$2.0bn
$XXX.Xm
1,286
47
$XXX.Xm
Australians have been travelling in droves in recent years, supporting the Travel Insurance industry. Financial markets' performance and consumers' tendency to take up travel insurance products have rebounded. Travel experiences became one of the most popular forms of revenge spending coming out of the pandemic, with demand swiftly rebounding above pre-pandemic levels. While international departures plummeted into early 2021-22. A lightning-fast recovery in recent years as restrictions lifted has facilitated easier travel and a major upswing in demand. More recently, travellers have been hit with skyrocketing premium pricing, which has allowed insurers to generate record returns. Overall, industry revenue is expected to rise at an annualised 10.1% over the five years through 2024-25 to $2.0 billion. This includes an anticipated jump of 21.0% in the current year.
Industry revenue has grown at a CAGR of 10.1 % over the past five years, to reach an estimated $2.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2025 | Revenue ($m)
2025 |
---|---|---|
Allianz Australia | 468.3 | |
Zurich Travel Solutions | 438.3 | |
NIB Holdings | 203.9 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Cancellation insurance, Delay insurance and Emergency medical insurance. Cancellation insurance is the largest segment of the Travel Insurance in Australia.
Cancellation insurance’s popularity is on the rise
The industry underwrites (i.e. assumes, pools and spreads out the risk of financial losses over policyholders in exchange for premiums) travel insurance policies. Coverage can include losses from trip cancellation and delay, lost baggage and medical emergencies.
Purchase this report to view all 4 major companies in this industry.
ANZSIC 6322 - Travel Insurance in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Inflationary pressures have been particularly prevalent within the Travel Insurance industry. Costlier risks and frequent claim payouts have led to skyrocketing premium price...
Learn about an industry's products and services, markets and trends in international trade.
All travel insurance segments were disrupted over the three years through 2021-22. Travel insurance with cancellation provisions has surged in popularity as fears of global d...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Sydney and Melbourne control the majority of travel insurance institutions. These major cities act as active financial centres with proximity to the businesses and consumers ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
A shift towards online business strategies has allowed insurers to adopt new and flexible operating models. Providers contending with online price comparison services have bu...
Learn about the performance of the top companies in the industry.
Large travel insurance companies can be traced back to their more prominent general insurance company parents. Travel insurers tend to be one arm of a much larger insurance b...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Demand from travel agency and tour arrangement services has mirrored a rise in travel activity. Australians have raced to take vacations despite costs continuing to grow as t...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profitability has blossomed as travel insurers price their policies to cover rising costs across the board. Climbing claims expenses and cancellation payouts, alongside risin...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Travel Insurance industry in Australia is $2.0bn in 2024.
There are 47 businesses in the Travel Insurance industry in Australia, which has grown at a CAGR of 1.3 % between 2019 and 2024.
The market size of the Travel Insurance industry in Australia has been growing at a CAGR of 10.1 % between 2019 and 2024.
Over the next five years, the Travel Insurance industry in Australia is expected to grow.
The biggest companies operating in the Travel Insurance market in Australia are Allianz Australia, Zurich Travel Solutions and NIB Holdings
Luggage insurance and Travel delay and cancellation insurance are part of the Travel Insurance industry.
The company holding the most market share in Australia is Allianz Australia.
The level of competition is moderate and steady in the Travel Insurance industry in Australia.