Insurance for Against Covid-19 Market Report 2025

The insurance for against the COVID-19 market size has grown strongly in recent years. It will grow from $45.37 billion in 2024 to $48.48 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth during the historic period can be attributed to rising COVID-19 infection rates, government mandates for health coverage, increasing hospitalization costs, growing awareness of insurance benefits, and heightened demand for financial protection.

The insurance for against COVID-19 market size is expected to see strong growth in the next few years. It will grow to $62.35 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The expected growth in the forecast period is driven by the adoption of digital insurance platforms, expansion of telehealth services, emergence of hybrid insurance models, growth in corporate health programs, and increased health risk perception following the pandemic. Key trends anticipated in the forecast period include AI-powered claims processing, blockchain technology for policy management, digital onboarding tools, mobile insurance applications, and IoT-enabled health monitoring.

The rising international travel is expected to significantly propel the growth of the insurance against COVID-19 market in the coming years. International travel involves crossing national borders for various purposes such as tourism, business, education, or visiting family. The increase in such travel is largely driven by rising global disposable incomes, allowing more individuals to spend on leisure activities including overseas trips. COVID-19 insurance supports this trend by providing travelers with medical coverage for pandemic-related illnesses, ensuring timely and adequate care while abroad. It mitigates financial risks by covering costs related to quarantine, hospitalization, and trip interruptions, thereby boosting traveler confidence and safety. For example, in June 2025, FREETOUR.com, a Switzerland-based travel services company, reported that UK residents took over 90 million outbound trips in 2024 and are projected to make over 92 million outbound trips and welcome 43.4 million international visitors in 2025. Thus, the growing demand for international travel is a key driver for the insurance against COVID-19 market.

Leading players in the COVID-19 insurance market are innovating with COVID-focused term insurance products to improve accessibility, underwriting efficiency, and overall customer experience. Term insurance plans provide coverage for a specified period and pay out a death benefit if the insured passes away during the term. For instance, in January 2023, Edelweiss Tokio Life Insurance Company Limited, an India-based insurer, launched Covid Shield+, a term insurance policy designed specifically to protect against COVID-19-related financial risks. The plan offers benefits such as a lump-sum payout in case of death due to COVID-19, coverage for hospitalization expenses, and additional perks such as premium waivers if the policyholder contracts the virus. This product targets individuals aged 18 to 65 and may be eligible for tax benefits under applicable regulations, providing financial security and peace of mind amid the ongoing pandemic.

In June 2024, Zurich Insurance Group, headquartered in Switzerland, strengthened its foothold in the fast-growing Indian insurance market by acquiring a 70% stake in Kotak General Insurance for an undisclosed sum. This acquisition enables Zurich to leverage Kotak’s established local distribution network and market expertise. Kotak General Insurance provides COVID-19 coverage aimed at helping customers manage pandemic-related medical expenses, aligning well with Zurich’s strategic expansion plans in the region.

Major players in the insurance for against COVID-19 market are UnitedHealth Group Incorporated, Ping An Insurance (Group) Company of China Ltd., Cigna Corporation, Allianz SE, Kaiser Foundation Health Plan Inc., AXA S.A., Humana Inc., People's Insurance Company of China (PICC), MetLife Inc., Munich Re Group, Prudential plc, Zurich Insurance Group Ltd, Chubb Limited, Aetna Inc., Aviva plc, The Manufacturers Life Insurance Company (Manulife), Legal & General Group plc, China Life Insurance (Singapore) Pte Ltd., Tata AIA Life Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Edelweiss Tokio Life Insurance Company Limited, Star Health and Allied Insurance Company Limited, HDFC ERGO General Insurance Company Limited.

North America was the largest region in the insurance for against COVID-19 market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance for against COVID-19 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the insurance for against COVID-19 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Insurance against COVID-19 refers to a type of coverage designed to offer financial protection against expenses and losses related to the COVID-19 pandemic. This insurance typically covers medical treatment and hospitalization due to COVID-19, quarantine-related costs, trip cancellations or interruptions, loss of income from illness, and, in some cases, death benefits.

The primary types of COVID-19 insurance include health insurance, life insurance, travel insurance, business interruption insurance, and others. Health insurance covers medical expenses such as hospital visits, COVID-19 testing, treatment, and medication. These coverage plans are available for individuals, families, and corporations, distributed through various channels such as online platforms, insurance brokers, direct sales, and more, serving a range of end-users including individuals, businesses, governments, and others.

The insurance for against COVID-19 market research report is one of a series of new reports that provides insurance for against COVID-19 market statistics, including insurance for against COVID-19 industry global market size, regional shares, competitors with insurance for against COVID-19 market share, detailed insurance for against COVID-19 market segments, market trends and opportunities, and any further data you may need to thrive in the insurance for against COVID-19 industry. The insurance for against COVID-19 market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The insurance for against COVID-19 market includes revenues earned by entities through coverage for hospitalization expenses, testing and treatment costs, pre- and post-hospitalization care, quarantine-related medical expenses, intensive care unit (ICU) and ventilator charges, and lump-sum benefit payouts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.