Brazil Travel Insurance Market Overview, 2030

Brazil’s travel insurance market has evolved significantly from its origins in marine and accident coverage dating back to the early 19th century. In 1808, the first marine insurance companies were established to support the growing trade and shipping industry. Over time, the industry expanded to include accident and life insurance, adapting to the needs of a developing economy. The modern travel insurance market in Brazil has been shaped by several key shocks, including pandemics like COVID-19, which disrupted global travel and heightened awareness of the need for travel protection. Terrorism, climate disasters, and airline bankruptcies have also influenced consumer demand and policy offerings, prompting insurers to enhance coverage options and risk management strategies. Currently, the Brazilian travel insurance market is experiencing steady growth, driven by increasing international travel and a rising emphasis on consumer protection. Analyses indicate a robust compound annual growth rate (CAGR) over the next five to ten years. Structural growth drivers include expanding middle-class affluence, stronger financial literacy, and the rapid pivot by insurers to digital distribution. However, challenges persist, such as low penetration in emerging markets, fraud, and customer awareness gaps. Fraudulent claims, particularly in motor and health insurance segments, have been a concern, with incidents of fraudulent claims and slow claim settlements potentially hampering customer trust and restraining repeat policy purchases. Addressing these issues requires enhanced fraud detection mechanisms and improved customer education to foster a more robust and transparent insurance environment.

According to the research report “Brazil Travel Insurance Market Overview, 2030,”published by Bonafide Research, the Brazil Travel Insurance market is anticipated to grow at more than 12.46% CAGR from 2025 to 2030.Brazil’s travel insurance market operates under a structured regulatory framework governed primarily by the National Private Insurance System (SNSP), with oversight from the National Private Insurance Council (CNSP) and the Superintendence of Private Insurance (SUSEP). Insurers must be incorporated locally and maintain solvency and liquidity standards to operate legally, while foreign companies can participate via local subsidiaries or joint ventures. Consumer protection is central to Brazil’s insurance regulations, requiring mandatory disclosure of all policy exclusions, including those pertaining to pre-existing medical conditions. SUSEP regulations specify that insurers cannot exclude pre-existing conditions unless the insured has completed a health declaration, and coverage denial based on mental health, alcohol, or substance use is restricted to ensure transparency and fairness. Comparatively, Brazil aligns partially with international practices: like the European Union, it emphasizes strict disclosure and robust consumer rights; unlike the United States, it has limited flexibility for Cancel for Any Reason options, and unlike parts of Asia, there is no widespread visa-linked mandatory travel insurance. Legal disputes in Brazil have historically centered on denied claims, particularly in health and accident coverage, with courts often interpreting exclusions narrowly to favor policyholders. Pandemic-related events, such as COVID-19, highlighted gaps in travel and business insurance policies, with debates over claim eligibility under cancellation and interruption coverage, emphasizing the need for clearer policy wording. Collectively, Brazil’s regulatory environment ensures insurer solvency, enforces consumer transparency, and provides legal recourse for claim disputes, forming a balanced system that safeguards both market stability and policyholder rights while accommodating the evolving risks and complexities of modern travel.

In Brazil, travel insurance is predominantly structured around single-trip, annual or multi-trip, and long-stay policies, each addressing specific traveler needs and risk profiles. Single-trip insurance is the most commonly purchased type, catering to occasional travelers, tourists, and business professionals taking short-term domestic or international trips. These policies typically cover medical emergencies, trip cancellations, baggage loss, flight delays, and emergency evacuation, providing protection limited to the duration of a single journey. Annual or multi-trip insurance targets frequent travelers, such as business professionals and families with multiple planned journeys throughout the year, consolidating coverage under a single policy that allows multiple trips, generally ranging from 30 to 180 days per trip. This type offers cost efficiency and convenience, eliminating the need to purchase separate policies for each journey while maintaining comprehensive coverage, including medical emergencies, cancellations, and lost baggage. Long-stay travel insurance is designed for students, expatriates, retirees, and professionals undertaking extended stays abroad, often spanning several months to multiple years. These policies provide broad protection, encompassing medical care, trip interruptions, repatriation, and other emergent risks, often in compliance with visa and regulatory requirements. Across all types, the Brazilian market is witnessing increased digital adoption, allowing travelers to purchase and manage policies online, and greater policy customization, with optional add-ons for adventure sports, cruises, and high-value itineraries. The combination of diverse policy types, growing consumer awareness, and digital accessibility is fostering market growth, ensuring that Brazilian travelers can select insurance that aligns with their trip duration, frequency, and risk exposure while promoting convenience and financial security during domestic and international travel.

