15 Best Travel Insurance Companies Heading into 2024

Published on December 13, 2023 at 9:25 am by Meerub Anjum in Business, Industries, Lists, News

In this article, we will discuss the 15 best travel insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Travel Insurance Companies Heading into 2024.

Travel Insurance Industry: A Market Analysis

According to a report by Grand View Research, the global tourism insurance market was valued at $17.8 billion in 2021. The market is expected to grow at a CAGR of 15.4% and reach $63.9 billion in 2030. The growth is driven by increasing demand for tourism, technological developments in the industry, and rising travel insurance providers. Travel laws and regulations by the government are also contributing to the market growth.

The global travel insurance market is segmented into single-trip, annual multi-trip, and long-stay travel insurance. The market was dominated by the single-trip travel insurance segment, with a market share of 60.1%. It is expected to grow at the highest CAGR, among all segments, of 16% over the forecasted period. The high growth of the segment can be attributed to multiple factors such as loss of luggage, emergency treatment costs, personal liability, trip interruption or cancellation, and missed flight connection. The annual multi-trip insurance segment is expected to grow at a CAGR of 15.3% over the forecasted period, driven by the rising demand for business trips and vacations.

Within the distribution channels segment, the market is categorized into intermediaries, insurance companies, banks, insurance brokers, and insurance aggregators. In 2021, the market was dominated by insurance companies, with a market share of 34.8%. The growth is characterized by high consolidating risk among policyholders. The insurance companies segment is expected to maintain its growth over the forecasted period. End-user-wise, the market was dominated by the senior citizens segment in 2021, with the largest revenue of $5.80 billion. The segment is expected to grow further at a CAGR of 13.9% over the forecasted period, driven by services offered such as subsidies on tickets, trip cancellation coverage, and luggage loss coverage.

Regionally, the market is led by Europe, which had a share of 36.1% in 2021. The region is expected to grow at 14.3% during the forecasted period. Asia Pacific is projected to be the fastest-growing region, registering a CAGR of 16.7% over the forecasted period. The growth can be attributed to the technological advancement in travel insurance policies for medical, increased agility, and security.

Key Players in the Market

Some of the best companies in the travel insurance market include Allianz SE (OTC:ALIZF), Chubb Limited (NYSE:CB), and Zurich Insurance Group AG (OTC:ZURVY).

Allianz SE (OTC:ALIZF) is a leading financial services company, specializing in insurance and asset management. On November 28, the company announced its partnership with ING Groep N.V. (NYSE:ING). The partnership aims to provide digital business insurance solutions to entrepreneurs and companies. Allianz SE’s (OTC:ALIZF) online insurance company, Allianz Direct’s services including auto, van, and corporate and professional liability insurance policies will be available through ING Groep N.V.’s (NYSE:ING) app and website. This will allow users with an improved digital and convenient experience. The partnership will provide first-class technology-integrated insurance solutions along with top-notch customer service to entrepreneurs and companies.

Chubb Limited (NYSE:CB) is a top financial services company, doing business in general insurance and travel insurance among others. On November 14, the company announced that it had launched a new developer portal, the Chubb Studio Developer Portal. The portal will offer B2B2C partners access to digital insurance products and services. It will allow the customers to explore a wide array of new campaigns and applications. The portal features extensive APIs, mobile SDKs, and microsites, and provides an intuitive partner onboarding experience. Chubb Limited’s (NYSE:CB) new studio portal will allow partners to easily integrate insurance propositions, products, services, and claims along with their key products and services.

Zurich Insurance Group AG (OTC:ZURVY) is a leading Swiss insurance company. On November 2, the company announced its strategic partnership with Kotak Mahindra Bank Ltd (NSE:KOTAKBANK). The company has acquired a 51% stake in the bank’s general insurance subsidiary, Kotak General Insurance. The transaction was processed for $488 million. It will expand Zurich Insurance Group AG’s (OTC:ZURVY) insurance portfolio in the Indian market. Leveraging Kotak Mahindra’s expertise in Indian financial services, the company aims to bring innovative insurance solutions to Indian customers.

