Looking forward, the report expects the market to reach $31.3 billion by 2027, exhibiting a CAGR of 14.49 per cent during 2021-2027. Keeping in mind the uncertainties of Covid-19, IMARC Group are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Nowadays, several companies are providing travel insurance with 24/7 emergency services, such as replacing lost passports, cash wire assistance and re-booking cancelled flights. They are also offering customisation options depending on the geographical location and as per the requirements of the insured individuals.
Growth in travel spurred travel insurance growth
The substantial growth in the travel and tourism industry in recent years, on account of inflating disposable incomes, rising business travels and the easy availability of online travel bookings and discounted package holidays represents one of the major factors bolstering the global travel insurance market growth.
Moreover, governments of numerous countries have made it mandatory to attach travel insurance documents while applying for a visa, which is also contributing to the market growth. Apart from this, leading players are 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 personalized user experience.