The global travel insurance market is expected to be worth US$35 billion by the year 2027, with a forecast rise in value of around eight per cent in the US market alone, according to a research study by Global Market Insights Inc.<\/p>\n
Demand for travel insurance is forecast to be driven primarily by growing demand in the tourist industry for high-risk sports activities and adventure tourism. Participants in such activities are expected to be more likely to take out travel insurance to safeguard themselves against potential mishaps.<\/p>\n
Global Market Insight also credits the rise in more customisable policies as a key driving factor in the markets projected growth, with interest and awareness in such policies being fuelled in part by the popularity of travel blogs and social media influencers.<\/p>\n
This includes:<\/p>\n
Other factors which Global Market Insights note will contribute to the growth of the regions tourist industry include:<\/p>\n
The projected growth also reflects the expanding tourism sector in places such as North America, which remains buoyant despite the impact of the coronavirus pandemic.<\/p>\n
According to a report by the World Travel and Tourism Council (WTTC) in October, the regions tourist industry represented approximately $2.2 trillion, but later fell to $1.25 trillion in 2020 as international travel ground to a halt.<\/p>\n
Despite this, the WTTC says that the sector is on track to recoup more than a third of that loss this year, with a projected value of $1.7 trillion for 2021 a recovery which the WTTC credits to the successful rollout of Covid vaccines in the US and Canada, coupled with relaxed travel restrictions on the continent.<\/p>\n
This is expected to continue next year, with a potential year-on-year rise of 26.4 per cent projected for 2022 which will bring the regions tourist industry back to pre-pandemic levels at a value of $2.2 trillion.<\/p>\n
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Global travel insurance market could be worth $35 billion by 2027 - ITIJ<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The global travel insurance market is expected to be worth US$35 billion by the year 2027, with a forecast rise in value of around eight per cent in the US market alone, according to a research study by Global Market Insights Inc. Demand for travel insurance is forecast to be driven primarily by growing demand in the tourist industry for high-risk sports activities and adventure tourism. Participants in such activities are expected to be more likely to take out travel insurance to safeguard themselves against potential mishaps Continue reading