Travelling has become an important part of an individual’s professional and personal life. It is convenient and reasonable for anyone to travel domestically or internationally, with the constantly growing disposable income and development in infrastructure.
Travel insurance has become one of the most prominent things, an individual requires for commencing a trip. The risks related to traveling such as loss of luggage, hijacks, medical emergency and loss of travel documents could be the major causes of trip cancellation. In order to minimize such risks, consumers are giving preference to get travel insurance plans for their trips and tours.
Tourism has experienced tremendous growth in the recent past, to become one of the strongest-growing economic sectors across the globe.
The international tourism revenues earned by various destinations worldwide have surged from US$ 2 billion in 1950 to US$ 104 billion in 1980, US$ 495 billion in 2000, and US$ 1,260 billion in 2015. Travel insurance market is highly stimulated, by the constant rise in tourism. Moreover, mandating of travel insurance for acquiring VISA in various countries is also an important factor, driving the travel insurance market growth. Travel insurance policies guarantee complete peace of mind, as a result of which, travelers can have a pleasurable journey.
Various travel companies include natural disasters, which might attract more travelers to adopt travel insurance while planning their trips. Possessing a travel insurance policy in place with trip cancellation, delays or trip interruption will support to protect from wasting financial investments in trip regardless of the situation. However, lack of awareness regarding the travel insurance policies might resist the growth of travel insurance market.
On the contrast, governments of various countries are acquiring many projects in order to circulate travel insurance information among common masses. Moreover, various technological advancements for the travel insurance industry would play a prominent factor as the future driving opportunity to the market.