Saudi Arabia’s travel-insurance market is projected to more than double in value by 2030, underpinned by the kingdom’s major push into tourism and outbound travel under its Vision 2030 economic diversification plan.

According to industry research, the market is expected to grow at a compound annual growth rate (CAGR) of around 15–16 per cent between 2025 and 2030, with forecast revenues reaching up to approximately US$2.49 billion by 2030. The growth aligns with the strong performance of Saudi tourism.

In 2024 the country welcomed about 30 million visitors, and inbound tourism grew nearly 9.5 per cent in the year.

The expanding market derives from two main sources: first, a boom in inbound tourism, including religious visitors arriving for Hajj and Umrah and a growing legion of leisure travellers attracted by new resorts and infrastructure; second, a rapid rise in outbound travel as Saudi citizens explore international destinations, raising demand for travel-insurance packages abroad.

Technological and regulatory developments are further accelerating market growth.

Digitalisation of policy issuance and e-visa integration, together with increased awareness of travel risks, are enabling insurers to reach more customers and offer more tailored products.

Single-trip insurance remains the dominant product category, while multi-trip and specialised policies are emerging faster.

However, challenges remain.

Consumer awareness of travel-insurance benefits is still relatively low, and provider competition is intensifying amid pricing pressures.

Insurers will also need to work carefully within evolving regulatory frameworks and respond to evolving risk environments including health emergencies and geopolitical disruptions.

Overall, the travel-insurance sector in Saudi Arabia is set to play an important supporting role in the kingdom’s wider tourism strategy and economic diversification ambitions.