여행 보험 시장 : 규모, 점유율, 성장, 업계 분석, 유형별, 용도별, 지역별 인사이트, 예측(2026-2034년)

Growth Factors of travel insurance Market

The global travel insurance market was valued at USD 31.25 billion in 2025 and is projected to grow from USD 35.82 billion in 2026 to USD 140.78 billion by 2034, exhibiting a robust CAGR of 18.70% during 2026-2034.

Europe dominated the market with a 51.70% share in 2025, supported by mandatory insurance regulations and strong outbound tourism.

Travel insurance provides financial protection against unforeseen travel-related risks such as medical emergencies, trip cancellations, baggage loss, flight delays, and natural disasters. Rising disposable income, increasing awareness of travel risks, and expanding global tourism are significantly driving market growth.

Impact of COVID-19

The COVID-19 pandemic severely disrupted the global travel industry due to border closures and travel bans. This led to a temporary decline in travel insurance premiums. However, post-pandemic recovery, increased health awareness, and inclusion of COVID-19 coverage in policies accelerated demand.

Travelers now prioritize comprehensive health coverage, emergency evacuation benefits, and trip interruption insurance, strengthening long-term market expansion.

Impact of Artificial Intelligence (AI)

AI integration is transforming the travel insurance sector by enhancing customer experience and optimizing policy selection. Insurance providers are collaborating with online travel agencies (OTAs) and digital platforms to provide AI-powered comparison tools and automated claims processing.

For instance, in October 2024, ICICI Lombard introduced an AI-driven international travel insurance solution featuring visa fee refunds, car rental coverage, pre-existing disease coverage, and adventure sports protection. AI improves underwriting accuracy, fraud detection, and personalized pricing models.

Impact of Tariffs and Trade Tensions

Global tariff fluctuations and geopolitical tensions have moderately impacted pricing structures. Increased cross-border operational costs may raise premium pricing in price-sensitive markets. Trade policy uncertainty could influence outbound tourism flows, indirectly affecting insurance demand.

Market Trends

Customized and CFAR Policies

Customized travel insurance plans and Cancel-For-Any-Reason (CFAR) policies are emerging as major trends. Consumers increasingly prefer flexible, comprehensive coverage tailored to leisure, business, cruise, and student travel.

Digital platforms and insurtech innovation are enabling real-time policy comparisons and seamless online purchases. In May 2025, Just Insurance Agents Limited rebranded Just Travel Cover to enhance digital capabilities and improve user experience.

Market Dynamics

Market Drivers

1. Rising Health Awareness & Mandatory Insurance Policies

Several countries mandate medical insurance for international travelers. The Schengen region requires medical coverage for non-EU tourists, boosting premium generation.

2. Growth in Tourism and Business Travel

Increasing student mobility, corporate travel, and solo tourism are expanding policy demand. Middle-aged and senior travelers, who are more risk-averse, significantly contribute to premium growth.

3. Growing Disposable Income

Expanding middle-class populations and digital booking platforms are fueling outbound tourism globally.

Market Restraints

Geopolitical tensions and cross-border conflicts may restrict international travel, limiting inbound and outbound insurance purchases. Political instability can negatively affect tourism-dependent economies.

Market Opportunities

Sustainable Travel & Carbon Offsetting

Insurance providers are offering carbon offset add-ons, allowing travelers to contribute to sustainability projects. Eco-tourism and green travel policies are emerging as revenue opportunities.

Segmentation Analysis

By Travel Type

• Single Trip Insurance holds the largest revenue share due to affordability and simplicity.
• Annual or multi-trip insurance is witnessing strong growth, driven by frequent business travelers and leisure travelers.

By Insurance Type

• Medical & Accident Insurance dominates due to rising elderly travel and high overseas medical costs.
• Trip insurance (cancellation, delays, interruption) is the fastest-growing segment.
• Travel & baggage insurance is expected to grow moderately.

By Distribution Channel

• Online platforms dominate revenue share due to transparency, price comparison tools, and AI-driven recommendations.
• Offline channels are growing steadily in developing economies.

By Age Group

• The mid-aged group (25-50 years) holds the largest share due to frequent business and leisure travel.
• Senior citizens are the fastest-growing segment due to higher health risks.
• Millennials show comparatively slower growth.

Regional Insights

Europe

Europe recorded USD 16.16 billion in 2025, increasing to USD 18.48 billion in 2026. Strong tourism activity and mandatory Schengen insurance policies drive dominance.

• UK market projected at USD 5.68 billion in 2026
• Germany market projected at USD 5.09 billion in 2026

North America

Growth is driven by flight delays and trip cancellations. The U.S. market is projected to reach USD 5.3 billion in 2026.

Asia Pacific

Rapid international travel growth and supportive government policies fuel expansion.

