Global Travel Insurance Market to Reach US$ 47.1 Billion by 2032, Impelled by Rising Number of Travelers

February 08, 2023 | BFSI

According to the latest report by IMARC Group, titled "Travel Insurance Market Report by Insurance Type (Single Trip Travel Insurance, Annual Multi-Trip Insurance, Long-Stay Travel Insurance), Coverage (Medical Expenses, Trip Cancellation, Trip Delay, Property Damage, and Others), Distribution Channel (Insurance Intermediaries, Banks, Insurance Companies, Insurance Aggregators, Insurance Brokers, and Others), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Region 2024-2032," the global travel insurance market size reached US$ 17.9 Billion in 2023. Travel insurance refers to a type of guaranteed policy scheme that offers financial protection for losses or expenses incurred due to unexpected events during overseas or domestic travel. It usually covers the cost of emergency medical care, trip cancellation and interruption, lost or stolen belongings, accidental death, and losses that may occur while traveling. It provides different levels of travel protection, such as the maximum amount of coverage and any exclusions or restrictions. Several insurance companies are offering travel insurance with continuous emergency services, including cash wire assistance, re-booking canceled flights, restoring expired visas, replacing lost passports, and customization options as per geographical location and the requirements of the insured individuals, due to which its demand is augmenting among the masses.

Global Travel Insurance Market Trends:

Significant growth in the tourism industry majorly drives the global market. This can be supported by the escalating number of individuals traveling for leisure, business, or educational purposes. Since business travelers often require more comprehensive travel insurance policies, such as for liability, legal assistance, and emergency evacuation, this is further impacting the market. Along with this, the growing geriatric population is impelling the demand for travel insurance policies as it provides coverage for pre-existing medical conditions, hospitalization, and prescription drug coverage to senior travelers. With a considerable rise in the number of travelers post-pandemic, there is a significant increase in the demand for travel insurance among individuals. Coupled with this, the governments of numerous countries are making it mandatory to attach travel insurance documents, especially while applying for a visa, which is acting as another growth-inducing factor for the market. Moreover, the escalating adoption of digital tools, such as artificial intelligence (AI), the global positioning system (GPS), data analytics, and application program interface (API), to enhance distribution systems and provide personalized user experiences is creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 47.1 Billion by 2032, exhibiting a CAGR of 11% during 2024-2032.

Market Summary:

  • On the basis of the insurance type, the market has been segmented into single-trip travel, annual multi-trip, and long-stay travel insurance.
  • Based on the coverage, the market has been classified into medical expenses, trip cancellation, trip delay, property damage and others.
  • On the basis of the distribution channel, the market has been segregated into insurance intermediaries, banks, insurance companies, insurance aggregators, insurance brokers, and others.
  • Based on the end user, the market has been bifurcated into senior citizens, education travelers, business travelers, family travelers, and others.
  • Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Insurance Type, Coverage, Distribution Channel, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Allianz SE, American Express Company, American International Group, AXA SA, Berkshire Hathaway Specialty Insurance Company, Generali Group, Insure & Go Insurance Services (Mapfre S.A.), Seven Corners Inc., Travel Insured International Inc. (Crum & Forster), USI Affinity (USI Insurance Services) and Zurich Insurance Group AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Travel Insurance Market to Reach US$ 47.1 Billion by 2032, Impelled by Rising Number of Travelers
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More