GITNUXREPORT 2026

Travel Insurance Industry Statistics

The global travel insurance market is large, growing steadily, and expected to reach over forty billion dollars soon.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Statistic 1

Average U.S. travel insurance claim $1,200 in 2023.

Statistic 2

1 in 5 travel insurance claims medical emergencies.

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Trip cancellation claims average €850 in Europe.

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42% of claims due to illness/injury globally.

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Baggage delay claims rose 15% in 2023.

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U.S. medical evacuation claims avg $50,000.

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28% claims from weather disruptions.

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UK denied claims rate 8% in 2023.

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Australia average claim payout AUD 1,800.

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65% of claims approved within 14 days.

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COVID-related claims dropped to 3% in 2023.

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Flight delay claims avg $300 per policy.

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Adventure sports claims 12% of total.

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Rental car coverage claims up 20%.

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Pet injury claims average $2,500.

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Cruise cancellation claims avg $4,000.

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72% medical claims from over 50s.

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Lost passport claims 5% of total.

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Denied for pre-existing conditions 14%.

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Global market to hit $50B by 2032 at 6.8% CAGR.

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Digital policies to reach 60% by 2028.

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Parametric insurance growth 25% annually.

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ESG-integrated products up 40% by 2030.

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AI claims processing 80% faster by 2027.

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Bundled insurtech penetration 45% by 2026.

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Sustainable travel coverage demand +30%.

Statistic 27

Crypto payment options 15% adoption by 2030.

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Mental health coverage standard by 2028.

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VR risk assessment tools by 2027.

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Group policy market +12% CAGR to 2030.

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Climate risk premiums rise 18%.

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Elderly coverage segment 25% growth.

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Space tourism insurance $1B by 2035.

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Blockchain claims 90% fraud reduction.

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APAC digital sales 70% by 2028.

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U.S. seniors market doubles by 2030.

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Adventure extremes coverage +35%.

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Pandemic clauses permanent 100%.

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Metaverse trip insurance emerges 2025.

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Gig economy traveler policies +22%.

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North America CAGR 5.4% to 2030.

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Europe steady 6% growth post-COVID.

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Telematics integration 50% by 2029.

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The global travel insurance market size was valued at USD 23.85 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030.

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Travel insurance premiums written worldwide reached $12.4 billion in 2022.

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U.S. travel insurance market generated $3.2 billion in direct premiums in 2023.

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Europe's travel insurance market was worth €15.6 billion in 2022.

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Asia-Pacific travel insurance market size stood at $5.8 billion in 2023.

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Canadian travel insurance industry premiums totaled CAD 2.1 billion in 2022.

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UK travel insurance gross written premiums hit £2.9 billion in 2023.

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Australian travel insurance market valued at AUD 1.5 billion in 2023.

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Global travel insurance market expected to reach $44.3 billion by 2030.

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Latin America travel insurance premiums grew to $1.2 billion in 2023.

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Middle East travel insurance market size was $0.9 billion in 2022.

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India travel insurance market reached INR 45 billion in FY2023.

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China outbound travel insurance premiums at CNY 120 billion in 2023.

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Japan domestic travel insurance market valued at JPY 300 billion in 2023.

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South Africa travel insurance industry at ZAR 8 billion in 2023.

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Brazil travel insurance premiums totaled BRL 4.5 billion in 2022.

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Germany travel insurance market size €4.2 billion in 2023.

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France annual travel insurance premiums €3.8 billion in 2023.

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Italy travel insurance GWP €2.1 billion in 2022.

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Spain travel insurance market €1.9 billion in 2023.

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Global travel insurance market size was valued at USD 23.85 billion in 2023.

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Travel insurance premiums worldwide reached $12.4 billion in 2022.

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U.S. travel insurance market generated $3.2 billion in direct premiums in 2023.

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Europe's travel insurance market worth €15.6 billion in 2022.

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Asia-Pacific market size $5.8 billion in 2023.

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Canadian premiums CAD 2.1 billion in 2022.

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UK GWP £2.9 billion in 2023.

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Australian market AUD 1.5 billion in 2023.

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28% of global travelers purchased travel insurance in 2023.

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41% of U.S. leisure travelers buy trip insurance annually.

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UK outbound travelers with insurance rose to 52% in 2023.

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35% penetration rate for travel insurance in Australia.

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22% of millennials always buy travel insurance.

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65% of business travelers purchase insurance per trip.

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Europe travel insurance adoption at 48% for international trips.

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Asia-Pacific insurance purchase rate 31% in 2023.

