Huge numbers for global travel insurance market: US$33.7 billion by 2028
Forecast is for substantial growth, after market size peaked at $15.9 billion last year
According to the ‘Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028’ report, the global travel insurance market is expected to be worth US$33.7 billion by 2028.
The sector is exhibiting a compound annual growth rate (CAGR) of 13.34 per cent during 2022-2028.
Last year, the market size reached $15.9 billion.
According to the report, there are a number of factors bolstering the global travel insurance market in recent years:
- Inflating disposable incomes
- Rising business travels
- Easy availability of online travel bookings and discounted package holidays.
Additionally, numerous governments have made it mandatory to attach travel insurance documents while applying for a visa.
Insurers are also incorporating digital tools, such as application programme interface (API), artificial intelligence (AI), data analytics and global positioning system (GPS) for improving distribution systems and providing personalised user experience.