Press release
Dramatic Expansion in the Travel Insurance Market: Impressive CAGR of 16.9% and Market Size of $57.77 Billion Expected by 2029
Travel Insurance Market
What Is The Projected Market Size Of The Global Travel Insurance Market And Its Growth Rate?
The recent years have witnessed a swift growth in the travel insurance market and the projections indicate a promising future.
• The market size escalated from $26.36 billion in 2024 to $30.94 billion in 2025, showing a compound annual growth rate (CAGR) of 17.4%.
• By 2029, the market is forecasted to reach a staggering $57.77 billion, growing at a CAGR of 16.9%.
The historic period growth is largely attributed to increased travel and tourism, increases in natural disasters, booming city-based business travel, and rising disposable incomes. The forecast period will continue to see growth due to the demand for event-triggered insurance, increased awareness of travel-related risks, and rising medical costs.
What Is Driving The Growth In The Travel Insurance Market?
The travel insurance market expansion is considerably influenced by the rising tourism sector. Travel insurance plays a pivotal role in the tourism sector by offering impressive packages that assist travelers during medical emergencies, loss of passports or luggage, and even flight cancellations. The United Nations World Tourism Organization (UNWTO) reported a significant recovery in global tourism with 1.3 billion international tourist arrivals in January 2024, showing a 34% increase from 2022. This recovery resulted in tourism standing at 88% of pre-pandemic levels, driven primarily by strong demand across regions. It is further predicted that by 2024, international tourism will surpass pre-pandemic levels by 2% due to the easing of travel restrictions and the pent-up demand. This rise in tourism is a key driver for the expansion of the travel insurance market.
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Who Are the Key Players Driving Travel Insurance Market Growth?
The travel insurance market is diversified with the following major players:
• Allianz Group
• Axa S.A
• Berkshire Hathaway Specialty Insurance Company
• Zurich Insurance Group AG
• American International Group Inc.
• American Express Company
• Chubb Limited
• Aviva Plc and many more
What Are The Key Trends In The Travel Insurance Market?
The travel insurance market is responding to various emerging trends such as
• The growing focus on technology-driven platforms
• Increased digitalization and mobile integration
• Interest in blockchain technology
• Strategic collaborations and partnerships
What Are The Segments Of The Global Travel Insurance Market?
The travel insurance market report segments the market as follows:
1) By Type: Domestic, International
2) By Insurance Cover: Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance
3) By Coverage: Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, Other Coverages
4) By Distribution Channel: Insurance Intermediaries, Insurance Companies, Banks, Other Distribution Channels
5) By End User: Senior Citizens, Corporate Travelers, Family Travelers, Education Travelers, Other End-Users
Which Region Leads The Travel Insurance Market?
Asia-Pacific dominated the travel insurance market in 2024 and continues to lead other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Travel Insurance Market Global Market Report?
Market Size Analysis: Analyze the Travel Insurance Market size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Travel Insurance Market for effective categorization.
Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Travel Insurance Market growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks affecting the Travel Insurance Market.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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