• Japan: USD 2.14 billion (2026)
• China: USD 3.63 billion (2026)
• India: USD 0.52 billion (2026)

South America & Middle East & Africa

Tourism expansion, eco-tourism investments, and diversification initiatives are supporting moderate-to-strong growth.

Competitive Landscape

The market is highly fragmented with key players including Allianz Global Assistance, AXA Assistance, AIG Travel, Generali, Zurich Insurance Group, Chubb, Tokio Marine HCC, Berkshire Hathaway Travel Protection, Aviva, MetLife, Ping An Insurance, and others.

Strategic collaborations, acquisitions, digital expansion, and customized product launches remain key competitive strategies.

Conclusion

The global travel insurance market is set for substantial expansion, growing from USD 31.25 billion in 2025 to USD 140.78 billion by 2034, at a CAGR of 18.70%. Rising global tourism, mandatory insurance regulations, digital transformation, AI integration, and increasing health awareness are primary growth drivers. Despite geopolitical uncertainties and pricing pressures, personalized coverage, sustainable travel solutions, and expanding digital distribution channels will sustain long-term market growth through 2034.

Segmentation By Travel Type

• Single Trip
• Annual or Multi-Trip
• Long Stay

By Insurance Type

• Medical & Accident Insurance
• Travel & Baggage Insurance
• Trip Insurance
• Others

By Distribution Channel

• Online
• Offline

By End User Age Group

• Millennials or Youth
• Mid-Aged Group
• Senior Citizen

By Region

• North America (By Travel Type, By Insurance Type, By Distribution Channel, By End User Age Group, and By Country)
  • U.S.
  • Canada
  • Mexico
• Europe (By Travel Type, By Insurance Type, By Distribution Channel, By End User Age Group, and By Country)
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • BENELUX
  • Nordics
  • Russia
  • Rest of Europe
• Asia Pacific (By Travel Type, By Insurance Type, By Distribution Channel, By End User Age Group, and By Country)
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Oceania
  • Rest of Asia Pacific
• South America (By Travel Type, By Insurance Type, By Distribution Channel, By End User Age Group, and By Country)
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa (By Travel Type, By Insurance Type, By Distribution Channel, By End User Age Group, and By Country)
  • GCC Countries
  • South Africa
  • Israel
  • Turkey
  • Rest of Middle East & Africa

Companies Profiled in the Report Allianz Global Assistance (Germany), AXA Assistance (France), Generali Global Assistance (Italy), Zurich Insurance Group (Switzerland), Chubb Travel Insurance (Switzerland), Tokio Marine HCC(Japan), Mapfre Assistance (Spain), MetLife (USA), Ping An Insurance Company of China (China), and Delphi Financial Group (U.S.)

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Opportunities, and Trends
• 3.3. Impact of Reciprocal Tariffs on the Market

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Travel Insurance Key Players Market Share/Ranking, 2025

5. Global Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 5.1. Key Findings
• 5.2. By Travel Type (USD Bn)
  • 5.2.1. Single Trip
  • 5.2.2. Annual or Molti-Trip
  • 5.2.3. Long Stay
• 5.3. By Insurance Type (USD Bn)
  • 5.3.1. Medical & Accident Insurance
  • 5.3.2. Travel & Baggage Insurance
  • 5.3.3. Trip Insurance
  • 5.3.4. Others
• 5.4. By Distribution Channel (USD Bn)
  • 5.4.1. Online
  • 5.4.2. Offline
• 5.5. By End User Age Group (USD Bn)
  • 5.5.1. Millennials or Youth
  • 5.5.2. Mid-Aged Group
  • 5.5.3. Senior Citizen
• 5.6. By Region (USD Bn)
  • 5.6.1. North America
  • 5.6.2. South America
  • 5.6.3. Europe
  • 5.6.4. Middle East & Africa
  • 5.6.5. Asia Pacific

6. North America Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 6.1. Key Findings
• 6.2. By Travel Type (USD Bn)
  • 6.2.1. Single Trip
  • 6.2.2. Annual or Molti-Trip
  • 6.2.3. Long Stay
• 6.3. By Insurance Type (USD Bn)
  • 6.3.1. Medical & Accident Insurance
  • 6.3.2. Travel & Baggage Insurance
  • 6.3.3. Trip Insurance
  • 6.3.4. Others
• 6.4. By Distribution Channel (USD Bn)
  • 6.4.1. Online
  • 6.4.2. Offline
• 6.5. By End User Age Group (USD Bn)
  • 6.5.1. Millennials or Youth
  • 6.5.2. Mid-Aged Group
  • 6.5.3. Senior Citizen
• 6.6. By Country (USD Bn)
  • 6.6.1. United States
  • 6.6.2. Canada
  • 6.6.3. Mexico

