The report from Allied Market Research forecasts significant growth in the global travel insurance industry, estimating it to reach $124.8 billion by 2031 with a 24.7% CAGR. Factors such as increased demand for safer travel, government policies favoring growth, and technological advancements are driving this expansion.

Despite initial setbacks due to COVID-19, the market has rebounded. Key segments include single-trip insurance dominating, driven by customized coverages, and insurance intermediaries leading distribution. Family travelers constitute a significant end-user segment, while the Asia-Pacific region holds the largest market share and fastest growth rate.

Major players like Assicurazioni Generali S.P.A. and Aviva are employing strategies like expansion and partnerships to strengthen their market position. The report provides comprehensive insights and analysis to aid in strategic decision-making for businesses in the travel insurance sector.

“The rapid growth in tourism is driving the growth of travel insurance market owing to the increase in travel volumes continue to surge, both domestically and internationally.” — Allied Market Research

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