Report DescriptionAbout IMARC Group

International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.

Global Travel Insurance Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20 23-2028

," the global travel insurance market size reached US$ 15.9 Billion in 2022.

Travel insurance refers to a type of guaranteed policy scheme that offers financial protection for losses or expenses incurred due to unexpected events during overseas or domestic travel. It usually covers the cost of emergency medical care, trip cancellation and interruption, lost or stolen belongings, accidental death, and losses that may occur while traveling. It provides different levels of travel protection, such as the maximum amount of coverage and any exclusions or restrictions. Several insurance companies are offering travel insurance with continuous emergency services, including cash wire assistance, re-booking canceled flights, restoring expired visas, replacing lost passports, and customization options as per geographical location and the requirements of the insured individuals, due to which its demand is augmenting among the masses.

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Global Travel Insurance Market Trends:

Significant growth in the tourism industry majorly drives the global market. This can be supported by the escalating number of individuals traveling for leisure, business, or educational purposes. Since business travelers often require more comprehensive travel insurance policies, such as for liability, legal assistance, and emergency evacuation, this is further impacting the market. Along with this, the growing geriatric population is impelling the demand for travel insurance policies as it provides coverage for preexisting medical conditions, hospitalization, and prescription drug coverage to senior travelers.

With a considerable rise in the number of travelers post-pandemic, there is a significant increase in the demand for travel insurance among individuals. Coupled with this, the governments of numerous countries are making it mandatory to attach travel insurance documents, especially while applying for a visa, which is acting as another growth-inducing factor for the market. Moreover, the escalating adoption of digital tools, such as artificial intelligence (AI), the global positioning system (GPS), data analytics, and application program interface (API), to enhance distribution systems and provide personalized user experiences is creating a positive market outlook.