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Rising tourism drives travel insurance market forward

May 1, 2023

The global travel insurance market has grown from US$19.14 billion in 2022 to US$22.44 billion this year at a compound annual growth rate (CAGR) of 17.3%, according to a new study by analytics firm Research and Markets.

The travel insurance market is expected to hit US$40.58 billion in 2027, growing at a CAGR of 16%.

Major players in the travel insurance sector include Allianz SE, American International Group, Chubb, Generali, Surich and others, Research and Markets said.

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