GVR Report cover Travel Insurance Market Size, Share & Trends Report

Travel Insurance Market Size, Share & Trends Analysis Report By Insurance Coverage (Single-trip Travel Insurance, Annual Multi-trip Travel Insurance), By Distribution Channel, By End-use, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-972-0
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global travel insurance market size was valued at USD 17.8 billion in 2021 and is expected to grow at a CAGR of 15.4% from 2022 to 2030. Factors such as the rising demand for tourism and technological development are driving the demand for the travel insurance market. Additionally, the increasing travel laws and regulations by the government for travelers and travel insurance providers are fueling the demand for travel insurance worldwide.

 U.S. travel insurance market size, by insurance coverage, 2020 - 2030 (USD Million)

The outbreak of coronavirus had an adverse impact on the travel insurance market. In 2020, the pandemic had a significant impact on the worldwide travel and transportation sector, resulting in a travel disruption. On the other hand, the travel insurance market experienced growth due to the increased demand for travel protection and medical insurance while traveling during the post-pandemic.

In May 2020, Allianz Global Assistance, Canada-based travel assistance, and insurance provider announced the launch of its COVID-19 assistance and insurance coverage, which offers coverage up to USD 1,000,000 for emergency treatment related to COVID-19, along with other benefits. The company distributes the plans through its national distribution channel with the support of over 9,000 insurance brokers and travel agency partners.

Travel insurance is a type of insurance that offers coverage for certain expenditures and damages related to traveling. Trip cancellation, medical emergency, travel delay, and luggage coverage are included in travel insurance policies. The market growth especially post-pandemic is due to stringent rules and regulations imposed by various governments and regulatory authorities on travelers regarding the VISA policy. For instance, in January 2021, visitors to Singapore were required to have travel insurance with coverage for COVID-19-related medical care and hospitalization. The minimum amount of coverage is USD 30,000.

Moreover, the lack of knowledge associated with the premium rates and coverages of travel insurance is restraining the market growth. Several factors can affect the premium rate that a traveler pays for any domestic and international travel insurance, such as total sum assured, pre-existing medical conditions, age of the assured, and frequency of travel.

Insurance Coverage Insights

The market is segmented based on insurance coverage into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The single-trip travel insurance segment dominated the market with a share of 60.1% and is expected to register the highest CAGR of 16.0% during the forecast period. The growth of the single-trip travel insurance segment can be attributed to the factors such as loss of baggage, emergency dental treatment costs, personal liability cover, fire cover, trip interruption or cancellation, missed flight connection, and many more such services.

Furthermore, the annual multi-trip travel insurance segment is projected to expand at a CAGR of 15.3% during the forecast period. The segment growth can be attributed to the increasing demand among business people, travelers, and other groups who go on multiple trips in a year.

Distribution Channels Insights

Based on distribution channels, the market is segmented into insurance intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. The insurance companies segment dominated the market with a revenue share of 34.8% in 2021 and is projected to retain its position during the forecast period. The growth of this segment can be attributed to the factors such as increasing consolidating risk among numerous policyholders and the setting up of premiums according to the likelihood that a specific occurrence will occur and will lead to typical financial loss.

Furthermore, the banks' segment is expected to witness the fastest CAGR of 18.0% during the forecast period. The increasing insurance sales and underwriting by banks across the regions such as Europe, Asia, and Australia is driving the market growth in this segment.

End-Users Insights

Based on end-users, the market is segmented into education travelers, business travelers, senior citizens, family travelers, and others. The other sub-segment further comprises individuals and groups. The senior citizens segment accounted for the largest revenue of USD 5,805.5 million in 2021 and is projected to expand at a CAGR of 13.9% during the forecast period. The services offered like emergency evacuation, subsidies on tickets, trip cancellation coverage, and coverage for luggage loss are fueling the market growth of this segment.

