Saudi Arabia Travel Insurance Market Size (2024 - 2029)

Travel Insurance in Saudi Arabia Market Analysis

Saudi Arabia Travel Insurance Market has generated a revenue of USD 573.71 million in the current year and is poised to achieve a CAGR of 10.48% for the forecast period.

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.