This reflects a projected compound annual growth rate (CAGR) around 25 per cent over the period, from an approximate global industry value of $13.3 billion in 2021.
The Asia-Pacific market is expected to be the fastest growing over the forecast period, driven by an increasing number of organisations in the region seeking to purchase travel coverage for employees on business travel.
Additionally, rapid growth in the travel and tourism sector of several countries in the region, including Bangladesh, China, India and Pakistan, are also expected to contribute to the growth, alongside growing consumer awareness of the benefits of travel insurance.
Europe to become the largest travel insurance market
Despite this, Europe is expected to become the largest market of all, due to growing demand for travel and tourism in the region, alongside rapid projected economic growth in many European countries.
Mandatory rules and regulations by the European government which force consumers to acquire travel insurance as a mandatory service prior to obtaining a visa are also a key factor behind the projected growth.
The projection reflects the conclusions of a similar one released in July.