Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Travel Insurance Market Report is Segmented by Coverage Type (Single-Trip Travel Insurance and Annual Multi-Trip Travel Insurance), by Product Type (Trip Cancellation/Delay, Travel Medical Insurance (Personal Accident), and Other Product Types), by Distribution Channel (Insurance Companies, Insurance Intermediaries, Banks, Insurance Brokers and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Report Offers Market Size and Forecasts for all the Above Segments in Value Terms in USD.

Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Travel Insurance Market Size

Travel Insurance Market Summary
Study Period 2020 - 2030
Market Size (2025) USD 26.90 Billion
Market Size (2030) USD 55.05 Billion
CAGR (2025 - 2030) 15.40 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Travel Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Travel Insurance Market Analysis

The Travel Insurance Market size is estimated at USD 26.90 billion in 2025, and is expected to reach USD 55.05 billion by 2030, at a CAGR of 15.4% during the forecast period (2025-2030).

Travel insurance plays a pivotal role in shielding individuals from potential hazards, whether traveling domestically or internationally. It is especially vital for frequent travelers, offering financial protection against risks like flight cancellations and baggage losses, often not covered by other insurance policies.

Traveling carries risks, from lost baggage to flight disruptions. Travel insurance steps in, covering losses of not just baggage but also money and crucial documents. It protects against accidents, injuries, and unforeseen events like riots or terrorist incidents.

Insurance distribution channels have swiftly pivoted toward digitalization. While detailed online sales data remains limited, a noticeable trend emerges: in many European nations, a significant share of clients now favors online platforms for their travel, property, and motor insurance needs.

The surge in OTA app usage underscores a growing preference for digital travel planning. This trend is expected to drive travelers to explore and purchase travel insurance online from established providers or emerging insurtech firms.

Travel Insurance Industry Overview

The travel insurance market is fragmented, with many international players. Many companies worldwide cater to the diverse needs of travelers, reflecting global and regional regulations. This has fostered intense competition, providing consumers with a wide array of choices. However, a notable trend is the consolidation within the sector, as larger players strategically acquire smaller firms to enhance their market standing and expand their service portfolio.

Key industry players, including Allianz, American International Group Inc., Assicurazioni Generali SpA, Aviva, and AXA, respond to this competitive landscape by forging strategic collaborations, partnerships, and mergers and acquisitions.

Travel Insurance Market Leaders

  1. Allianz

  2. American International Group Inc.

  3. Assicurazioni Generali SpA

  4. Aviva

  5. AXA

  6. *Disclaimer: Major Players sorted in no particular order
Travel Insurance Market Concentration
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Travel Insurance Market News

  • In March 2024, Allianz SpA completed the acquisition of the Italian insurance and reinsurance company Tua from Assicurazzioni Generali SpA for an agreed price of EUR 280 million. The transaction was first announced on October 12th, 2023.
  • In May 2023, InsureMyTrip is now offering travel insurance in Canada. Traveling Canadians and visitors to Canada can now go online at insuremytrip.ca to compare, quote, and buy travel insurance from the best travel insurance providers in the country. With the launch of insuremyTrip.ca, the website is set to become the go-to travel insurance comparison website in Canada. 
  • In February 2023, Vistara formed a partnership with Allianz Partners to offer optional travel insurance to its passengers. Customers can now opt for travel insurance during the booking process for both domestic and international flights.

