The global travel insurance market is on a steep growth trajectory
The global travel insurance market is on a steep growth trajectory. Let me break it down clearly: Market Snapshot - 2024 Market Size: $23.8 billion - 2034 Projection: $132.9 billion - Growth Rate: 18.4% CAGR (2025–2034) Key Growth Drivers - Rising global tourism: More people are traveling internationally for leisure, business, and education. - Post-pandemic awareness: Travelers are more conscious of risks like medical emergencies, cancellations, and disruptions. - Digital adoption: Online platforms and embedded insurance models make it easier to buy coverage. - Government & visa mandates: Many countries now require proof of travel insurance for entry. Challenges - High cost of premiums: Especially for senior citizens and long-term travelers. - Lack of awareness: Many travelers still underestimate the importance of coverage. Regional Insights - Europe: Leads the market, driven by Schengen visa requirements and strong insurance infrastructure. - LAMEA (Latin America, Middle East, Africa): Expected to grow fastest due to rising outbound tourism and digital payment adoption. Major Players - Allianz, AXA, Zurich Insurance, Aviva, Berkshire Hathaway Specialty Insurance, HDFC ERGO, and American Express are among the key companies expanding aggressively.
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