Travel Insurance Market Size, Share and Growth to record 14.44% CAGR through 2027

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Sep 15, 2020 (Market Insight Reports) —
Selbyville, Delaware According to Market Study Report, Provides A Detailed Overview Of Travel Insurance Market With Respect To The Pivotal Drivers Influencing The Revenue Graph Of This Business Sphere. The Current Trends Of Travel Insurance Market In Conjunction With The Geographical Landscape, Demand Spectrum, Remuneration Scale, And Growth Graph Of This Vertical Have Also Been Included In This Report.

Global Travel Insurance Market is valued approximately at USD 15.60 billion in 2019 and is anticipated to grow with a CAGR of 14.44% over the forecast period 2020-2027.

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Tourism accounts a significant share of International Trade services with rise in the number of international tourists worldwide. For Instance: As per data from United Nation World Tourism Organization, in the first half of 2019, 4% rise in the number of international tourists travel worldwide has been noticed. Such tremendous rise in the tourism industry over the years is the major factor driving the growth of the market over the forecast period.

Further, with rising number of travelers, increasing awareness among young travelers regarding the need to secure their travels from medical and non-medical emergencies boosts the market growth. As per the reports by Account Activity Analysis (AAA) Foundation in 2018, 38% of the US population has increased and started investing in the travel insurance for future travels. Rise in the protection for trip cancellation and protect their monetary investment is the major priority for the travelers to opt for travel insurance. Travel insurance ensures security for the travel in several ways with the use of data analytics to predict precise and accurate plan for the traveler.

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