Asia-Pacific, EMEA, and LATAM Travel Insurance Market Expected to reach $98,022.93 Million by 2033

According to a recent report published by Allied Market Research, titled, “Asia-Pacific, EMEA, and LATAM Travel Insurance Market by Insurance Cover, Distribution Channel, End User, and Age Group: Opportunity Analysis and Industry Forecast, 2024–2033,” the Asia-Pacific, EMEA, and LATAM travel insurance market was valued for $15,692.76 million in 2023 and is estimated to reach $98,022.93 million by 2033, exhibiting a CAGR of 19.8% from 2024 to 2033.

The Asia-Pacific, EMEA, and LATAM travel insurance market is experiencing steady growth driven by various factors. The increasing number of people traveling for business and leisure purposes has significantly contributed to the expansion of the market. Rising awareness of the potential risks associated with travel, such as medical emergencies and trip cancellations, has also fueled the demand for travel insurance as a means of protection. Furthermore, regulatory requirements in certain countries mandating travel insurance have further boosted market growth. However, the market does face challenges, including low awareness and price sensitivity among the travelers. Moreover, the adoption of digital technologies such as AI and ML by key providers for prompt response and customized plans is providing numerous opportunities for market growth.

Furthermore, the Asia-Pacific, EMEA, and LATAM travel insurance market is being aided by local government policies that are favoring its growth. For instance, Turkey Tourism Promotion and Development Agency (TGA) in June 2021, mandated the tourist destinations in the country to provide their customers (tourists) with proper health safety measures and sanitary environments. Such trends are expected to provide lucrative opportunities for market expansion during the forecast period.

By end user, the family travelers segment attained the highest Asia-Pacific, EMEA, and LATAM travel insurance market share in 2023. With the rise of adventure travel packages, the younger generation of travel influencers is witnessing growth rapidly, allowing families to travel with children and teenagers.

By region, Asia-Pacific attained the highest market size in 2023 and is expected to retain its position during the forecast period. This is attributed to an increase in awareness related to significant advantages of travel insurance among developing nations, which presents a major opportunity for the Asia-Pacific region to become one of the major travel insurance markets. In addition, apart from international travelers, the number of domestic travelers across Asia-Pacific has increased due to cheaper rates of transport, which drives the growth of the market.

Key Findings of The Study

• By age group the 31-49 years old segment accounted for the Asia-Pacific, EMEA, and LATAM travel insurance market share in 2023.
• By insurance cover, the single-trip travel insurance segment accounted for the Asia-Pacific, EMEA, and LATAM travel insurance market share in 2023.
• By end user, the family travelers segment accounted for the Asia-Pacific, EMEA, and LATAM travel insurance market share in 2023.
• By distribution channel, the insurance brands segment generated the highest revenue in 2023.
• By region, the Asia Pacific generated the highest revenue in 2023.

The key players profiled in the Asia-Pacific, EMEA, and LATAM travel insurance market analysis are Asia-Pacific, EMEA, and LATAM travel insurance market such as Allianz Partners, American International Group, Inc., Assicurazioni Generali S.p.A, Aviva Plc., AXA, Berkshire Hathaway Specialty Insurance Company, Chubb Limited, ERGO Travel Insurance Services Ltd., Generali Global Assistance And Insurance Services, Insurefor.com, Just Insurance Agents Limited, PassportCard Deutschland GmbH, TICORP Limited, Trailfinders Ltd., and Zurich Insurance Company Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the Asia-Pacific, EMEA, and LATAM travel insurance industry.