Newark, June 28, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global travel insurance market is expected to grow from USD 16.8 billion in 2021 to USD 61.9 billion by 2030, at a CAGR of 15.6% during the forecast period 2022-2030.
The growing tourism industry leads to increased tourist traffic. The increased tourist traffic is accompanied by increased instances of travel interruptions and cancellations, delays, medical emergencies, loss & of luggage. These unforeseen instances result in financial loss of the consumers, which can be mitigated by acquiring travel insurance.
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This compensation of financial loss enabled by travel insurance will drive the global travel insurance market. However, there is a lack of awareness about the presence and benefits of travel insurance products. These products are not as known or popular as life & health insurance. Creating awareness about travel insurance through targeted marketing and partnership with travel companies will provide an impetus to the market’s growth. The pandemic had a severe negative impact on the travel and tourism industry; famous destinations worldwide did not see any tourists for 24 months. The revenue received from the tourism sector dropped to all-time lows. To provide the necessary push for the tourism sector, governments are allocating funds and launching…