In Brazil, travel insurance coverage is designed to address the varied risks faced by both domestic and international travelers, with medical insurance forming the cornerstone of most policies. Medical coverage typically includes emergency treatment, hospitalization, outpatient care, and medical evacuation, reflecting increasing traveler awareness of high healthcare costs abroad and the need for reliable support in emergencies. Trip cancellation and interruption coverage is particularly important in Brazil, reimbursing travelers for prepaid expenses in cases of illness, natural disasters, flight cancellations, or family emergencies, and has gained prominence following disruptions from pandemics and extreme weather events. This coverage is essential for tourists, business travelers, and students, protecting significant travel investments. Baggage and personal belongings loss coverage addresses theft, damage, or delayed delivery of luggage, often bundled with other protections to enhance overall policy utility. This coverage is especially relevant for international travelers and families carrying high-value items. Accidental death and dismemberment (AD&D) coverage provides financial protection in the event of severe injury or death during travel, frequently tailored for adventure travelers, students, and corporate clients engaging in higher-risk activities. Additional optional coverages include travel delays, personal liability abroad, and adventure activity endorsements such as trekking, skiing, or water sports. The Brazilian market emphasizes modular and customizable policies, allowing travelers to select coverage aligned with their trip type, duration, destination, and personal risk tolerance. Digital platforms and mobile applications are increasingly facilitating easy purchase, policy management, and claims processing, supporting broader adoption and enhancing traveler confidence in comprehensive protection.

The distribution of travel insurance in Brazil operates through a mix of online platforms and offline channels, reflecting both technological adoption and traditional customer engagement. Online platforms have emerged as the dominant channel for policy purchases, driven by convenience, speed, and the ability to compare multiple plans. Major insurers such as Porto Seguro, Bradesco Seguros, SulAmérica, and Tokio Marine Brasil provide digital portals that allow travelers to buy policies, customize coverage, and manage claims entirely online, often including instant issuance of certificates and digital claim submissions. Aggregator websites like Minuto Seguros and Seguro Viagem Brasil further enhance accessibility, enabling consumers to evaluate coverage options, premiums, and benefits across providers, fostering informed decision-making and promoting competitive pricing. Online distribution particularly appeals to younger, tech-savvy travelers, frequent international business travelers, and students seeking quick and seamless transactions. Offline channels continue to play an important role, especially for customers who prefer personal consultation or require complex, high-value, or long-stay coverage. Banks, travel agencies, and insurance brokers provide tailored advice, assistance with documentation, and claims support, particularly for policies linked to corporate travel or educational programs abroad. The hybrid distribution model ensures comprehensive market coverage, with online channels enabling efficiency and scale while offline channels maintain trust, personalized service, and guidance for intricate travel scenarios.

Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Travel Insurance Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Insurance Types
• Single-trip Travel Insurance
• Annual or Multi-trip Travel Insurance
• Long-stay Travel Insurance

By Insurance Coverage
• Medical Insurance
• Trip Cancellation/Interruption:
• Baggage & Personal Belongings Loss
• Accidental Death & Dismemberment (AD&D)
• Others

By Distribution Channel
• Online Platforms
• Offline Channels Show more