Travel Insurance Market is expected to reach USD 58.40 billion by 2030

The rising popularity of online platforms for planning travel insurance plans propels the travel insurance market during the forecast period.

According to the Next Move Strategy Consulting, the global Travel Insurance Market is valued at USD 26.54 billion in 2024 and is predicted to reach USD 58.40 billion by 2030, with a CAGR of 13.2% from 2025 to 2030 

The rise in number of travel activities across the world fuels the growth of the market as more people take domestic and foreign trips there is an increasing need of protecting their travels against unexpected situations.

As per National Travel and Tourism Office, in 2023, international air passenger travel was 19.7 million, rising 41.7% from March 2022. This increase in traveling activity propels the market of the travel insurance providers, thereby developing travel insurance market growth and expansion opportunities.

Moreover, expansion of online platforms propels the growth of the industry as consumers are able to easily access to a variety of online channels for purchasing travel insurance that offer convenience, and transparency thereby allowing travellers to compare different insurance options and make informed decisions. 

For instance, in January 2024, Allianz Partners introduced a digital platform allyz that aims to provide travellers with trusted advice and expertise as well as access to the full collection of insurance benefits available to customers. Similarly, in October 2024, Insubuy launched new my account mobile app that allows customers to manage travel insurance coverage from mobile devices. These advancements towards digitalization enhances the overall customer experience and accessibility and this in turn is driving travel insurance market expansion.

Also, the integration of travel insurance platforms with latest technologies drives market expansion by offering highly efficient solutions. By integrating advanced technologies such as machine learning and real-time analytics AI enables insurers to create tailored policies that meet the travel insurance market demand of the unique needs of the travellers. For example, in February 2025, Simplifai launched Agentic AI to transform insurance automation. The advancement aims to optimize critical processes such as claims handling for travel, motor insurance, and others. By integrating AI Agents, insurers improve customer experience and reduces costs thereby paving the way towards more efficient insurance industry.

However, regulatory challenges inhibit market growth as insurance providers operating globally face significant administrative implication and costs in establishing compliance with these regulations such as licensing and policy terms. 

Conversely, integration of blockchain technology offers a notable opportunity for intensifying transparency and security within the industry. By integrating decentralized digital ledgers insurers are able to establish unchangeable records of transactions and claims lowering the risk of fraud and ensuring data integrity. This transparency builds a sense of trust between insurers and policyholders. 

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According to the report, leading key players in the travel insurance industry include Allianz Group, AXA SA, Zurich Insurance Group Limited, American International Group, Inc., Chubb Limited, Aviva PLC, Nationwide, Berkshire Hathaway Speciality Insurance, Travel Insured International, Generali Group, and others.

These companies are adopting strategies such as partnership, acquisition, and product launches across various regions to maintain their dominance in the market. 

In January 2024, Aviva introduced a complete wellness package to enhance its group accident and travel insurance offerings providing added value to customers.

In addition, in April 2023, Generali Group acquired AXA Affin joint ventures in Malaysia. The company aims to enhance customer experience and provide complete protection solutions across various insurance sectors.

Moreover, Travel Insured International collaborated with Robin Assist in October 2023 to enhance customer claims and emergency travel assistance services with streamlined claims processing and comprehensive emergency assistance.

Key Insights from the Travel insurance Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the travel insurance market is provided in the report.

• The value chain analysis in the travel insurance market study provides a clear picture of the roles of each stakeholder.

• The market share of the global travel insurance sector and their competitive analysis are provided in the report.