Travel and tourism industry growth coupled with rising business travel, easy online booking and discounted travel packages are anticipated to push worldwide travel insurance sales to $31.3 billion annual, representing a 14.49% compound annual growth rate, by 2027, according to ResearchandMarkets.com.
In 2021, the market's global value was estimated to be $13.9 billion.
The World Travel & Tourism Council (WTTC) reported during the first half of the year, worldwide inbound flight books have grown triple digits, in the Americas, Europe and Asia. For example, Europe saw a 350% increase in international arrivals during the first quarter of 2022 compared with the same period the year prior. Asia-Pacific countries saw an increase of more than 250%.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
