Travel Insurance Market to value $35 billion by 2027, Says Global Market Insights Inc.

Travel Insurance Market to value $35 billion by 2027, Says Global Market Insights Inc.

PR Newswire

SELBYVILLE , Del., Nov. 10, 2021

The U.S. travel insurance market revenue is poised to witness 8% growth rate through 2027 as regional government is focusing on expanding the tourism sector.

SELBYVILLE  , Del., Nov. 10, 2021 /PRNewswire/ -- The travel insurance market is expected to surpass USD 35 billion by 2027, as reported in a research study by Global Market Insights Inc. Expanding tourism industry is likely to boost the demand. There has been an increase in the number of adventure travelers that undertake high-risk sports activities, encouraging them to invest in travel insurance policies to protect themselves from unfortunate circumstances during the trip. The growth of the adventure tourism is attributed to the presence of attractive landscape and availability of a large variety of activities.

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The growing popularity of adventure travel blogging and video logging in social media platforms helps in increasing awareness about the benefits of travel insurance. Travel insurance providers offer customized policies for various activities including water sports, mountain sports, and racing sports.

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The increasing availability of extended travel insurance will help the market to grow at a substantial rate. Extended travel insurance covers longer-than-average holiday due to an emergency or flight cancellation. Extended travel insurance policies provide coverage for cancellation of trip, emergency medical treatment, personal belongings & baggage, passports & travel documents, and accommodation & legal expenses. The market players offer emergency hotel extension with additional lodging and boarding expenses if the travel companion is hospitalized abroad due to COVID-19. In case of lockdown in the destination country the travel insurance is automatically extended up to the mentioned period for the safety of travelers.

The expanding tourism sector in North America will offer growth opportunities to the travel insurance market. According to the Travel and Tourism Satellite Account, the tourism industry produced USD 1.6 trillion in the total economic output in 2018. National Travel and Tourism Office (NTTO) reduces institutional barriers to tourism and coordinates efforts across federal agencies through the Tourism Policy Council.

The governments of the U.S. and Canada are focusing on expanding the tourism market for economic growth, augmenting travel insurance sales in North America. To mitigate the risks associated with the occurrences of uncertainties, costumers are opting for travel insurance. The rise in the tourist population owing to attractive tourist destinations and easy online travel booking options will propel the regional travel insurance market growth.

Some major findings of the travel insurance market report are:

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About Global Market Insights

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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Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
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