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19% of budget travelers skip insurance.

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Family travelers insurance uptake 57% globally.

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Seniors (65+) insurance penetration 62% in U.S.

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44% of Gen Z buy insurance via apps.

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Credit card coverage reliance drops to 23%.

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51% Australians buy insurance at booking.

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Canadian adoption rate 39% for outbound.

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India travel insurance penetration 12% in 2023.

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China domestic trips insured 18%.

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55% French travelers insure trips over €1000.

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47% Germans purchase comprehensive plans.

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North America holds 35% of global market share.

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Europe accounts for 28% of travel insurance premiums.

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Asia-Pacific fastest growing at 9.1% CAGR.

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U.S. dominates North America with 85% share.

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China leads Asia with 40% regional market.

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UK largest in Europe at 22% share.

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Australia 70% of Oceania premiums.

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India CAGR 15% in South Asia.

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Brazil 55% Latin America market.

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UAE leads Middle East at 35%.

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Canada 12% North American growth.

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Germany 18% European premiums.

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Japan 25% East Asia share.

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South Africa 60% Africa market.

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Mexico rising at 11% CAGR.

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France 15% EU travel insurance.

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Singapore hub for SE Asia 20%.

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Italy 10% Mediterranean market.

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Saudi Arabia GCC leader 28%.

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While we often dream of carefree journeys, a booming $24 billion safety net has quietly transformed modern travel, reshaping our trips from spontaneous adventures into meticulously protected investments.

Key Takeaways

The global travel insurance market size was valued at USD 23.85 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030.
Travel insurance premiums written worldwide reached $12.4 billion in 2022.
U.S. travel insurance market generated $3.2 billion in direct premiums in 2023.
28% of global travelers purchased travel insurance in 2023.
41% of U.S. leisure travelers buy trip insurance annually.
UK outbound travelers with insurance rose to 52% in 2023.
Average U.S. travel insurance claim $1,200 in 2023.
1 in 5 travel insurance claims medical emergencies.
Trip cancellation claims average €850 in Europe.
North America holds 35% of global market share.
Europe accounts for 28% of travel insurance premiums.
Asia-Pacific fastest growing at 9.1% CAGR.
Global market to hit $50B by 2032 at 6.8% CAGR.
Digital policies to reach 60% by 2028.
Parametric insurance growth 25% annually.

The global travel insurance market is large, growing steadily, and expected to reach over forty billion dollars soon.

Claims & Coverage

Average U.S. travel insurance claim $1,200 in 2023.
1 in 5 travel insurance claims medical emergencies.
Trip cancellation claims average €850 in Europe.
42% of claims due to illness/injury globally.
Baggage delay claims rose 15% in 2023.
U.S. medical evacuation claims avg $50,000.
28% claims from weather disruptions.
UK denied claims rate 8% in 2023.
Australia average claim payout AUD 1,800.
65% of claims approved within 14 days.
COVID-related claims dropped to 3% in 2023.
Flight delay claims avg $300 per policy.
Adventure sports claims 12% of total.
Rental car coverage claims up 20%.
Pet injury claims average $2,500.
Cruise cancellation claims avg $4,000.
72% medical claims from over 50s.
Lost passport claims 5% of total.
Denied for pre-existing conditions 14%.

Claims & Coverage Interpretation

The sobering reality of travel insurance is that for the price of peace of mind, your biggest fear likely isn't losing a suitcase but rather becoming a very expensive medical statistic for which you'd better have filled out the forms correctly.

Future Projections & Trends

Global market to hit $50B by 2032 at 6.8% CAGR.
Digital policies to reach 60% by 2028.
Parametric insurance growth 25% annually.
ESG-integrated products up 40% by 2030.
AI claims processing 80% faster by 2027.
Bundled insurtech penetration 45% by 2026.
Sustainable travel coverage demand +30%.
Crypto payment options 15% adoption by 2030.
Mental health coverage standard by 2028.
VR risk assessment tools by 2027.
Group policy market +12% CAGR to 2030.
Climate risk premiums rise 18%.
Elderly coverage segment 25% growth.
Space tourism insurance $1B by 2035.
Blockchain claims 90% fraud reduction.
APAC digital sales 70% by 2028.
U.S. seniors market doubles by 2030.
Adventure extremes coverage +35%.
Pandemic clauses permanent 100%.
Metaverse trip insurance emerges 2025.
Gig economy traveler policies +22%.
North America CAGR 5.4% to 2030.
Europe steady 6% growth post-COVID.
Telematics integration 50% by 2029.