Now, that we have talked about the travel insurance market and discussed the major players, let’s have a look at the 15 best travel insurance companies heading into 2024.

15 Best Travel Insurance Companies Heading into 2024

Methodology

To compile our list of the best travel insurance companies, we sifted through five market reports from sources, including Grand View Research, Global Market Insights, Allied Market Research, Technavio, and Spherical Insights. We collated a list of 30 companies from these market reports. Then, we sourced the market cap of each company from Yahoo Finance. Finally, we ranked the biggest companies in ascending order of their market cap, as of December 12.

15 Best Travel Insurance Companies Heading into 2024

15. Mapfre, S.A. (OTC:MPFRY)

Market Cap as of December 12: $6.74 billion

Mapfre, S.A. (OTC:MPFRY) is a Spanish multinational insurance company. With an experience of over 90 years, the company provides a variety of innovative solutions and boasts a clientele of over 31 million customers. The company has a diverse portfolio of insurance services including auto insurance, home insurance, travel insurance, and business insurance among others. As of December 12, Mapfre, S.A. (OTC:MPFRY) boasts a market cap of $6.74 billion.

14. Aviva plc (OTC:AVVIY)

Market Cap as of December 12: $14.81 billion

Aviva plc (OTC:AVVIY) is one of the best insurance companies in the UK, headquartered in London. The company specializes in retirement, investments, insurance, health, insurance technology, and protection. Aviva plc (OTC:AVVIY) offers a variety of tailored travel insurance solutions for both single-trip and multi-trip insurance policies. It is ranked among the 15 best travel insurance companies heading into 2024 and is valued at $14.81 billion, as of December 12.

13. Sompo Holdings, Inc. (OTC:SMPNY)

Market Cap as of December 12: $16.45 billion

Sompo Holdings, Inc. (OTC:SMPNY) is a Japanese insurance holding company, headquartered in Tokyo. With over 130 years of experience, the company has businesses in over 29 countries. Sompo Holdings, Inc. (OTC:SMPNY) provides travel insurance, domestic P&C insurance, overseas insurance and reinsurance, domestic life insurance, nursing care & seniors, and digital insurance products and services. As of December 12, the company boasts a market cap of $16.45 billion.

12. Arch Capital Group Ltd. (NASDAQ:ACGL)

Market Cap as of December 12: $29.70 billion

Ranked 12th on our list, Arch Capital Group Ltd. (NASDAQ:ACGL) is a leading insurance company. It is headquartered in Bermuda and has business in over 12 countries. The company specializes in insurance, reinsurance, mortgage insurance, specialty insurance, and data analytics. The company offers both leisure and business travel insurance products and services. Arch Capital Group Ltd. (NASDAQ:ACGL) brand, RoamRight is a well-known name in the travel insurance industry, offering a variety of travel insurance plans. As of December 12, the group reports a market cap of $29.70 billion.

11. Sun Life Financial Inc. (NYSE:SLF)

Market Cap as of December 12: $30.27 billion

Sun Life Financial Inc. (NYSE:SLF) is a leading financial services company, specializing in insurance, investments, financial advice, and asset management. The company is ranked among the best travel insurance companies, with a wide range of customizable travel insurance products and services. Sun Life Financial Inc. (NYSE:SLF) has business all over the world including countries such as Canada, India, Ireland, Vietnam, the US, and Indonesia among others. As of December 12, it boasts a market cap of $30.27 billion.

10. Assicurazioni Generali S.p.A. (OTC:ARZGY)

Market Cap as of December 12: $31.25 billion

Assicurazioni Generali S.p.A. (OTC:ARZGY) is a top insurance company, headquartered in Italy. Founded in 1831, the company operates in over 50 countries all around the world, with a primary focus on the Europe region. The company has a diverse portfolio of travel insurance programs, trusted by over 6 million travelers every year. The company offers affordable travel insurance plans and is ranked among the best travel insurance companies. As of December 12, Assicurazioni Generali S.p.A. (OTC:ARZGY) boasts a market cap of $31.25 billion.

