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As per the report published by Adroit Market Research, the global travel insurance market was pegged at $21 billion in 2019, and is projected to garner $40 billion by 2028 owing to increasing levels of tourism globally. The global tourist arrivals reached approximately 13 billion in 2018.
Tourism has become the largest component of international trade in services, constituting 25% of total share. Thus, tourism growth has provided an impetus to travel insurance companies to capitalize on the rising demand for insurance among travellers. The rising awareness amongst young travellers regarding the need to secure their travel against medical and non-medical contingencies is a major factor driving the growth of global travel insurance industry.