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IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global travel insurance market reached a value of US$ 15.9 Billion in 2022. Travel insurance is a type of insurance that protects tourists from financial risks by covering various expenses and losses during international or domestic travels. It provides cover in case of trip cancellation, medical emergencies, baggage loss, personal property damage, and loss of tickets and passport. It also offers 24/7 emergency services in case of loss of documents and any monetary assistance. Nowadays, travel insurance also supports customization as per the geographical location and requirement of the insured customer.
Global Travel Insurance Market Trends:
The global travel insurance market is primarily driven by a significant rise in corporate trips. Travel insurance is distributed via insurance aggregators, banks, and insurance brokers, who provide different plans that cover costs and losses depending on the coverage policy of the insured. The rapid growth of the travel and tourism industry, on account of the increasing disposable incomes of consumers and the ease of booking holiday packages online, is also positively impacting the market growth. They are easily accessible via online sites, including direct airline websites and online travel agencies. Moreover, several technological developments, such as the integration application program interface (API), artificial intelligence (AI), and data analytics, have enabled travel insurance companies to create personalized user experiences. Furthermore, governments across various countries have necessitated insurance documents in visa applications to mitigate travel risks. On account of these factors, the market value is expected to reach US$ 33.7 Billion by 2028, expanding at a CAGR of 12.6% during the forecast period (2023-2028).
Market Summary:
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