This reflects an expected compound annual growth rate (CAGR) of approximately 25% over the period, from an approximate global industrial value of $13.3 billion in 2021.
The Asia-Pacific market is expected to witness the fastest growth over the forecast period, driven by an increasing number of organizations in the region seeking to purchase travel coverage for employees on business trips.
In addition, the rapid growth of the travel and tourism sector in several countries in the region, including Bangladesh, China, India and Pakistan, is also expected to contribute to the growth, along with growing consumer awareness of the benefits travel insurance.
Europe will become the largest travel insurance market
Despite this, Europe is expected to become the biggest market of all, due to the growing demand for travel and tourism in the region, alongside the rapid economic growth expected in many European countries.
Mandatory European government rules and regulations that require consumers to purchase travel insurance as a mandatory service before obtaining a visa are also a key driver of the expected growth.
The projection mirrors the findings of a similar projection released in July.