Press release
Travel Insurance Market Size to Reach USD 64.06 Billion by 2035 Driven by Rising Global Tourism
Travel Insurance Market Overview
The Travel Insurance Market is witnessing significant growth due to the increasing number of international travelers, rising awareness of travel-related risks, and demand for comprehensive insurance coverage. Travel insurance offers protection against trip cancellations, medical emergencies, baggage loss, and travel-related accidents. The Travel Insurance Market Size was estimated at USD 23.6 Billion in 2024 and is projected to grow from USD 25.84 Billion in 2025 to USD 64.06 Billion by 2035, exhibiting a CAGR of 9.5% during the forecast period 2025-2035.
Competitive Landscape
Key players in the Travel Insurance Market focus on expanding global reach, enhancing digital platforms, and offering comprehensive travel protection solutions:
• Allianz (DE)
• AIG (US)
• Travel Guard (US)
• AXA (FR)
• Berkshire Hathaway (US)
• Chubb (US)
• InsureandGo (GB)
• World Nomads (AU)
• Generali (IT)
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Key Market Drivers
• Rising international and domestic travel activities
• Increasing awareness of travel-related risks and emergencies
• Growth of digital insurance platforms and mobile applications
• Expansion of global tourism and hospitality sectors
• Increasing adoption of customized and comprehensive travel insurance plans
Key Market Opportunities
• Development of AI- and data-driven insurance solutions for risk assessment
• Growth in coverage for adventure tourism, health emergencies, and travel disruptions
• Expansion in emerging travel markets and underinsured regions
• Integration with travel booking platforms and online services
• Introduction of subscription-based and on-demand travel insurance products
Market Trends & Dynamics
• Increasing adoption of online and mobile-based travel insurance services
• Growing focus on personalized insurance plans for individual travelers
• Expansion of insurance coverage to include COVID-19 and pandemic-related travel risks
• Use of telemedicine and digital claims management in travel insurance
• Rising partnerships between insurers and travel agencies or airlines
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Market Segmentation
By Type:
• Trip Cancellation & Interruption Insurance
• Medical & Health Insurance
• Baggage & Personal Belongings Insurance
• Emergency Assistance Insurance
By End User:
• Leisure Travelers
• Business Travelers
• Group & Family Travelers
• Senior Travelers
By Region:
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
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Geographical Insights
• North America: Leads the market due to high outbound travel, advanced insurance infrastructure, and strong digital adoption.
• Europe: Growth supported by extensive tourism, regulatory frameworks, and innovative insurance solutions.
• Asia Pacific: Fastest-growing region driven by rising middle-class travelers, increasing international travel, and smartphone penetration.
• South America & MEA: Moderate growth fueled by expanding travel services and rising awareness of travel protection.
Future Outlook
The Travel Insurance Market is expected to grow steadily over the next decade, supported by increasing global travel, rising risk awareness, and innovations in digital insurance solutions. With a projected CAGR of 9.5% during 2025-2035, travel insurance will continue to be an essential component of secure and seamless travel experiences worldwide.
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