July 2022
02 Sep 2024
The global travel insurance market was exhibited at USD 20.37 billion in 2023 and is predicted to attain around USD 85.54 billion by 2033, growing at a CAGR of 15.43% during the forecast period. The increase in travel expenditure and the rise in awareness of the importance of travel insurance contribute to the growth of the market.
The travel insurance market includes the selling and buying of insurance products developed to reduce financial risks related to travel, including lost baggage, medical emergencies, and cancellations. The benefits of travel insurance include saving money in the long run, customized for medical needs, insurance expectations, and travel style, personal liability coverage, covering against trip itinerary changes, providing coverage for medical expenses, providing compensation for lost belongings, giving us a piece of mind, etc. contribute to the growth of the market.
Advanced technologies driving the market
The advanced technologies used in travel insurance contribute to the growth of the travel insurance market. Travel insurance providers imposing technology to improve their services. This includes digital platforms for safety measures, policy management, and telemedicine services. The recent developments in travel insurance technologies help cutting-edge solutions to improve the effectiveness, efficiency, and convenience of insurance services helping the market’s growth.
However, the downsides of travel insurance include waiting periods, advantages from other insurance policies that may overlap, not all activities being covered, specific loopholes, travel insurance claims rejected, not providing coverage for preexisting disorders, etc., and hampering the growth of the travel insurance market.
Recent Development in the Travel Insurance Market by World Nomads
| Company Name | World Nomads |
| Headquarters | Sydney, New South Wales, Australia |
| Development | In July 2024, a new annual multi-trip (AMT) product was launched by the global travel insurance provider World Nomads. The key benefit of the product is Air Doctor, which helps connect travelers to medical advice and private doctors in destinations where public health services cannot treat international travelers. |
Recent Development in the Travel Insurance Market by Everest Insurance
| Company Name | Everest Insurance |
| Headquarters | Hamilton, Bermuda |
| Development | In September 2023, a comprehensive business travel accident insurance was launched by the insurance division of Everest Group, Ltd, Everest Insurance. This innovative addition improves its Health and Accident portfolio, providing an extensive solution that combines insurance protection with an array of important security, travel, and medical assistance services. |
Asia Pacific is estimated to be the fastest-growing during the forecast period of 2024-2034. Rising security and agility and the rising development in travel insurance policies related to medical treatment contribute to the growth of the travel insurance market in the Asia Pacific region. The increasing awareness about travel insurance, increasing travel expenditure, and rising disposable incomes contribute to the growth of the market.
Europe dominated the travel insurance market in 2023. Factors like rising travel and tourism lead to peace of mind, wealth, and modern communication, which contribute to the growth of the market in the European region. Well-developed travel infrastructure, increased travel of population, strong regulatory framework, and increased awareness of travel insurance importance help to the growth of the market.
Collaboration and safety and security measures
Insurers are collaborating with insurance companies to cutting-edge and streamline processes. It helps to make travel insurance more efficient and accessible. Insurers are also focusing on security-related coverage, safety protocols, and emergency assistance to address the concerns of travelers. Collaboration also offers many benefits, including innovative solutions, speed-up production, enhanced learning opportunities, increased employee engagement, stronger interpersonal relationships, enlarged customer pool, etc., contributing to the growth of the travel insurance market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 23.51 Billion |
| Market Revenue by 2033 | USD 85.54 Billion |
| CAGR | 15.43% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Europe |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Insurance Coverage
By Distribution Channel
By End-users
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