The COVID-19 has severely hit the tourism economy, and many tourism suppliers and service providers are in business difficulties. It has become the consensus of the tourism industry to establish an early risk warning and risk protection mechanisms as soon as possible. In order to promote a healthy development of the tourism economy, the 14th Five-Year Plan for culture and tourism suggests that the tourism economy should achieve high-quality development, innovate product and service models, and implement risk assessment and early warning. In the process of gradually establishing a risk management system in the tourism industry, commercial insurance can provide more professional risk dispersion and risk assessment services for the tourism economy and various economic entities. As a financial means of risk management, insurance plays an important role in the risk management of the tourism industry. Based on the perspective of tourism economics, this paper analyzes the tourism market potential and insurance demand, judges the role of commercial insurance and government assistance in the risk management mechanism of the tourism industry, and puts forward suggestions for establishing a travel insurance system.