Travel Insurance Market to Reach $106.8 billion, by 2032 at 20.1% CAGR
Allied Market Research - Seite 2
2022
Market Size in 2022
$16.8 billion
Market Size in 2032
$106.8 billion
CAGR
20.1 %
No. of Pages in Report
381
Segments covered
Insurance Cover, Distribution Channel, End User, Age Group, and Region.
Drivers
Rapid growth in tourism
Convenient shopping due to online comparison sites
Travel rules and regulations
Opportunities
Expansion of products and services
New technological developments in the travel insurance
Restraint
Lack of awareness regarding travel insurance policy
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The long-stay travel insurance segment to maintain its leadership status throughout the forecast period.
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By insurance cover, the single-trip travel insurance segment held the largest market share in 2022, accounting for more than three-fifths of the travel insurance market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its comprehensive coverage for a single journey, including trip cancellations, medical emergencies, and baggage loss, providing travelers with peace of mind. However, the long-stay travel insurance segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032, owing to the increasing number of long-term travelers seeking comprehensive insurance coverage for extended stays abroad.