Europe Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers European Travel Insurance Companies and it is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Direct Sales, Online Travel Agents, Airports And Hotels, Brokers, and Other Insurance Intermediaries), By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc.) and by Country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The Market size and forecasts for Europe Travel Insurance Market are provided in terms of value (USD Million) for all the above segments.

Europe Travel Insurance Market Size

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Europe Travel Insurance Market Summary
Study Period 2024 - 2029
Base Year For Estimation 2023
Market Size (2024) EUR 4.39 Billion
Market Size (2029) EUR 6.05 Billion
CAGR (2024 - 2029) 6.20 %
Market Concentration Medium

Major Players

Europe Travel Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Europe Travel Insurance Market Analysis

The Europe Travel Insurance Market size in terms of gross written premiums value is expected to grow from EUR 4.39 billion in 2024 to EUR 6.05 billion by 2029, at a CAGR of 6.20% during the forecast period (2024-2029).

2021 saw the Travel Insurance industry grapple with a multitude of challenges including pandemic impacts, disruptive technology, and climate-related risks. COVID-19 accelerated the transition to digital solutions because of necessity and enabled insurers to manage the pandemic's impact by allowing workforces to operate remotely effectively and efficiently. But with this shift came the rise in cyber threats.

However, whilst last year necessitated a faster pace of change than was perhaps ideal, looking forward the insurers will want to continue to adapt to protect their operations, and market and promote customer retention. Customer demand for more interactive and efficient digital platforms and products is set to continue, which will require travel insurers' ongoing adaption to new technologies. With that will possibly come associated cyber risks, with ransomware and supply chain attacks continuing to increase. However, digital transformation remains important for insurers wanting to stay relevant, competitive, and reputationally sound in the current market.

Europe Travel Insurance Market Trends

Artificial Intelligence in Insurance

As the use of artificial intelligence (AI) becomes more widespread across the travel insurance industry, regulators are examining how its use could potentially impact customers. Specifically, the European Commission is proposing cross-sectoral regulations that would control - and, in some instances, prohibit - certain practices: for example, the use of AI systems by public agencies, or on their behalf, for social scoring purposes. Given the growing societal concerns about customer privacy, data security, and the potential impact of AI on human agency, it is no surprise that the EC and other entities are exploring new guidelines. In effect, we take the view that a regulatory stance is essential and applaud the early position taken by the EC. However, proposals from certain policymakers could limit insurers' abilities to undertake certain practices: for example, to assess risk and price policies accurately, personalize customer experiences, and mine data assets for actionable insights. Since the industry is already required to adhere to a wide range of regulatory requirements, a sensible step would be for insurers to collectively engage with regulators to explain how they both protect consumer data and ensure fair, unbiased use of AI in all its forms. They should also reassure regulators that the necessary precautions are being taken by insurers to safeguard against possible problematic cases.

Europe Travel Insurance Market: Revenues from Artificial Intelligence Software Market in Europe, In USD Million, 2018-2022

Travel and Tourism Industry is driving the Insurance Market

Some of the most well-known cities and nations in the world are found in Europe. There is something for every kind of tourist because of the intriguing history, numerous different cultures, and stunning natural scenery. There are 44 countries in Europe, 27 of which are designated as belonging to the European Union, according to the UN. Travel and tourism generated USD 1,450 billion for Europe's overall GDP in 2021. France is the most visited country in Europe in 2019, welcoming 89.4 million foreign visitors. With 50% of all international visitor arrivals, Europe as a whole (EU and non-EU) continues to be the most popular travel destination in the world.

The notable increase in the travel and tourism sector in recent years, which can be attributed to rising disposable incomes, an increase in business trips, and the easy accessibility of online travel bookings and discounted package holidays, is one of the key factors propelling the growth of the Europe Travel Insurance Market. Consumers are increasingly opting for Travel Insurance to manage risks such as airline cancellations, luggage and important document loss, and medical crises, which is growing the Travel Insurance Market share. Convenient choices for clients to acquire Travel Insurance via online comparison-shopping sites such as direct airline sites and online travel agents (OTAs), company websites and apps, and others support the Europe travel insurance market's development.

Europe Travel Insurance Market: Revenue Generated from Travel and Tourism Industry in Europe, In Billion USD, 2020- 2022

Europe Travel Insurance Industry Overview

Europe Travel Insurance Market is consolidated in nature. Some of the key major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are expanding their market presence by securing new contracts and by tapping new markets.

