What is the global market size of Travel Insurance Market?

Travel Insurance Market size was valued at USD 17.8 billion in 2021 and is poised to grow from USD 20.32 billion in 2022 to USD 63.9 billion by 2030, growing at a CAGR of 15.4% in the forecast period (2023-2030).

Travel Insurance Market Size, Share, Growth Analysis, By Type(Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance), By Distribution Channel(Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers), By End-user(Senior Citizens, Education Travelers, Business Travelers, Family Travelers), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40D2014 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 93 | Figures: 76

Travel Insurance Market News

In June 2022, Zurich Insurance Group Ltd has completely digitalized its international business programs with a state-of-the-art technology that will improve workflow and enhance customer experience. This exchange of data will help to provide better details about the policy and relevant risks in the given period.
In June 2022, Berkshire Hathaway Specialty Insurance has recently announced that in its plan to cover most of Europe they have also opened an office in the Lyon city of France. Which will start its operations in the country shortly and will continue to expand throughout Europe.
In February 2022, HanseMerkur Insurance Group a Germany-based insurance group introduced its new product named Fur Alle. The German to English translation stands out to be ‘for all’ and that’s what the product promises to provide. This product will provide cover to all the family member’s health coverage under the same policy specific to the network tire of the provider.

Travel Insurance Market Report Snapshots

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Travel Insurance Market size was valued at USD 17.8 billion in 2022 and is poised to grow from USD 20.32 billion in 2023 to USD 63.9 billion by 2031, growing at a CAGR of 15.4% in the forecast period (2024-2031).

The Travel Insurance market is relatively fragmented, with a high level of competition. Few large players, like American International Group Inc., Berkshire Hathaway Specialty Insurance, and HanseMerkur Insurance Group, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Allianz Partners (France)', 'AIG Travel Guard', 'AXA Assistance USA', 'Berkshire Hathaway Travel Protection', 'Chubb Travel Insurance', 'CSA Travel Protection', 'Generali Global Assistance', 'GeoBlue', 'Global Rescue', 'HTH Worldwide', 'IMG Travel Insurance', 'InsureandGo', 'John Hancock Travel Insurance', 'Nationwide Mutual Insurance Company', 'Seven Corners', 'Squaremouth', 'Travel Insured International', 'TravelSafe Insurance', 'Travelex Insurance Services', 'World Nomads Group'

The levitation of global tourism is one of the major reasons for the growth of the travel insurance market. Growing tourism due to increasing not reusable income, and holiday trip promotion by tour & traveling companies are some of the explanations. With increasing accidents due to natural calamities, the risk of losing luggage and medical emergencies are factors that will propel the need for the travel insurance market during the analysis period.

The travel insurance market tends to grow due to various government strategies to boost the demand for the leisure industry and corporates increasing to provide travel assurance to their employees on business tours, to ensure their safety will push the growth of the travel insurance market during the analysis period.

In the year 2021, Europe held a major share in the travel insurance market and is anticipated to grow at the same rate. The increasing tourism and roving activity in the region due to administration schemes to improve tourism had a major impact on the growth of the travel insurance market. The Asia Pacific is anticipated to record exceptional progress during the analysis period. Growing income, vacation planning, and improving economic conditions ask for tourism throughout the region and will have a positive impact on the travel insurance market growth during the prediction period.

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