Travel insurance market expected to grow at 7.9%, hit $35.1 billion by 2025, research

Published on : Friday, April 12, 2019

Travel insurance market is expected to grow at 7.9% CAGR touching U.S. dollar 35.1 billion by 2025 as per Adroit Market Research. Business travel insurance market is expected to foresee the fastest growth of 8.0 per cent between 2018 and 2025. The U.S. travel insurance market size is estimated to go beyond U.S. dollar 8 billion by 2025.

 

 

 

 

In 2017, size of global travel insurance market was U.S. dollar 18.9 billion and is projected to increase to U.S. dollar 35.1 billion with a CAGR of 7.9% in terms of revenue in the coming years.

 

 

 

 

There is usage of data analytics to predict risks and formulate precise contingency plans. For example, insurers can monitor weather conditions and notify their customers in advance, to enable them to plan their trips accordingly.

 

 

 

 

If the tourism sector is growing, so is the natural calamities, medical emergencies and loss of luggage. To alleviate the risk related with occurrences, various travelers are choosing travel insurance.

 

 

 

 

Tourism is the biggest component of international trade in services, comprising about 30 per cent of the total share. Asia-Pacific was leading the travel insurance industry in the year 2017 with a market share of 44.9 per cent, followed by North America which occupied 30 per cent of the pie.

 

 

 

 

Medical expenses segment dominated the overall travel insurance industry. This segment is expected to generate revenues of U.S. dollar 10.8 billion by the end of 2025.

 

 

 

 

Tags: , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 08 imexamerica 2019
  • 14 Hotelierseries Africa 2019
  • 14 restaurantscafeslounges 19
  • 16 global-hotels-resorts 2019
  • 16 TTF 2019
  • 17 getglobal 19
  • 17 thincindonesia 2019
  • 18 Africa Hotel & Resort 2019
  • 18 chinatravelnews2019
  • 18 MILT 2019
  • 19 China Hotel 19
  • 19 itehcmc 19
  • 19 uzakrota London 2019
  • 20 uzakrota Istanbul 2019
  • 22 Africa Hotel Investment Forum 2019
  • 22 iitm 2020
  • 23 PTM 2019
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. MICE INDIA AND LUXURY TRAVEL CONGRESS 2019

      July 23 - July 24
    2. FOOD & HOTEL INDONESIA 2019

      July 24 - July 27
    3. IITM Bangalore

      August 2 - August 4
    4. IITM CHENNAI

      August 9 - August 11
    5. ibtm CHINA

      August 28 - August 29
Get our toolbar!
Review www.travelandtourworld.com on alexa.com