The report "Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028" was added to ResearchAndMarkets.com's offering.
The size of the global travel insurance market reached US$15.9 billion in 2022. Looking ahead, the publisher expects the market to reach US$33.7 billion by 2028, with a CAGR of 13.34% over 2022 -2028.
Today, several companies offer travel insurance with 24/7 emergency services such as replacement of lost passports, assistance with cash orders, and rebooking of canceled flights. They are also offering customization options based on geographic location and as per the requirements of the insured persons.
The substantial growth in the travel and tourism industry in recent years, due to disposable income inflation, the increase in business travel, and the easy availability of online travel reservations and discount vacation packages represents one of the main factors driving the growth of the global travel insurance market.
In addition, the governments of many countries have made it mandatory to attach travel insurance documents when applying for a visa, which is also contributing to the growth of the market.
Major players are incorporating digital tools, such as application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS), to improve distribution systems and provide an experience custom user name.