B&PBC Travel Insurance Market: Global Growth, Trends, and Forecast 2030

The Baggage and Personal Belongings Coverage (B&PBC) Travel Insurance Market report presents a detailed forecast and industry analysis spanning 2025 to 2030. According to the research, the global market for such coverage was valued at USD 69.2 million in 2024 and is projected to rise to USD 75.6 million in 2025, with further growth anticipated to reach USD 160.6 million by 2030, representing a compound annual growth rate (CAGR) of 17.4%.

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B&PBC travel insurance refers to policies that protect travelers against loss, theft, damage, or delay of baggage and personal effects during trips. The report emphasizes that this is a developing segment within the broader travel insurance industry, as insurers respond to growing demand for specialized coverage tailored to luggage and belongings.

One of the major drivers cited is the persistent incidence of mishandled baggage. Despite technological improvements in tracking systems, in 2024 approximately 33.4 million bags were mishandled globally, comprising lost, delayed, or damaged cases. Delays account for the majority of these cases; though most delayed baggage is eventually returned (often within 48 hours), the inconvenience leads travelers to incur replacement or essential-purchases costs. Insurance that reimburses these costs offers tangible appeal.

Another key growth catalyst is increasing travel disruptions (for instance, due to weather, strikes, airport congestion) and rising consumer awareness of travel risks. As tourism and cross-border travel volumes continue to grow, the perceived importance of protecting personal belongings rises as well. On the flip side, the report notes that the risk of fraudulent or exaggerated claims poses a restraint. Insurers face challenges in verifying the legitimacy of certain baggage claims, which increases administrative costs, lengthens settlement times, and can erode customer satisfaction.

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In terms of opportunity, the integration of smart baggage tracking technologies and digital insurance platforms is highlighted. For example, nearly half of passengers in surveys say real-time mobile baggage tracking would boost confidence in checking luggage, while a sizable portion express interest in digital ID tags. When insurers combine such features with baggage coverage, they can reduce fraud, accelerate validations, and improve transparency.

Regionally, North America currently holds the largest share, driven by tourism growth and strong distribution reach through airlines, OTAs, and travel partners. In Europe, the dominance of intra-regional travel (especially in the Schengen area) and high disposable incomes (in Germany, France, UK) bolster demand. Leading insurers like Allianz Partners and Zurich Cover-More are active in product launches and digital partnerships in the region.

Meanwhile, the Asia-Pacific is poised for rapid expansion, driven by rising outbound travel from India, China, Australia, and improvements in infrastructure and awareness. In regions such as Latin America, the Middle East & Africa, growth is emerging more slowly, limited by economic variability and lower insurance penetration, yet presenting a sizable long-term opportunity as tourism and urbanization increase.

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Strategic actions from key players include partnerships, acquisitions, digital upgrades, and product innovation. This report is useful to stakeholders across the travel, insurance, and technology sectors who are evaluating entry or expansion into baggage-protection offerings. It provides quantitative market size and forecasts, competitive benchmarking, segment insights, SWOT and Porters Five Forces analyses, and value chain breakdowns.