 Global travel insurance market share, by end use, 2021 (%)

Moreover, the business travel insurance segment accounted for a significant market share of USD 2,724.1 million in 2021 and is expected to expand at the highest CAGR of 17.6% during the forecast period. This growth can be attributed to the significant decrease in business travel plans and the surge in numbers of business trips in recent years, which are the key factors driving the growth of this segment.

Regional Insights

Europe dominated the market with a share of 36.1% in 2021 and is anticipated to expand at a CAGR of over 14.3% during the forecast period. Factors such as increasing travel & tourism led to the growth of wealth, modern communication, and peace among the neighboring. According to a survey conducted in June 2020, covering 2,636 respondents and 87 different third-country nationals, by the Research and Statistical Department of SchengenVisaInfo.com, 62% of travelers intended to visit Europe soon after the European governments reopened the borders due to the COVID-19 pandemic.

Travel Insurance Market Trends by Region

Asia-Pacific is expected to expand at the fastest CAGR of 16.7% during the forecast period. The market growth across the region can be attributed to the increasing advancement of travel insurance policies related to medical, increased agility, and security. For instance, in September 2021, the government of Singapore announced the first two vaccinated travel lanes with Brunei and Germany. The travelers using these lanes would not need to follow strict restrictions and only need to undertake routine COVID-19 tests.

Key Companies & Market Share Insights

The competitive landscape of the travel insurance market is fragmented, featuring several global as well as regional players. The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are investing considerably in research & development activities to incorporate new technologies in their offerings and develop advanced solutions to gain a competitive advantage over other market players.

In July 2022, One80 Intermediaries, a specialty insurance broker, announced the acquisition of SelmanCo, an insurance administrator. With the acquisition of SelmanCo, it focuses on expanding its presence in the affinity market, enhancing the employee benefits space as well as the insurance offering to retired members of the U.S. Armed forces and family. Some prominent players in the travel insurance market are:

  • Allianz

  • American International Group, Inc.

  • AXA


  • USI Insurance Services, LLC

  • battleface

  • Insure & Go Insurance Services Limited

  • Seven Corners Inc.

  • Travel Insured International

  • Zurich

  • Delphi Financial Group, Inc.

  • Ping An Insurance (Group) Company of China, Ltd.

Recent Developments

  • In September 2022, battleface launched a brand new customisable travel insurance product to avoid unnecessary costs, and meet specific needs of the business travel sector

  • In August 2022, Generali acquired majority stakes in the AXA-Affin joint ventures in Malaysia to widen its leadership position in high potential markets including travel insurance, and others

  • In July 2021, Allianz acquired Westpac’s general insurance business to increase the range of products including travel insurance, and other general insurances offered by Allianz through Westpac, and expand its customer base

Travel Insurance Market Report Scope

Report Attribute


Market size value in 2022

USD 20.32 billion

Revenue forecast in 2030

USD 63.9 billion

Growth rate

CAGR of 15.4% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Insurance Coverage, distribution channel, end-users, and region

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil

Key companies profiled

Allianz; American International Group, Inc.; AXA; ASSICURAZIONI GENERALI S.P.A.; USI Insurance Services, LLC; battleface; Insure & Go Insurance Services Limited; Seven Corners Inc.; Travel Insured International; Zurich; Delphi Financial Group, Inc.; Ping An Insurance (Group) Company of China, Ltd.

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Global Travel Insurance Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global travel insurance market report based on, insurance coverage, distribution channel, end-users, and region:

Global Travel Insurance Market Segmentation

  • Insurance Coverage Outlook (Revenue, USD Million, 2017 - 2030)

    • Single-trip Travel Insurance

    • Annual Multi-trip Travel Insurance

    • Long-stay Travel Insurance

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • Insurance Intermediaries

    • Insurance Companies

    • Banks

    • Insurance Brokers

    • Insurance Aggregators

  • End-Users Outlook (Revenue, USD Million, 2017 - 2030)

    • Education Travelers

    • Business Travelers

    • Senior Citizens

    • Family Travelers

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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