Indonesia Travel Insurance Market by Age (Millennials, Generation X, and Baby Boomers), by Income Level (Low-income travelers, Middle-income travelers and others), by Coverage (Medical Coverage, Trip Cancellation Coverage, and Others), by Days of Coverage (Short-Trip, Standard Trip, and Others) by End User (Pilgrim Travelers, Education Travelers, and Others) by Distributional Channel (Insurance Companies, Banks, and Others) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: BFSI | Publish Date: 09-Sep-2025 | No of Pages: 88 | No. of Tables: 120 | No. of Figures: 65 | Format: PDF | Report Code : BF1991
Market Overview
The Indonesia Travel Insurance Market size was valued at USD 62.0 million in 2023 and is predicted to reach USD 143.7 million by 2030, with a CAGR of 11.0 % from 2024 to 2030. Travel insurance serves as a specialized form of insurance aimed at providing protection and coverage to travelers against a wide array of potential risks and unforeseen circumstances that may arise before or during their journeys. It plays a vital role in mitigating the financial impact of various travel-related emergencies, disruptions, and inconveniences, thereby offering travelers a sense of security and peace of mind throughout their trips. One of its key benefits lies in its ability to offer financial reimbursement and assistance in the event of trip cancellations or interruptions. This coverage encompasses unforeseen situations such as illness, injury, or emergencies, enabling travelers to recover non-refundable expenses associated with flights, accommodations, and other pre-paid arrangements.
Rising Number of Outbound Travelers Fuels Market Growth
The continuous rise in outbound travel from Indonesia is a major driver of travel insurance demand. Increasing numbers of citizens travel abroad for leisure, business, education, and religious purposes (notably Hajj and Umrah), creating sustained demand for comprehensive coverage. This growth is supported by an expanding middle class, higher disposable incomes, a young and increasingly mobile population, and better international air connectivity from major Indonesian cities. Travelers are seeking protection against medical emergencies, trip cancellations, and baggage loss, prompting insurers to expand their product portfolios. Competitive pricing, sharia-compliant options, and seamless digital policy issuance are becoming standard, accelerating adoption.
Evolving Travel Behavior Expands Coverage Needs
Indonesian travel patterns are shifting toward longer stays, non-traditional destinations, and activities involving higher risk, such as adventure tourism and remote travel. This diversification drives demand for specialized insurance coverage. Insurers are responding with tailored plans for specific purposes—such as pilgrimage, student travel, corporate travel, and extended itineraries—while also offering optional add-ons for high-risk activities. These flexible, purpose-specific products allow insurers to capture new segments and deepen market penetration.
Regulatory Complexity and Market Entry Barriers
The Indonesian travel insurance sector is regulated by the Otoritas Jasa Keuangan (OJK), with strict requirements for product approval, pricing structures, and claims processing. Compliance is resource-intensive, particularly for foreign insurers entering through partnerships or local subsidiaries. Regulatory ambiguity around cross-border digital policy sales can also limit innovation. Frequent updates to insurance guidelines, coupled with consumer protection laws, slow the rollout of new products and hinder agility in adapting to rapidly evolving travel trends.
Predictive Analytics and Digital Platforms as Growth Enablers
Integrating predictive analytics into underwriting and claims processes offers insurers the ability to assess risks with greater precision. By analyzing traveler profiles, trip histories, and destination-specific risk data, insurers can create highly personalized and cost-effective plans. In Indonesia, where digital adoption is high, coupling predictive analytics with mobile-based policy sales and claims settlement can enhance customer experience, reduce fraud, and improve pricing accuracy. This data-driven, tech-enabled approach positions insurers to build trust, attract younger travelers, and strengthen market share.
Competitive Landscape
Several market players operating in the Indonesia travel insurance market include Allianz Indonesia (PT Asuransi Allianz Utama), PT Asuransi Sinar Mas, Asuransi Jasa Indonesia (Jasindo), PT Chubb General Insurance Indonesia, PT Sompo Insurance Indonesia, PT Asuransi MSIG Indonesia, Mandiri AXA General Insurance, , Asuransi Central Asia (ACA Insurance), PT Asuransi Tokio Marine Indonesia, Zurich Asuransi Indonesia, Great Eastern General Insurance Indonesia, PT Lippo General Insurance Tbk, Asuransi Umum Mega (Mega Insurance), PT MNC Asuransi Indonesia, PT Asuransi Intra Asia, and Others.
Indonesia Travel Insurance Market Key Segments
By Age
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Millennials
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Generation X
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Baby Boomers
By Income Level
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Low-income Travelers
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Middle-income Travelers
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High-income Travelers
By Coverage
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Medical Coverage
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Trip Cancellation Coverage
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Baggage and Personal Belongings Coverage
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Accidental Death and Dismemberment (AD&D) Coverage
By Days of Coverage
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Short-Trip Insurance
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Standard Trip Insurance
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Extended Trip Insurance
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Multi-Trip Insurance
By Distributional Channel
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Insurance Companies
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Banks
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Airlines
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Online Platforms
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Insurance Aggregators and Comparison Websites
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Travel Agents and Tour Operators
By End User
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Pilgrim Travelers
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Education Travelers
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Business Travelers
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Family Travelers
Key Players
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Allianz Indonesia (PT Asuransi Allianz Utama)
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PT Asuransi Sinar Mas
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Asuransi Jasa Indonesia (Jasindo)
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PT Chubb General Insurance Indonesia
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PT Sompo Insurance Indonesia
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PT Asuransi MSIG Indonesia
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Mandiri AXA General Insurance
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Asuransi Central Asia (ACA Insurance)
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PT Asuransi Tokio Marine Indonesia
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Zurich Asuransi Indonesia
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Great Eastern General Insurance Indonesia
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PT Lippo General Insurance Tbk
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Asuransi Umum Mega (Mega Insurance)
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PT MNC Asuransi Indonesia
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PT Asuransi Intra Asia
Report Scope and Segmentation
|
Parameters |
Details |
|
Market Size in 2023 |
USD 62.0 Million |
|
Revenue Forecast in 2030 |
USD 143.7 Million |
|
Growth Rate |
CAGR of 11.0 % from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
15 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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About the Author
Sikha Haritwal is a researcher with more than 5 years of experience. She has been keeping a close eye on several industry verticals, including construction & manufacturing, personal care products, and consumer electronics. She has avid interest in writing news articles and hopes to use blog as a platform to share her knowledge with others.
About the Reviewer
Supradip Baul is the CEO and Founder of Next Move Strategy Consulting, driving the firm’s mission to provide data-driven insights and strategic intelligence. With extensive experience in market research and consulting, he has helped global organizations make informed decisions and achieve sustainable growth.
