Saudi Arabia Travel Insurance Market Size to Hit US$ 286.6 Million by 2033, at a CAGR of 9.2%

Saudi Arabia Travel Insurance Market Overview

Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 9.2% (2025-2033)

The Saudi Arabia travel insurance market is experiencing steady growth, driven by increasing outbound travel, rising awareness of travel-related risks, and regulatory measures mandating insurance coverage for international travelers. According to the latest report by IMARC Group, the Saudi Arabia travel insurance market size reached USD 118.9 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 286.6 Million by 2033, exhibiting a growth rate (CAGR) of 9.2% during 2025-2033.

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Saudi Arabia Travel Insurance Industry Trends and Drivers:

The travel insurance market in the Kingdom of Saudi Arabia is rapidly expanding. Domestic appetite for international travel is accelerating, leading to increased demand for international travel insurance policies. Many Saudis are now taking trips abroad, for leisure, education, or business. The increase demand for travel insurance is also developing with increased consumer awareness of the benefits that travel insurance provides to them including medical treatment while traveling abroad, cancellation of a trip umbrella, including lost or damaged goods during transit due to delays that could severely impact the trip. Insurance providers are now customizing their travel insurance policies to meet the needs of different types of traveler, including someone traveling for Hajj or Umrah, which makes more sense given its religious significance for the Kingdom, to meet market demand for this.

Furthermore, the advent of online platforms has streamlined the purchase of travel insurance in a way that is available to a wider audience. With online comparison tools and mobile apps, consumers can quickly compare policies, increasing competition among insurers to offer flexible and affordable plans. Under Vision 2030, the government has also been pushing for tourism in the Kingdom, which has fostered innovation among insurers that produce products for both outbound travelers, and an increase in international travelers to Saudi Arabia. With travel being a priority for many Saudis, the market is seeing a shift to policies that provide increased coverage, such as disruption due to unforeseeable events, which will provide further sustained growth in the market.

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Saudi Arabia Travel Insurance Industry Segmentation:

The report has segmented the market into the following categories:

Insurance Coverage Insights:

● Single-trip Travel Insurance
● Annual Multi-trip Travel Insurance
● Others

Distribution Channel Insights:

● Direct Sales
● Online Travel Agents
● Airports and Hotels
● Brokers
● Others

End User Insights:

● Senior Citizens
● Business Travelers
● Family Travelers
● Others

Regional Insights:

● Northern and Central Region
● Western Region
● Eastern Region
● Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

● Market Performance (2019-2024)
● Market Outlook (2025-2033)
● COVID-19 Impact on the Market
● Porter's Five Forces Analysis
● Strategic Recommendations
● Historical, Current and Future Market Trends
● Market Drivers and Success Factors
● SWOT Analysis
● Structure of the Market
● Value Chain Analysis
● Comprehensive Mapping of the Competitive Landscape

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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.