Global Travel insurance market was valued at nearly US$ 12 billion in 2017.

The global travel insurance market was valued at nearly US$ 12 billion in 2017, and is expected to register a CAGR of 4.7%.

Increasing business travelers and increasing tourism are major factors driving growth of the global travel insurance market. According to the United Nations World Tourism Organization (UNWTO) Barometer, the number of international tourists grew by 3.9% to reach a total of 1.2 Bn in 2016 as compared to 2015 numbers. It is further expected to reach 1.8 Bn by 2030.

Travel insurers are providing benefits in various scenarios involving acts of terror, including scenario in which a terrorist attack occurs at a destination within 30 days of scheduled arrival.Adoption of travel insurance for unconventional expenses especially in developed countries such as the US, Germany, France, etc. is the current trend in the global market. Moreover, changing travel patterns and rising awareness among individuals are factors expected to create lucrative opportunities for major players in the global market over the next 10 years.

The dominance of Europe market can be attributed to increasing outbound tourist from countries such as Germany, the UK. According to World Tourism Organization (UNWTO), the number of international outbound tourist from Europe were 583.8 million in 2015.

Europe is estimated to account for major revenue share of over 40% in the global travel insurance market in 2017, and is estimated to continue its dominance over the forecast period.

The North America market accounted for second-highest revenue share in the global travel insurance market in 2017, and is expected to maintain its position over the forecast period. High awareness among individuals regarding benefits of travel insurance policies, favorable government regulations, and increasing incidence of baggage loss or misplacing, medical emergencies are major factors driving growth of the North America travel insurance market.
The market in South America accounted for around 2% share in the global travel insurance market in terms of revenue.

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