Travel insurance market
The world travel insurance market shows unprecedented growth: key drivers, trends and market actors
What is the projected market size of the global travel insurance market and its growth rate?
The last years have witnessed rapid growth in the travel insurance market and projections indicate a promising future.
• Market size increased from $ 26.36 billion in 2024 to $ 30.94 billion in 2025, which shows a compound annual growth rate (CAGR) of 17.4%.
• By 2029, it is forecast that the market reaches the amazing $ 57.77 billion, growing at an annual compound rate of 16.9%.
The growth of the historical period is greatly attributed to the increase in travel and tourism, increases in natural disasters, the booming business trips of the city and the increase in disposable income. The forecast period will continue to see growth due to the demand for event activated by events, a greater awareness of travel -related risks and the increase in medical costs.
What is promoting growth in the travel insurance market?
The expansion of the travel insurance market is considerably influenced by the growing tourism sector. Travel insurance plays a fundamental role in the tourism sector by offering impressive packages that help travelers during medical emergencies, passport loss or luggage, and even flight cancellations. The United Nations World Tourism Organization (UNT) reported a significant recovery in global tourism with 1,300 million international tourist arrivals in January 2024, which shows a 34% increase since 2022. This recovery resulted in tourism in tourism 88% of pre-pandemics levels, mainly driven by strong demand in all regions. It is also predicted that by 2024, international tourism will exceed pre-pandemics by 2% due to the flexibility of travel restrictions and accumulated demand. This increase in tourism is a key driver for the expansion of the travel insurance market.
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Who are the key players that drive the growth of the travel insurance market?
The travel insurance market is diversified with the following main actors:
• Allianz Group
• Axa SA
• Berkshire Hathaway Specialty Insurance Company
• Zurich Insurance Group Ag
• American International Group Inc.
• American Express Company
• Chubb Limited
• Aviva Plc and many more
What are the key trends in the travel insurance market?
The travel insurance market is responding to several emerging trends, such as
• The growing focus on technology platforms
• Greater digitalization and mobile integration
• Interest in blockchain technology
• Strategic collaborations and associations
What are the segments of the global travel insurance market?
The travel insurance market report segments the market as follows:
1) By type: national, international
2) For insurance coverage: single -trip travel insurance, annual multiple travel travel insurance, long -term travel insurance
3) By coverage: medical expenses, travel cancellation, travel delay, property damage, other coverage
4) By distribution channel: insurance intermediaries, insurance companies, banks, other distribution channels
5) By end user: older people, corporate travelers, family travelers, education travelers, other end users
What region leads the travel insurance market?
Asia-Pacific dominated the travel insurance market in 2024 and continues to direct other regions such as Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
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What is covered in the Global Market Report of the Travel Insurance Market?
Market size analysis: Analyze the size of the travel insurance market by key regions, countries, types of products and applications.
Market segmentation analysis: Identify several subsegments within the travel insurance market for effective categorization.
Player’s key approach: Grant on the key players to define their market value, participation and competitive panorama.
Analysis of growth trends: examine trends and perspectives of individual growth in the market.
Market contribution: Evaluate contributions from different segments to the general growth of the travel insurance market.
Growth conductors: They detail key factors that influence market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks that affect the travel insurance market.
Competitive developments: Analyze competitive developments, such as expansions, agreements and new product releases in the market.
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