Singapore Travel Insurance Market by Age (Millennials, Generation X, and Baby Boomers), by Income Level (Low-income travelers, Middle-income travelers, others), by Coverage (Medical Coverage, Trip Cancellation Coverage, others), by Days of Coverage (Short-Trip Insurance, Standard Trip Insurance, others) by End User (Pilgrim Travelers, Education Travelers, others) by Distributional Channel (Insurance Companies, Banks, Airlines, others) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: BFSI | Publish Date: 08-Sep-2025 | No of Pages: 86 | No. of Tables: 120 | No. of Figures: 65 | Format: PDF | Report Code : BF1992
Market Overview
The Singapore Travel Insurance Market size was valued at USD 143.2 million in 2023 and is predicted to reach USD 646.7 million by 2030, with a CAGR of 22.6 % from 2024 to 2030. Travel insurance serves as a specialized insurance product intended to provide protection and coverage to travelers against a diverse range of potential risks and unforeseen circumstances that may occur before or during their journeys. It plays a crucial role in mitigating the financial impact of various travel-related emergencies, disruptions, and inconveniences, thereby ensuring that travelers can embark on their trips with peace of mind. One of its primary advantages is its ability to offer financial reimbursement and assistance in the event of trip cancellations or interruptions. This coverage extends to unforeseen circumstances such as illness, injury, or emergencies, allowing travelers to recover non-refundable expenses incurred for flights, accommodations, and other pre-paid arrangements.
Rapid Expansion of Embedded And On-demand Travel Insurance Solutions
The Singapore travel insurance sector is experiencing accelerated growth through the integration of insurance offerings directly into travel booking platforms. Airlines, online travel agencies, and hospitality providers are increasingly embedding insurance products within their digital checkout processes, enabling customers to secure coverage with a single click. This seamless inclusion not only boosts adoption rates but also reduces decision fatigue for travelers.
In addition, the rise of on-demand travel insurance—where coverage can be activated for specific days or activities via mobile apps—is appealing to flexible and last-minute travelers. This approach enhances convenience, improves transparency on pricing, and meets the expectations of Singapore’s tech-savvy consumer base, particularly millennials and Gen Z.
Growing Demand for Hyper-personalized Coverage and Risk Mitigation
Singaporean travelers are becoming more discerning, prioritizing policies that match their specific trip profiles and personal risk concerns. Rising awareness of unpredictable events—ranging from health emergencies to geopolitical tensions—has fueled demand for customizable plans that allow travelers to add or remove features as needed.
Insurers are leveraging AI-driven analytics and customer behavior insights to design coverage for niche segments such as cruise travelers, digital nomads, and adventure tourism participants. The ability to offer modular benefits like extreme sports coverage, luxury item protection, or telemedicine access is positioning insurers to capture market share while enhancing traveler trust.
Persistent Complexity in Policy Wording and Claim Procedures
Despite digitalization, the travel insurance market in Singapore continues to face challenges with consumer comprehension. Many travelers find policy documents overly complex, laden with legal jargon, and inconsistent in coverage definitions. This creates uncertainty about claim eligibility and often results in disputes or negative customer experiences.
The absence of standardized plain-language guidelines across the industry compounds the problem, particularly for older travelers or first-time buyers. Unless insurers adopt simplified, transparent, and visually aided documentation, the gap between consumer expectations and actual policy performance will remain a growth barrier.
Leveraging the Rise of Sustainable and Experience-driven Travel
Singapore’s travel market is seeing a marked shift toward eco-conscious, wellness-oriented, and purpose-driven tourism. Travelers are increasingly seeking low-carbon transport options, cultural immersion trips, and sustainable accommodations. This trend opens avenues for insurers to develop specialized products that cover unique experiences such as eco-tourism packages, volunteer programs, carbon-offset initiatives, and climate-related trip disruptions.
By aligning with global sustainability goals and promoting responsible travel through targeted coverage, insurers can strengthen brand loyalty, appeal to younger demographics, and differentiate themselves in a highly competitive market.
Competitive Landscape
Several market players operating in the Singapore travel insurance market include Chubb Insurance Singapore Limited, AIG Travel Guard, Allianz Travel, FWD Singapore Pte. Ltd, Mitsui Sumitomo Insurance (MSIG), Etiqa Insurance, Zurich Insurance, Income (NTUC), Sompo Insurance Singapore Pte. Ltd, Singapore Life Ltd, Great Eastern Holdings Ltd, QBE Insurance Group Limited, Tokio Marine Insurance Singapore Ltd, India International Insurance, Liberty Insurance Pte Ltd.
Singapore 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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Chubb Insurance Singapore Limited
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AIG Travel Guard
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Allianz Travel
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FWD Singapore Pte. Ltd.
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Mitsui Sumitomo Insurance (MSIG)
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Etiqa Insurance
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Zurich Insurance
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Income (NTUC)
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Sompo Insurance Singapore Pte. Ltd.
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Singapore Life Ltd.
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Great Eastern Holdings Ltd
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QBE Insurance Group Limited
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Tokio Marine Insurance Singapore Ltd.
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India International Insurance
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Liberty Insurance Pte Ltd.
Report Scope and Segmentation
|
Parameters |
Details |
|
Market Size in 2023 |
USD 143.2 Million |
|
Revenue Forecast in 2030 |
USD 646.7 Million |
|
Growth Rate |
CAGR of 22.6 % 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
Jayanta Das is an industry analyst and writer with a keen focus on emerging technologies and sustainable business practices. With a background in engineering and market research, he brings analytical depth to topics like renewable energy, green manufacturing, and industrial transformation. Jayanta is passionate about translating complex data into actionable insights for businesses navigating the shift toward eco-conscious operations.
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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.
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