7. South America Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 7.1. Key Findings
• 7.2. By Travel Type (USD Bn)
  • 7.2.1. Single Trip
  • 7.2.2. Annual or Molti-Trip
  • 7.2.3. Long Stay
• 7.3. By Insurance Type (USD Bn)
  • 7.3.1. Medical & Accident Insurance
  • 7.3.2. Travel & Baggage Insurance
  • 7.3.3. Trip Insurance
  • 7.3.4. Others
• 7.4. By Distribution Channel (USD Bn)
  • 7.4.1. Online
  • 7.4.2. Offline
• 7.5. By End User Age Group (USD Bn)
  • 7.5.1. Millennials or Youth
  • 7.5.2. Mid-Aged Group
  • 7.5.3. Senior Citizen
• 7.6. By Country (USD Bn)
  • 7.6.1. Brazil
  • 7.6.2. Argentina
  • 7.6.3. Rest of South America

8. Europe Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 8.1. Key Findings
• 8.2. By Travel Type (USD Bn)
  • 8.2.1. Single Trip
  • 8.2.2. Annual or Molti-Trip
  • 8.2.3. Long Stay
• 8.3. By Insurance Type (USD Bn)
  • 8.3.1. Medical & Accident Insurance
  • 8.3.2. Travel & Baggage Insurance
  • 8.3.3. Trip Insurance
  • 8.3.4. Others
• 8.4. By Distribution Channel (USD Bn)
  • 8.4.1. Online
  • 8.4.2. Offline
• 8.5. By End User Age Group (USD Bn)
  • 8.5.1. Millennials or Youth
  • 8.5.2. Mid-Aged Group
  • 8.5.3. Senior Citizen
• 8.6. By Country (USD Bn)
  • 8.6.1. United Kingdom
  • 8.6.2. Germany
  • 8.6.3. France
  • 8.6.4. Italy
  • 8.6.5. Spain
  • 8.6.6. BENELUX
  • 8.6.7. Nordics
  • 8.6.8. Russia
  • 8.6.9. Rest of Europe

9. Middle East & Africa Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 9.1. Key Findings
• 9.2. By Travel Type (USD Bn)
  • 9.2.1. Single Trip
  • 9.2.2. Annual or Molti-Trip
  • 9.2.3. Long Stay
• 9.3. By Insurance Type (USD Bn)
  • 9.3.1. Medical & Accident Insurance
  • 9.3.2. Travel & Baggage Insurance
  • 9.3.3. Trip Insurance
  • 9.3.4. Others
• 9.4. By Distribution Channel (USD Bn)
  • 9.4.1. Online
  • 9.4.2. Offline
• 9.5. By End User Age Group (USD Bn)
  • 9.5.1. Millennials or Youth
  • 9.5.2. Mid-Aged Group
  • 9.5.3. Senior Citizen
• 9.6. By Country (USD Bn)
  • 9.6.1. GCC Countries
  • 9.6.2. South Africa
  • 9.6.3. Israel
  • 9.6.4. Turkey
  • 9.6.5. Rest of MEA

10. Asia Pacific Travel Insurance Market Size Estimates and Forecasts, By Segments, 2021-2034

• 10.1. Key Findings
• 10.2. By Travel Type (USD Bn)
  • 10.2.1. Single Trip
  • 10.2.2. Annual or Molti-Trip
  • 10.2.3. Long Stay
• 10.3. By Insurance Type (USD Bn)
  • 10.3.1. Medical & Accident Insurance
  • 10.3.2. Travel & Baggage Insurance
  • 10.3.3. Trip Insurance
  • 10.3.4. Others
• 10.4. By Distribution Channel (USD Bn)
  • 10.4.1. Online
  • 10.4.2. Offline
• 10.5. By End User Age Group (USD Bn)
  • 10.5.1. Millennials or Youth
  • 10.5.2. Mid-Aged Group
  • 10.5.3. Senior Citizen
• 10.6. By Country (USD Bn)
  • 10.6.1. China
  • 10.6.2. India
  • 10.6.3. Japan
  • 10.6.4. South Korea
  • 10.6.5. ASEAN
  • 10.6.6. Oceania
  • 10.6.7. Rest of Asia Pacific

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. Allianz Global Assistance
• 11.2. AXA Assistance
• 11.3. Generali Global Assistance
• 11.4. Zurich Insurance Group
• 11.5. Chubb Travel Insurance
• 11.6. Tokio Marine HCC
• 11.7. Mapfre Assistance
• 11.8. MetLife
• 11.9. Ping An Insurance Company of China
• 11.10. Delphi Financial Group

12. Overview

• 12.1. Key Management
• 12.2. Headquarters
• 12.3. Offerings/Business Segments

13. Key Details (Key details are consolidated data and not product/service specific)

• 13.1. Employee Size
• 13.2. Past and Current Revenue
• 13.3. Geographical Share
• 13.4. Business Segment Share
• 13.5. Recent Developments