years and the increasing number of business travel insurance product offerings by the industry players are the key factors driving the growth of this segment. For instance, in March 2021, Travel Insured International’s launched a new product, Worldwide Trip Protector, to enhance various insurance policies for families, business travelers, and other travelers

• Europe captured the highest market share of 35.1% in 2024 and is expected to retain its position during the forecast period. This can be attributed to the existence of numerous travel insurance companies as well as the high adoption rate as a result of government policies that encourage travel insurance usage throughout the region. For instance, in April 2022, the Insurance Regulatory and Development Authority of India announced that it will reform regulations and capital requirements and introduce new solutions to expand the penetration of insurance and provide insurers with more flexibility

• The Asia Pacific region is expected to grow at a significant CAGR during the forecast period. The market growth in this region is primarily due to the expansion of travel insurance policies to transform businesses through the deployment of COVID-19-related coverage for overseas hospitalization expenses, medical evacuation, quarantine allowance, and others to benefit travelers across the region.

• In January 2023, BATTLEFACE UNDERWRITING SERVICES SRL launched a new technology-enabled platform as a service called Robin Assist. Robin Assist leverages Application Programming Interface (API) and is apt for general agents, insurance brokers, and enterprise partners involved in providing travel insurance. It supports customer service and emergency claims.

Travel Insurance Market Segmentation

Grand View Research has segmented the global travel insurance market based on insurance coverage, distribution channel, end use, and region:

Travel Insurance Coverage Outlook (Revenue, USD Million, 2018 - 2030)

• Single-trip Travel Insurance

• Annual Multi-trip Travel Insurance

• Long-stay Travel Insurance

Travel Insurance Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Insurance Intermediaries

• Insurance Companies

• Banks

• Insurance Brokers

• Insurance Aggregators

Travel Insurance End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Education Travelers

• Business Travelers

• Senior Citizens

• Family Travelers

• Others

Travel Insurance Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Ireland

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • New Zealand

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Travel Insurance Market

• Allianz

• American International Group, Inc.

• AXA

• ASSICURAZIONI GENERALI S.P.A.

• USI Insurance Services, LLC

• battleface

• Insure & Go Insurance Services Limited

• Seven Corners Inc.

• Travel Insured International

• Zurich

• Delphi Financial Group, Inc.

• Ping An Insurance (Group) Company of China, Ltd.