A New Travel Insurance Market Research Report published on Valuates Reports in the Insurance category.  The global traveI insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027. review of travel insurance

The major factor driving the growth of the traveI insurance market size is increased tourism due to the rise in disposable income, easy online travel bookings, package holidays, comprehensive holiday coverage, and others.

The report focuses on the growth prospects, restraints, and trends of the trip insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as suppliers’ bargaining power, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and buyers’ bargaining power on the traveI insurance market.

TRENDS INFLUENCING THE TRAVEL INSURANCE MARKET SIZE

Increased tourism has resulted in many incidents, such as cancellations of flights, loss of baggage & essential documents, and medical emergencies. To mitigate these risks, consumers are opting for trip insurance, which in turn is driving the traveI insurance market size.

The growing globalization has reinforced the travel industry. This, in turn, is expected to be the key driver for the growth of the trip insurance market size. The aging population buys the most travel insurance, especially foreign vacations, which boosts the trip insurance industry’s revenue.

The growth of the traveI insurance market size is driven by convenient options for travel insurance purchases through online comparison-shopping websites such as direct airline sites and online travel agencies (OTAs), and others.

With the support of technologies such as geolocation, application program interface (API), artificial intelligence ( AI), data analytics, and global positioning system ( GPS), among others, insurers are expected to improve existing trip insurance distribution networks. As a result, these trends are expected to generate prospects for the travel insurance industry in the coming years.

TRAVEL INSURANCE MARKET SHARE ANALYSIS

Europe is expected to hold the largest trip insurance market share during the forecast period. In order to reduce the risk associated with the rise in tourist traffic, higher incidences of baggage loss, essential documents, medical emergencies and natural disasters, more travelers are purchasing travel insurance in the European region.

On the other hand, Asia Pacific is expected to grow rapidly during the forecast period. Due to the rise in the number of senior citizens traveling and an increase in business travel spending, As travel has become an accepted feature of academic, business and personal life in the modern world, the travel industry is growing.

KEY BENEFITS FOR STAKEHOLDERS

• The study provides an in-depth analysis of the global trip insurance market share along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• An extensive analysis of the key segments of the industry helps to understand the global traveI insurance market trends.
• A quantitative analysis of the global travel insurance market from 2020 to 2027 is provided to determine the market potential.