The global travel assistance market will have exponential growth
According to a report by ResearchAndMarkets.com, the market is expected to reach US$31.3 billion by 2027, exhibiting a CAGR of 14.49%
"Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027" report was added to ResearchAndMarkets.com's offering.
The global travel insurance market reached a value of US$13.9 billion in 2021. Looking ahead, the editor expects the market to reach US$31.3 billion by 2027, exhibiting a CAGR of 14, 49% during 2021-2027. Considering the uncertainties of COVID-19, we are continually tracking and evaluating the direct and indirect influence of the pandemic. These insights are included in the report as a major contributor to the market.
Travel insurance provides financial protection for expenses or losses incurred due to unexpected events during domestic or international travel. It generally covers the costs of lost or stolen property, emergency medical care, accidental death, and trip cancellation and interruption.
It is in force from the day of the trip until the insured arrives home. Today, several companies offer travel insurance with 24/7 emergency services such as replacement of lost passports, assistance with cash transfers, and rebooking of canceled flights. They are also offering customization options based on geographic location and based on the requirements of the insured persons.
The substantial growth in the travel and tourism industry in recent years, due to the inflation of disposable income, the increase in business travel and the easy availability of online travel reservations and discounted vacation packages represents one of the the main factors driving the growth of the global travel insurance market.
Furthermore, the governments of numerous 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. Apart from this, 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 a personalized user experience.