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Travel Insurance Market demand is expected to witness significant growth through 2027 driven by the roll-out of various initiatives for the expansion of geographical footprint by major industry participants. Citing an instance, in February 2021, Arch Insurance launched a new program that enables brokers to rapidly price and buy business travel account policies for companies in the United States with up to 250 business travelers.The global travel insurance market size is anticipated to surpass USD 45 billion by 2027, according to the latest research by Global Market Insights, Inc. Reportedly called the Arch BTAExpress, the initiative will utilize an underwriting and technology experience that will allow users to access pricing and binding of BTA policies, simple designs, and quotes that are usually furnished almost instantly. These features will facilitate a quicker process for brokers to help their clients along.
This growth is attributed to an escalation in the number of travelers who are opting for trips for adventure purposes comprising hiking, snorkeling, scuba diving, and others. An upsurge in the number of students seeking higher education abroad has also been instrumental in stimulating the demand for travel health insurance over the forecasted period.
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Few prominent trends impelling travel insurance industry growth comprise:
Flourishing tourism sector in North America
The North America travel insurance market had a valuation of more than USD 5 billion in 2020 and is estimated to exhibit appreciable growth through 2027. This upsurge is on account of the thriving tourism industry in the region that attracts a number of international travelers every year.
In addition, the government of Canada is focusing on the expansion of the tourism sector for economic growth. Such initiatives are set to push the demand for travel insurance plans that provide financial security to tourists, bolstering travel insurance market share over the analysis period.
Rising demand for single travel insurance plans
The escalating demand for single travel insurance plan is due to the elimination of the requirement for purchasing separate plans for each family member for ensuring financial security on foreign trips. These travel insurance plans are poised to propel the travel insurance market share as they cover customers against losses arising from luggage loss, ticket cancellations, theft, medical costs, and hotel cancellations.
Furthermore, single medical travel insurance plans help in safeguarding child health from the impact of climate change during international trips as they cover the costs incurred in the event of such medical emergencies.
Increasing preference for multi-trip insurance policies
Multi-trip insurance policies are becoming increasingly popular as they eliminate the hassle of going for a separate plan for each trip. These policies are mainly preferred by business professionals who take several international trips for corporate meetings or deals.
Multi-trip insurance plans also cover expenses associated with luggage loss, last-minute trip cancellations, and medical expenses. Acknowledging this, numerous travel insurance companies have started offering multi-trip insurance policies for frequent travelers for securing a higher revenue in the travel insurance industry.
In a nutshell, the rising number of government programs for boosting international tourism will propel the growth of the travel insurance market through the forthcoming years.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Website: https://www.gminsights.com/pressrelease/travel-insurance-market
Release ID: 89040186
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