Travel Insurance Market to Reach $106.8 billion, by 2032 at 20.1% CAGR

Allied Market Research

The travel insurance market has grown due to rapid growth in tourism, convenient shopping due to online comparison sites, and travel rules & regulations are the major factors that drive the growth of the global travel insurance market.

PORTLAND, Ore., May 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Travel Insurance Market by Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others), and Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, and Above 50 Years): Global Opportunity Analysis and Industry Forecast, 2022-2031, and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032.". According to the report, the travel insurance industry generated $16.8 billion in 2023 and is anticipated to generate $106.8 billion by 2032, witnessing a CAGR of 20.1% from 2023 to 2032. 

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208 – Tables
67 – Charts
381 – Pages

Prime determinants of growth

Rapid growth in tourism, convenient shopping due to online comparison sites and travel rules and regulations primarily drive the growth of the travel insurance market. However, lack of awareness regarding travel insurance policy hampers the market growth. On the contrary, expansion of products and services and new technological developments in the travel insurance industry is expected to provide lucrative opportunities for the market growth during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year