9. American International Group, Inc. (NYSE:AIG)

Market Cap as of December 12: $46.46 billion

American International Group, Inc. (NYSE:AIG) is a multinational insurance company, headquartered in New York. The company offers a diverse range of insurance products and services across multiple portfolios such as travel insurance, life insurance, and retirement insurance among others. American International Group, Inc.’s (NYSE:AIG) Travel Guard offers a variety of travel insurance plans. As of December 12, it boasts a market cap of $46.46 billion.

8. Munich Re Group (OTC:MURGF)

Market Cap as of December 12: $57.48 billion

Munich Re Group (OTC:MURGF) is a German insurance company, offering products and services across domains including cyber insurance, travel insurance, reinsurance, primary insurance, marine, life insurance, health insurance, and property insurance among others. The company offers parametric solutions for travel and tourism and is ranked among the best travel insurance companies. As of December 12, Munich Re Group (OTC:MURGF) boasts a market cap of $57.58 billion.

7. AXA SA (OTC:AXAHY)

Market Cap as of December 12: $72.87 billion

AXA SA (OTC:AXAHY) is a French multinational insurance company, headquartered in Paris. The company provides insurance, asset management, and banking solutions. AXA SA (OTC:AXAHY) offers a wide range of travel insurance plans delivering travel medical coverage, luggage loss coverage, and travel delays coverage. As of December 12, the company has a market cap of $72.87 billion.

6. Zurich Insurance Group AG (OTC:ZURVY)

Market Cap as of December 12: $74.83 billion

Zurich Insurance Group AG (OTC:ZURVY) is a leading Swiss multinational insurance company, offering products and services for insurance, life insurance, travel insurance, and investment management. The company has a diverse business network all around the world. It offers a comprehensive range of travel solutions such as Zurich Travel Assist, Cover-More, Travelex, World Travel Protection, Travel Ace, and Universal Assistance. As of December 12, it boasts a market cap of $74.83 billion.

Click to continue reading and see 5 Best Travel Insurance Companies Heading into 2024.

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15 Best Travel Insurance Companies Heading into 2024

Published on December 13, 2023 at 9:25 am by Meerub Anjum in Business, Industries, Lists, News

Travel Insurance Industry: A Market Analysis

Key Players in the Market

15 Best Travel Insurance Companies Heading into 2024

15. Mapfre, S.A. (OTC:MPFRY)

14. Aviva plc (OTC:AVVIY)

13. Sompo Holdings, Inc. (OTC:SMPNY)

12. Arch Capital Group Ltd. (NASDAQ:ACGL)

11. Sun Life Financial Inc. (NYSE:SLF)

10. Assicurazioni Generali S.p.A. (OTC:ARZGY)

9. American International Group, Inc. (NYSE:AIG)

8. Munich Re Group (OTC:MURGF)

7. AXA SA (OTC:AXAHY)

6. Zurich Insurance Group AG (OTC:ZURVY)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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15 Best Travel Insurance Companies Heading into 2024

Published on December 13, 2023 at 9:25 am by Meerub Anjum in Business, Industries, Lists, News

Share

Travel Insurance Industry: A Market Analysis

Key Players in the Market

15 Best Travel Insurance Companies Heading into 2024

15. Mapfre, S.A. (OTC:MPFRY)

14. Aviva plc (OTC:AVVIY)

13. Sompo Holdings, Inc. (OTC:SMPNY)

12. Arch Capital Group Ltd. (NASDAQ:ACGL)

11. Sun Life Financial Inc. (NYSE:SLF)

10. Assicurazioni Generali S.p.A. (OTC:ARZGY)

9. American International Group, Inc. (NYSE:AIG)

8. Munich Re Group (OTC:MURGF)

7. AXA SA (OTC:AXAHY)

6. Zurich Insurance Group AG (OTC:ZURVY)

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff