Travel Insurance Market Size

Travel Insurance Market size was valued at USD 20.32 Billion in 2023 and is poised to grow from USD 23.45 Billion in 2024 to USD 73.74 Billion by 2032, growing at a CAGR of 15.4% during the forecast period (2025-2032).

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 SE', 'American International Group, Inc.', 'Munich Reinsurance America, Inc.', 'AXA', 'Aviva PLC', 'Zurich Insurance Group', 'Generali Group', 'Travelex Insurance Services', 'Atlas Travel Insurance Services Ltd.', 'Saga Plc', 'Bajaj Finserv Limited', 'China Pacific Life Insurance Co., Ltd.', 'Prudential Financial, Inc.', 'USI Insurance Services, LLC', 'Seven Corners Inc.', 'Travel Safe Insurance', 'PassportCard', 'Trailfinders Ltd.', 'Staysure', 'Insurefor.com'

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 travel insurance market share 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.