Travel Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Role of Social Media in Fueling the Global Travel Insurance Market
    • 4.2.2 Growing International Travelers and Changing Demographics Drive Demand
  • 4.3 Market Restraints
    • 4.3.1 Lack of Awareness Acting as a Restraint for Travel Insurance
    • 4.3.2 Intense Competition and Price Sensitivity Challenges the Travel Insurance Market 
  • 4.4 Market Opportunities
    • 4.4.1 Technological Advancements in Travel Insurance
    • 4.4.2 Lack of Awareness and Delayed Services is Challenging Market Growth
  • 4.5 Porter's Five Forces Analysis
    • 4.5.1 Threat of New Entrants
    • 4.5.2 Bargaining Power of Buyers/Consumers
    • 4.5.3 Bargaining Power of Suppliers
    • 4.5.4 Threat of Substitute Products
    • 4.5.5 Intensity of Competitive Rivalry
  • 4.6 Insights into Technological Advancements in the Industry
  • 4.7 Insights on Government Regulations in the Industry
  • 4.8 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 by Coverage Type
    • 5.1.1 Single-Trip Travel Insurance
    • 5.1.2 Annual Multi-Trip Travel Insurance
  • 5.2 By Product Type
    • 5.2.1 Trip Cancellation/Delay
    • 5.2.2 Travel Medical Insurance (Personal Accident)
    • 5.2.3 Other Product Types
  • 5.3 By Distribution Channel
    • 5.3.1 Insurance Companies
    • 5.3.2 Insurance Intermediaries
    • 5.3.3 Banks
    • 5.3.4 Insurance Brokers
    • 5.3.5 Other Distribution Channels
  • 5.4 By Geography
    • 5.4.1 North America
    • 5.4.1.1 United States
    • 5.4.1.2 Canada
    • 5.4.2 Europe
    • 5.4.2.1 United Kingdom
    • 5.4.2.2 Germany
    • 5.4.2.3 France
    • 5.4.2.4 Italy
    • 5.4.2.5 Spain
    • 5.4.2.6 Rest of Europe
    • 5.4.3 Asia-Pacific
    • 5.4.3.1 China
    • 5.4.3.2 India
    • 5.4.3.3 Japan
    • 5.4.3.4 Rest of Asia-Pacific
    • 5.4.4 Latin America
    • 5.4.4.1 Mexico
    • 5.4.4.2 Brazil
    • 5.4.4.3 Argentina
    • 5.4.4.4 Rest of Latin America
    • 5.4.5 Middle-East and Africa
    • 5.4.5.1 United Arab Emirates
    • 5.4.5.2 Saudi Arabia
    • 5.4.5.3 South Africa
    • 5.4.5.4 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration Overview
  • 6.2 Company Profiles
    • 6.2.1 Allianz
    • 6.2.2 American International Group Inc.
    • 6.2.3 Assicurazioni Generali SpA
    • 6.2.4 Aviva
    • 6.2.5 AXA
    • 6.2.6 Berkshire Hathaway Travel Protection
    • 6.2.7 Saga PLC
    • 6.2.8 HTH Worldwide
    • 6.2.9 Insure & Go Insurance Services Limited
    • 6.2.10 Medgulf
    • 6.2.11 Nationwide Mutual Insurance Company
    • 6.2.12 Ping An Insurance
    • 6.2.13 Travelex Travel Insurance
    • 6.2.14 Zurich Insurance
    • 6.2.15 Chubb Insurance*
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. ABOUT US

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Travel Insurance Industry Segmentation

Travel insurance covers various risks in the course of travel. It covers medical expenses, lost baggage, flight cancellations, and other losses a passenger may incur while traveling. The travel insurance market is segmented by coverage type, by product type, distribution channel, and geography. By type, the market is segmented into single-trip travel insurance and annual-trip travel insurance. By product type, the market is segmented by trip cancellation/delay, travel medical insurance (personal accident), and other product types. By distribution channel, the market is segmented into insurance companies, insurance intermediaries, banks, insurance brokers and other distribution channels and by geography, the market is segmented into North America, South America, Asia-Pacific, Europe and Middle East & Africa. The report offers market sizes and forecasts for the travel insurance market in value (USD) for the all above segments.

by Coverage Type Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
By Product Type Trip Cancellation/Delay
Travel Medical Insurance (Personal Accident)
Other Product Types
By Distribution Channel Insurance Companies
Insurance Intermediaries
Banks
Insurance Brokers
Other Distribution Channels
By Geography North America United States
Canada
Europe United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific China
India
Japan
Rest of Asia-Pacific
Latin America Mexico
Brazil
Argentina
Rest of Latin America
Middle-East and Africa United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Travel Insurance Market Research FAQs

How big is the Travel Insurance Market?

The Travel Insurance Market size is expected to reach USD 26.90 billion in 2025 and grow at a CAGR of 15.40% to reach USD 55.05 billion by 2030.

What is the current Travel Insurance Market size?

In 2025, the Travel Insurance Market size is expected to reach USD 26.90 billion.

Who are the key players in Travel Insurance Market?

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

Which is the fastest growing region in Travel Insurance Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Travel Insurance Market?

In 2025, the North America accounts for the largest market share in Travel Insurance Market.

What years does this Travel Insurance Market cover, and what was the market size in 2024?

In 2024, the Travel Insurance Market size was estimated at USD 22.76 billion. The report covers the Travel Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Travel Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Travel Insurance Industry Report

The travel insurance market has experienced significant growth due to the increase in global travel and the potential risks that come with it. This growth is driven by travelers' growing awareness of the importance of insurance to protect against unexpected events such as trip cancellations, medical emergencies, lost baggage, or flight delays. However, the industry is sensitive to global events like natural disasters, political unrest, pandemics, and terrorist attacks, which can disrupt travel and make travelers hesitant to purchase insurance. Despite this, the diversity in travel experiences has led to the development of specialized insurance products tailored to different needs, such as adventure travel insurance, business travel insurance, and coverage for specific regions. This may lead to a trend toward more flexible and customizable policies, allowing travelers to select specific coverage elements based on their travel plans and preferences. Mordor Intelligence™ Industry Reports provide statistics for the Travel Insurance market share, size, and revenue growth rate, including a market forecast outlook and a historical overview. Get a sample of this industry analysis as a free report PDF download.