Product Code: SR112024A2432
The global travel insurance market size reached USD 20.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 50.4 Billion by 2033, exhibiting a growth rate (CAGR) of 10.77% during 2025-2033. There are various factors that are driving the market, which include the rising focus on enhanced convenience during purchasing, managing, and utilizing services, favorable government initiatives, and increasing demand for personalized and customized traveling solutions.
Travel insurance provides financial protection for expenses or losses incurred due to unexpected events while domestic or overseas travel. It generally covers the costs of lost or stolen belongings, emergency medical care, accidental death, and trip cancellation and interruption. It takes into effect from the day of travel until the insured reaches back home. Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking canceled flights. They are also offering customization options depending on the geographical location and as per the requirements of the insured individuals.
Travel Insurance Market Trends:
The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth. Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS), for improving distribution systems and providing personalized user experience.
Travel Insurance Market Segmentation:
Breakup by Insurance Type:
Single-Trip Travel Insurance
Annual Multi-Trip Insurance
Long-Stay Travel Insurance
Breakup by Coverage:
Medical Expenses
Trip Cancellation
Trip Delay
Property Damage
Others
Breakup by Distribution Channel:
Insurance Intermediaries
Banks
Insurance Companies
Insurance Aggregators
Insurance Brokers
Others
Breakup by End User:
Senior Citizens
Education Travelers
Business Travelers
Family Travelers
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG.
Key Questions Answered in This Report
- 1. What was the size of the global travel insurance market in 2024?
- 2. What is the expected growth rate of the global travel insurance market during 2025-2033?
- 3. What are the key factors driving the global travel insurance market?
- 4. What has been the impact of COVID-19 on the global travel insurance market?
- 5. What is the breakup of the global travel insurance market based on the insurance type?
- 6. What is the breakup of the global travel insurance market based on the coverage?
- 7. What is the breakup of the global travel insurance market based on distribution channel?
- 8. What is the breakup of the global travel insurance market based on the end user?
- 9. What are the key regions in the global travel insurance market?
- 10. Who are the key players/companies in the global travel insurance market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Travel Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Insurance Type
- 6.1 Single-Trip Travel Insurance
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Annual Multi-Trip Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Long-Stay Travel Insurance
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Coverage
- 7.1 Medical Expenses
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Trip Cancellation
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Trip Delay
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Property Damage
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Distribution Channel
- 8.1 Insurance Intermediaries
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Banks
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Insurance Companies
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Insurance Aggregators
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Insurance Brokers
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by End User
- 9.1 Senior Citizens
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Education Travelers
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Business Travelers
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Family Travelers
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Others
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Allianz SE
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 American Express Company
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 Financials
- 15.3.2.4 SWOT Analysis
- 15.3.3 American International Group
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 AXA SA
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 Berkshire Hathaway Specialty Insurance Company
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 Generali Group
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 Insure & Go Insurance Services (Mapfre S.A.)
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.8 Seven Corners Inc.
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 Travel Insured International Inc. (Crum & Forster)
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.10 USI Affinity (USI Insurance Services)
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.11 Zurich Insurance Group AG
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.11.3 Financials
- 15.3.11.4 SWOT Analysis