Market Size of Middle East and Africa Travel Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East and Africa Travel Insurance Market Analysis
While COVID-19 has shaken the travel industry's growth, any increase in outbound travel, large or small, and particularly in a changing travel environment, necessitates an expansion in the provision of travel insurance offerings. The pandemic may actually help to break down some of the regional barriers to travel insurance uptake. Many policies now provide cancellation and medical expenses coverage if an insured customer contracts Covid-19 since the pandemic.
In recent years, the MENA region has seen an increase in both inbound and outbound travel, both for business and leisure, which has increased the demand for travel insurance. As a result, it has responded to market demands by launching new regional and international initiatives. According to the World Tourism Organization (UNWTO), outbound travel in the Middle East and Africa region is expected to skyrocket, with the region expected to have around 80 million outbound visitors by 2030. According to UNWTO, outbound travel to the Middle East has quadrupled in the last 20 years, making it one of the world's smallest but fastest-growing tourist-generating regions.
Intra-regional travel is very popular among Middle Eastern travellers, with 39% of those polled having done so in the previous year. The MEA region, which stretches from Morocco to Iran and down to Sudan, offers diverse cultural and historical and religious experiences, as well as being a thriving hub for business travel, particularly in Dubai, the region's economic powerhouse. Regional policies for business travel are very common among small and medium-sized enterprises (SMEs), corporations, and individuals who travel frequently. International policies are more popular among C-suite executives, who spend an average of 80% of their time flying.
