Travel credit insurance CAGR to exceed 10% through 2032

The region was noted as an emerging market in this industry.

The travel credit insurance market was valued at $14.1b in 2023 and is projected to register a compound annual growth rate (CAGR) of over 10% from 2024 to 2032, according to Global Market Insights.

The rising awareness of travel-related risks is driving demand for financial protection, prompting insurers to introduce tailored products.  

Business card holders accounted for more than 75% of the market share in 2023, reflecting the growing need for insurance coverage as companies expand globally and employees travel more frequently for work.  

The Asia-Pacific region, including Japan, China, and India, is emerging as a key market for travel credit insurance, driven by economic growth and higher disposable incomes, the report added.

Increased travel, both domestic and international, along with the region’s exposure to natural disasters and geopolitical risks, is fueling demand for comprehensive coverage.