Student travel insurance predicted to boom in the next decade
The global student travel insurance market is expected to grow at a compound annual growth rate (CAGR) of 21.1%
The worldwide student travel insurance sector is expected to rise from a current value of $2.8 billion in 2024 to $15.5 billion in 2032, according to a report by Allied Market Research.
The rise is being driven by a number of factors, including a general increase in awareness and demand for student travel insurance among students and educational institutions.
Beyond this, there has been a rise in mandatory requirements in many countries for the purchase of student travel insurance prior to study abroad.
Additionally, student mobility is rising, with many participating in educational programs, internships, and volunteer opportunities overseas. This has created demand for more tailored insurance solutions specific to those students’ specific needs.
Trawick International launched a travel plan for students visiting the US in June.