Europe Travel Insurance Market Leaders

  1. Allianz

  2. Assicurazioni Generali S.P.A.

  3. American International Group Inc.

  4. AXA

  5. Aviva

*Disclaimer: Major Players sorted in no particular order

Europe Travel Insurance Market Concentration
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Europe Travel Insurance Market News

  • In August 2022, French insurance giant Axa said an uptick in earnings, driven by higher incomes from its investment portfolio, offset the €300m (£251m) hit to its business arising from the war in Ukraine. Axa's decision to launch its €1bn share buyback scheme saw shares in the insurance giant surge by almost five percent in the early morning trading session, as the firm set out plans to complete its buyback by February 2023, subject matter to market conditions.
  • In April 2022, AXA Partners, an AXA business unit offering a wide range of solutions in assistance services, travel, and specialized insurance and credit protection, has teamed up with again to further expand travel insurance products in Europe.

Europe Travel Insurance Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study


    1. 2.1 Research Framework

    2. 2.2 Secondary Research

    3. 2.3 Primary Research

    4. 2.4 Data Triangulation and Insight Generation



    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness- Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargainning Power of Buyers

      3. 4.4.3 Bargainning Power of Suppliers

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competative Rivalry

    5. 4.5 Insights into Latest Technological Innovations and Recent Trends in the Industry

    6. 4.6 Insights on Government Regulations in the Industry

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 Insurance Coverage

      1. 5.1.1 Single-Trip Travel Insurance

      2. 5.1.2 Annual Multi-trip Travel Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Insurance Companies

      2. 5.2.2 Insurance Intermediaries

      3. 5.2.3 Banks

      4. 5.2.4 Insurance Brokers

      5. 5.2.5 Other Distribution Channels

    3. 5.3 By End-User

      1. 5.3.1 Senior Citizens

      2. 5.3.2 Education Travelers

      3. 5.3.3 Family Travelers

      4. 5.3.4 Other End Users

    4. 5.4 By Country

      1. 5.4.1 Germany

      2. 5.4.2 United Kingdom

      3. 5.4.3 France

      4. 5.4.4 Italy

      5. 5.4.5 Spain

      6. 5.4.6 Rest of Europe


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz

      2. 6.2.2 Assicurazioni Generali S.P.A.

      3. 6.2.3 American International Group Inc.

      4. 6.2.4 AXA

      5. 6.2.5 Aviva

      6. 6.2.6 Insure & Go Insurance Services Limited

      7. 6.2.7 Signal Iduna

      8. 6.2.8 The April Group

      9. 6.2.9 Mutuaide

      10. 6.2.10 Zurich*

    3. *List Not Exhaustive

  8. 8. ABOUT US

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Europe Travel Insurance Industry Segmentation

The report focuses on the complete background of the European Travel Insurance Market, which comprises an assessment of the developing market trends by segments, important changes in the market dynamics, and a market overview.

Europe Travel Insurance Market is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Insurance Companies, Insurance Intermediaries, Banks, Insurance Brokers, and Other Distribution Channels), By End-User (Senior Citizens, Education Travelers, Family Travelers, and Others End Users) and by Country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers Market size and forecasts for Europe Travel Insurance Market in value (USD) for all the above segments.

Insurance Coverage
Single-Trip Travel Insurance
Annual Multi-trip Travel Insurance
By Distribution Channel
Insurance Companies
Insurance Intermediaries
Insurance Brokers
Other Distribution Channels
By End-User
Senior Citizens
Education Travelers
Family Travelers
Other End Users
By Country
United Kingdom
Rest of Europe
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Europe Travel Insurance Market Research FAQs

The Europe Travel Insurance Market size is expected to reach EUR 4.39 billion in 2024 and grow at a CAGR of 6.20% to reach EUR 6.05 billion by 2029.

In 2024, the Europe Travel Insurance Market size is expected to reach EUR 4.39 billion.

Allianz, Assicurazioni Generali S.P.A., American International Group Inc., AXA and Aviva are the major companies operating in the Europe Travel Insurance Market.

In 2023, the Europe Travel Insurance Market size was estimated at EUR 4.13 billion. The report covers the Europe Travel Insurance Market historical market size for years: . The report also forecasts the Europe Travel Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Europe Travel Insurance Industry Report

Statistics for the 2024 Europe Travel Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Travel Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Europe Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)