HOME

Weekly Travel News

GROWTH IN THE TRAVEL INSURANCE MARKET IS DRIVEN BY TOURISM RECOVERY

GROWTH IN THE TRAVEL INSURANCE MARKET IS DRIVEN BY TOURISM RECOVERY Alec Hills - May 3, 2023 0 Listen to this article 00:01:25 Your browser doesn’t support HTML5 audio

With a compound annual growth rate (CAGR) of 17.3%, the global market for travel insurance increased from $19.14 billion in 2022 to $22.44 billion in 2023. At a CAGR of 16.0%, the global market for travel insurance is projected to reach $40.58 billion in 2027.

According to experts, the adoption of cutting-edge technology has become a crucial trend gaining popularity in the travel insurance platform. As a result, major travel insurance firms are concentrating on innovative technology to boost their market position.

The market for travel insurance is expanding as tourism recovers

According to the latest data, travel insurance supports the travel industry by offering financial assistance through specific packages that assist travelers with emergency medical care, missing passports, canceled flights, and misplaced or lost luggage.

For example, according to a study by the United Nations World Trade Organization (UNWTO) in 2022, 415 million people traveled worldwide in 2021, up from 400 million in 2020, a 4% rise from the year before. As a result, the market for travel insurance is expanding as tourism increases.

Related articles security TRAVEL INSURANCE FOR COVID-19: HOW DOES IT WORK? security COUNTRIES CREATE HEALTH INSURANCE SERVICES FOR COVID-19 CASES Services DOES YOUR INSURANCE COVER YOUR RENTAL CAR? Comments Add Comment

• {{message}}

{{#errors}}
• {{error}}
{{/errors}}

Afghanistan Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia & Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Chile China Colombia Costa Rica Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominican Republic East Timor Ecuador Egypt El Salvador Eritrea Estonia Ethiopia EU Faroe Islands Fiji Finland France French Polynesia Gabon Gambia Georgia Germany Ghana Global Greece Greenland Grenada Guaedloupe Guam Guatemala Guernsey Guyana Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kosovo Kurdistan Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Maledives Malta Marshall Islands Martinique Mauritania Mauritius Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Other Other Other Other Other Other Other Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Kitts and Nevis Saint Vincent & the Grenadines Samoa (American Samoa) Samoa (Western Samoa) San Marino Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Somalia South Africa South Korea Spain Sri Lanka St Martin Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria Taiwan Tanzania Thailand Tibet Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine UNESCO United Arab Emirates United Kingdom UNWTO Uruguay USA Uzbekistan Vanuatu Vatican Venezuela Vietnam Virgin Islands (British) Virgin Islands (U.S.) Yemen Zambia Zimbabwe

DON'T MISS sport MOUNTAIN TOURISM ESTIMATED AT 1 BILLION VISITORS tourism JERSEY RELAXES RULES FOR TOURISTS ARE E.U. SANCTIONS WORKING AGAINST RUSSIAN AVIATION? events U.K. TOURISM EXPECTS A BOOST DUE TO THE CORONATION LATEST REVIEWS Tourism Review Online Magazine 1 / 2022 Tourism Review Online Magazine 1 / 2021 Tourism Review Online Magazine 1 / 2020