The first five-year cumulative revenue (2017–2021) is projected to be US$ 66.0 Bn, which is expected to increase significantly over the latter part of the five-year forecast period. Travel insurance plans are designed to cover costs and losses and reduce the risks associated with unexpected events encountered while traveling. It is a useful method to protect those traveling domestically or abroad. Increasing business travelers and increasing tourism are major factors driving growth of the global travel insurance market. According to the United Nations World Tourism Organization (UNWTO) Barometer, the number of international tourists grew by 3.9% to reach a total of 1.2 Bn in 2016 as compared to 2015 numbers.
Rising tourism is a major factor driving growth of the global travel insurance market. In addition, increasing business travelers is another factor further fueling growth of the global travel insurance market. Moreover, increasing terrorist attacks globally is further boosting demand for travel insurance in the global market.
A major factor restraining growth of the global travel insurance market is low penetration in some underdeveloped and developing countries, owing to lack of awareness in this countries. Changing travel pattern across the globe coupled with increasing disposable income are expected to create opportunities for major service and policy providers in the global market over the forecast period.
The annual multi-trip type segment in the global travel insurance market is estimated to account for majority revenue share in 2017, and this segment is projected to be valued at US$ 5,155.1 Mn in 2017. The business travellers application segment is expected to be largest segment with a revenue US$ 3,229.4 Mn in 2017, and is expected to continue its dominance during the forecast period.
The travel insurance market in Europe is estimated to account for major revenue share of US$ 5,384.0 Mn in 2017, while the market in China is expected to register a highest CAGR in next ten years. The market in North America accounts for second highest revenue share in the global market.
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