Travel Insurance Market Size, Share & Trends 2020-2027

The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027. Travel insurance covers the expenses incurred and minimizes the risks during travel. It acts as a cushion in situations such as trip cancellation due to a medical emergency, loss of baggage, evacuation due to medical conditions or hijack, and loss of travel documents, among others.

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Several intermediaries in distribution channels such as insurance aggregators, banks, insurance brokers provide consumers with various options to compare products and prices, suggest suitable policies, and others. In addition, travel insurance providers offer different plans by covering costs and losses depending on coverages in the policy.

Convenient options provided to the consumers for travel insurance purchases via online comparison-shopping sites such as direct airline sites and online travel agencies (OTAs), company websites & applications, and others fuel the travel insurance market growth. In addition, the rise in tourism due to an increase in disposable income, easy online travel bookings, package holidays, extensive coverage of holidays, and others also drive the market growth.

Moreover, the increase in tourism led to several incidences such as trip cancellations, loss of luggage & important documents, medical emergencies, and another take place. To mitigate these risks, consumers opt for travel insurance, which is a significant driving factor for the travel insurance market. Travel insurance providers in the market are adopting several model acts, laws & regulations including the development of prospective legislation, and enforcement activity, accelerating the growth of travel protection products and services in the industry.

However, lack of awareness towards travel insurance policies, low consumer experiences in terms of coverages, premium rates, and services by third-party providers of travel insurance remains a primary concern, as a result, these factors limit the growth of travel insurance premiums in the market. On the contrary, insurers are expected to enhance existing distribution platforms of travel insurance to accelerate productivity with the help of technologies such as geo-location, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), among others. As a result, these factors are expected to create travel insurance market opportunity in the upcoming years.

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https://reports.valuates.com/market-reports/QYRE-Auto-34G5868/global-travel-agencies

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