Saudi Arabia Travel Insurance Market Size (2024 - 2029)

The market size of the Saudi Arabia Travel Insurance Market has seen a steady increase due to rising tourism demands post-pandemic and government-authorized travel policies. However, the low penetration of insurance policies has somewhat limited this growth. Still, new technological developments and the rapid economic growth of the region have further boosted the travel insurance industry. The normalization of travel restrictions post-COVID-19 and the resurgence of the travel industry have also contributed to the market expansion. Additionally, the growth of multiple industries encouraging business-related travel and the burgeoning tourism industry are aiding the market growth of travel insurance in the region.

Market Size of Saudi Arabia Travel Insurance Industry

Saudi Arabia Travel Insurance Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 120.20 Million
Market Size (2029) USD 218.10 Million
CAGR (2024 - 2029) 10.48 %
Market Concentration Medium

Major Players

Saudi Arabia Travel Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Travel Insurance in Saudi Arabia Market Analysis

The Saudi Arabia Travel Insurance Market size in terms of gross written premiums value is expected to grow from USD 120.20 million in 2024 to USD 218.10 million by 2029, at a CAGR of 10.48% during the forecast period (2024-2029).

In 2022, According to Standard and Poor's (S&P), the turnover of the Saudi Travel Insurance Market is expected to grow by 5 to 10 %. The Saudi Arabia travel insurance market has witnessed a steady increase because of major key factors such as rising tourism demands after the pandemic. In addition to this, government-authorized travel policies are further increasing the growth of the travel insurance market. Though, the low penetration of insurance policies limits the growth of this market. On the other hand, new technological developments in the travel industry are expected to provide various opportunities for the development of the travel insurance market during the forecast period. In addition to this, travel and tourism within the Saudi Arabia region and the rapid economic growth of the region have resulted in the growth of the travel insurance industry in Saudi Arabia.

The growth of Travel Insurance is attributed owing to, travel restrictions being normalized post the COVID-19 pandemic and the travel industry gaining back its traction. In addition to this, the multi-trip travel insurance segment is expected to offer travelers appropriate insurance coverage to guarantee their annual vacations going smoothly which drives the growth of the market. Also, the development of multiple industries in the Saudi Arabia region encouraging business-related travel and the growing tourism industry is aiding the growth of the travel insurance market in this region.

Travel Insurance in Saudi Arabia Industry Segmentation

The report focuses on the complete background of the Saudi Arabia Travel Insurance Market, which comprises an assessment of the developing market trends by segments, important changes in the market dynamics, and a market overview. Saudi Arabia Travel Insurance Market 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), and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc)). The report offers market size and forecast values for the Saudi Arabia Travel Insurance Market in USD million for the above segments.

By Insurance Coverage
Single-Trip Travel Insurance
Annual Multi-trip Travel Insurance
Others
By Distribution Channel
Direct Sales
Online Travel Agents
Airports And Hotels
Brokers
Other Insurance Intermediaries
By End-User
Senior Citizens
Business Travelers
Family Travelers
Others (Education Travelers, etc)

Saudi Arabia Travel Insurance Market Size Summary

The Saudi Arabia Travel Insurance Market is experiencing significant growth, with a steady increase due to factors such as rising tourism demands post-pandemic and government-authorized travel policies. Despite the low penetration of insurance policies, new technological developments in the travel industry are expected to provide various opportunities for market development. The rapid economic growth of the region and the increase in travel and tourism within Saudi Arabia have also contributed to the growth of the travel insurance industry. The market growth is further attributed to the normalization of travel restrictions after the COVID-19 pandemic and the resurgence of the travel industry. The multi-trip travel insurance segment is expected to boost the market by offering travelers adequate insurance coverage for their annual vacations. The growth of multiple industries in the region, encouraging business-related travel, and the expanding tourism industry are also aiding the market's growth. Furthermore, the increasing number of domestic travelers, largely for business and religious purposes, is driving the development of the travel insurance market in Saudi Arabia.

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Saudi Arabia Travel Insurance Market Size - Table of Contents

  1. 1. INDUSTRY DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Various Regulatory Trends Travel Insurance Market in Saudi Arabia

    5. 1.5 Insights on Impact of Technology and Innovation in Operations in Travel Insurance

    6. 1.6 Insights on Performance of Travel Insurance in Saudi Arabia

    7. 1.7 Industry Attractiveness - Porter's 5 Force Analysis

      1. 1.7.1 Threat of New Entrants

      2. 1.7.2 Bargaining Power of Buyers/Consumers

      3. 1.7.3 Bargaining Power of Suppliers

      4. 1.7.4 Threat of Substitute Products

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Coverage

      1. 2.1.1 Single-Trip Travel Insurance

      2. 2.1.2 Annual Multi-trip Travel Insurance

      3. 2.1.3 Others

    2. 2.2 By Distribution Channel

      1. 2.2.1 Direct Sales

      2. 2.2.2 Online Travel Agents

      3. 2.2.3 Airports And Hotels

      4. 2.2.4 Brokers

      5. 2.2.5 Other Insurance Intermediaries

    3. 2.3 By End-User

      1. 2.3.1 Senior Citizens

      2. 2.3.2 Business Travelers

      3. 2.3.3 Family Travelers

      4. 2.3.4 Others (Education Travelers, etc)

Saudi Arabia Travel Insurance Market Size FAQs

The Saudi Arabia Travel Insurance Market size is expected to reach USD 120.20 million in 2024 and grow at a CAGR of 10.48% to reach USD 218.10 million by 2029.

In 2024, the Saudi Arabia Travel Insurance Market size is expected to reach USD 120.20 million.

Travel Insurance Market in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)