Press release
Travel Insurance Market to Reach USD 64.06 Billion by 2035, Growing at a 9.5% CAGR | Rising Global Tourism, Traveler Safety Awareness, and Digital Insurance Platforms Drive Growth
Growth is driven by the resurgence of international travel, increasing awareness of travel-related risks, and widespread adoption of digital insurance services.
Key Market Drivers
• Rising Global Tourism and Business Travel
Increasing cross-border travel for leisure and corporate purposes continues to fuel demand for travel insurance solutions.
• Higher Awareness of Health & Travel Risks
Travelers are more conscious of medical emergencies, trip cancellations, and unforeseen disruptions.
• Growth of Online Travel Agencies (OTAs) and Aggregators
Seamless integration of insurance add-ons at checkout boosts policy uptake.
• Wide Availability of Customizable Coverage
Insurers offer flexible coverage options for medical emergencies, lost luggage, trip delays, and adventure travel.
• Digital Insurance Platforms and Mobile Apps
Instant policy issuance, automated claims processing, and AI-based support enhance customer experience.
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Market Segmentation Highlights
1. By Insurance Type:
• Single-Trip Travel Insurance (Dominant Segment)
Popular among tourists, short-term business travelers, and occasional flyers.
• Annual Multi-Trip Insurance
Favored by frequent travelers, corporate clients, and long-term travelers.
• Long-Stay Travel Insurance
Designed for students, expatriates, and extended work assignments.
2. By Coverage:
• Medical Coverage
Covers illnesses, injuries, and hospitalization abroad.
• Trip Cancellation & Interruption
Protects against financial losses from delays or cancellations.
• Baggage & Personal Belongings
Reimbursement for lost, delayed, or damaged baggage.
• Travel Assistance
24/7 help services including emergency evacuation, translations, and concierge support.
3. By Distribution Channel:
• Insurance Companies
Direct policies sold via company websites and apps.
• Banks
Bancassurance models offering bundled travel insurance.
• Online Travel Agencies & Aggregators (Fastest Growing)
Integrated policy offerings during ticket or hotel bookings.
• Brokers & Agents
Traditional channel serving specialized or corporate clients.
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Regional Analysis
Europe - Market Leader
• Strong travel culture and high penetration of travel insurance
• Presence of major multinational insurers
• Mandatory insurance requirements in certain countries
North America
• High travel frequency and greater awareness of medical coverage
• Digital-first insurance platforms growing rapidly
Asia-Pacific - Fastest Growing Region
• Rising disposable incomes and outbound tourism
• Growing partnerships between insurers and travel agencies
Latin America & Middle East/Africa
• Increasing travel activity and growing insurance literacy
• Expansion of international flight routes and tourism markets
Key Market Opportunities
• AI-Based Claims Processing & Fraud Detection
Automation improves turnaround times and customer satisfaction.
• Adventure & Niche Travel Insurance
Coverage tailored to extreme sports, cruises, and solo travel.
• Embedded Insurance Solutions
Automatic inclusion of coverage within airlines, OTAs, fintech apps, and booking platforms.
• Global Health Coverage Integration
Long-term cross-border medical protection for expatriates, students, and digital nomads.
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Competitive Landscape
The travel insurance market is moderately competitive, with key players focusing on digitalization, product customization, and worldwide assistance networks. Major companies include:
• Allianz Partners
• AXA
• Zurich Insurance Group
• Generali Global Assistance
• Tokio Marine
• AIG Travel
• Berkshire Hathaway Travel Protection
• InsureMyTrip
• Travelex Insurance Services
• Seven Corners
These insurers are enhancing global reach, offering flexible coverage plans, and leveraging technology-driven platforms to improve customer experience.
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About US
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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