North American travel insurance market expected to grow
The North American travel insurance market is expected to witness market growth of 27.6 per cent compound annual growth rate (CAGR) during the 2021-2027 period
The travel insurance market is expanding in this region due to a rising number of travellers opting for a yearly travel insurance package to avoid the hassle of acquiring insurance per trip.
The regional market has expanded significantly when the government's lockdown and travel restrictions were relaxed.
For those travelling within the country, increased spending on travel protection plans aids the growth of the domestic market because its coverage provides total compensation in the event of unforeseen catastrophes.
Meanwhile, a survey of Allianz Partners USA customers found that travel insurance is high on their packing list as 90 per cent say they are likely to purchase travel insurance for their next trip.