Market Size of Travel Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 26.37 Billion |
| Market Size (2029) | USD 36.24 Billion |
| CAGR (2024 - 2029) | 6.56 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Travel Insurance Market Analysis
The Travel Insurance Market size in terms of gross written premiums value is expected to grow from USD 26.37 billion in 2024 to USD 36.24 billion by 2029, at a CAGR of 6.56% during the forecast period (2024-2029).
- The travel industry has proliferated due to the increase in budget and luxury accommodations in recent years. With a growing number of people traveling for leisure, the demand for travel insurance is rapidly rising. According to the World Health Organization (WHO), approximately 1.5 billion people travel annually, a number expected to increase in the coming years. Travel insurance helps travelers prepare for unforeseen events that may negatively impact their travel experiences.
- Moreover, after the outbreak of the COVID-19 pandemic, the need for travel insurance rapidly increased. It began covering COVID-19 tests and quarantine costs. Furthermore, the rising demand for tourism is expected to drive the market's growth. Additionally, strict government policies related to travel are anticipated to further fuel the growth of the travel insurance market.
- Advancements in new technologies aim to enhance the travel experience, providing growth opportunities for the market during the forecast period. Deaths resulting from the COVID-19 pandemic have also presented challenges for the market's growth over the forecast period, as several insurance companies were unprepared to cover death under their insurance policies. People in developing and underdeveloped countries are still hesitant to spend money on insurance facilities, hindering the market's growth.