Future Projections & Trends Interpretation

The travel insurance industry is no longer just about lost luggage but is rapidly evolving into a digitally-driven, socially-conscious, and technologically-advanced safety net, preparing to insure everything from climate anxiety and space tourism to your well-being in the metaverse, all while processing claims faster than you can say "canceled flight."

Market Size & Revenue

The global travel insurance market size was valued at USD 23.85 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030.
Travel insurance premiums written worldwide reached $12.4 billion in 2022.
U.S. travel insurance market generated $3.2 billion in direct premiums in 2023.
Europe's travel insurance market was worth €15.6 billion in 2022.
Asia-Pacific travel insurance market size stood at $5.8 billion in 2023.
Canadian travel insurance industry premiums totaled CAD 2.1 billion in 2022.
UK travel insurance gross written premiums hit £2.9 billion in 2023.
Australian travel insurance market valued at AUD 1.5 billion in 2023.
Global travel insurance market expected to reach $44.3 billion by 2030.
Latin America travel insurance premiums grew to $1.2 billion in 2023.
Middle East travel insurance market size was $0.9 billion in 2022.
India travel insurance market reached INR 45 billion in FY2023.
China outbound travel insurance premiums at CNY 120 billion in 2023.
Japan domestic travel insurance market valued at JPY 300 billion in 2023.
South Africa travel insurance industry at ZAR 8 billion in 2023.
Brazil travel insurance premiums totaled BRL 4.5 billion in 2022.
Germany travel insurance market size €4.2 billion in 2023.
France annual travel insurance premiums €3.8 billion in 2023.
Italy travel insurance GWP €2.1 billion in 2022.
Spain travel insurance market €1.9 billion in 2023.
Global travel insurance market size was valued at USD 23.85 billion in 2023.
Travel insurance premiums worldwide reached $12.4 billion in 2022.
U.S. travel insurance market generated $3.2 billion in direct premiums in 2023.
Europe's travel insurance market worth €15.6 billion in 2022.
Asia-Pacific market size $5.8 billion in 2023.
Canadian premiums CAD 2.1 billion in 2022.
UK GWP £2.9 billion in 2023.
Australian market AUD 1.5 billion in 2023.

Market Size & Revenue Interpretation

It appears the world is collectively hedging its bets against chaos with a $44 billion parachute by 2030, proving that while we seek adventure, our wallets crave a safe return ticket.

Penetration & Adoption Rates

28% of global travelers purchased travel insurance in 2023.
41% of U.S. leisure travelers buy trip insurance annually.
UK outbound travelers with insurance rose to 52% in 2023.
35% penetration rate for travel insurance in Australia.
22% of millennials always buy travel insurance.
65% of business travelers purchase insurance per trip.
Europe travel insurance adoption at 48% for international trips.
Asia-Pacific insurance purchase rate 31% in 2023.
19% of budget travelers skip insurance.
Family travelers insurance uptake 57% globally.
Seniors (65+) insurance penetration 62% in U.S.
44% of Gen Z buy insurance via apps.
Credit card coverage reliance drops to 23%.
51% Australians buy insurance at booking.
Canadian adoption rate 39% for outbound.
India travel insurance penetration 12% in 2023.
China domestic trips insured 18%.
55% French travelers insure trips over €1000.
47% Germans purchase comprehensive plans.

Penetration & Adoption Rates Interpretation

It seems the world is split into those who see travel insurance as a sensible ritual and those who treat it as an optional gamble, with the deciding factors being not just nationality or age, but one's personal threshold for financial daredevilry.

Regional Markets

North America holds 35% of global market share.
Europe accounts for 28% of travel insurance premiums.
Asia-Pacific fastest growing at 9.1% CAGR.
U.S. dominates North America with 85% share.
China leads Asia with 40% regional market.
UK largest in Europe at 22% share.
Australia 70% of Oceania premiums.
India CAGR 15% in South Asia.
Brazil 55% Latin America market.
UAE leads Middle East at 35%.
Canada 12% North American growth.
Germany 18% European premiums.
Japan 25% East Asia share.
South Africa 60% Africa market.
Mexico rising at 11% CAGR.
France 15% EU travel insurance.
Singapore hub for SE Asia 20%.
Italy 10% Mediterranean market.
Saudi Arabia GCC leader 28%.

Regional Markets Interpretation

North America clings stubbornly to the top of the travel insurance heap for now, but the relentless, high-speed growth across Asia-Pacific—spearheaded by economic powerhouses and booming middle classes—is clearly writing the next chapter of the industry's story.