The growing popularity of adventure travel blogging and video recording on social media platforms is helping to raise awareness of the benefits of travel insurance. Travel insurance providers offer customized policies for various activities including water sports, mountain sports and racing sports.
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The increasing availability of extended travel insurance will help the market to grow at a significant rate. Extended travel insurance covers longer-than-average leave due to an emergency or trip cancellation. Extended travel insurance policies provide coverage for trip cancellation, emergency medical treatment, personal belongings and baggage, passports and travel documents, accommodation and legal expenses. Market players are offering an emergency hotel extension with additional accommodation and boarding expenses if a traveling companion is hospitalized abroad due to COVID-19. In the event of a closure in the destination country, the travel insurance is automatically extended up to the mentioned period for the safety of travelers.
Expanding the tourism sector in North Amarica It will provide growth opportunities for the travel insurance market. According to the travel and tourism sub-account, the tourism industry has produced 1.6 trillion US dollars in Total Economic Output 2018. The National Travel and Tourism Office (NTTO) reduces institutional barriers to tourism and coordinates efforts across federal agencies through the Tourism Policy Council.
US governments and Canada Focused on expanding the tourism market for economic growth, increasing sales of travel insurance in North Amarica. To mitigate the risks associated with the occurrence of uncertainties, clients opt for travel insurance. The rise in the number of tourists due to attractive tourist destinations and easy online travel booking options will drive the growth of the regional travel insurance market.
Some of the key outcomes of the Travel Insurance Market report are:
- The travel insurance market will grow thanks to the integration of technology-based digital tools by insurance providers. Travel insurance distribution platforms enhance customer experience with the help of technologies including artificial intelligence (AI), application program interface (API), data analytics, geolocation and GPS.
- The easy availability of online travel bookings and discount package trips will help in expanding the market. Online travel booking platforms collaborate with insurance providers to offer customized service, international assistance, claims service and discounted package flights.
- Supportive government initiatives to support international tourism are the driving force for growth in the travel insurance industry. Mandatory government laws and regulations have encouraged international tourists to purchase travel insurance as a prerequisite for visa applications.
- There has been an increase in the number of adventurous travelers globally who are focusing on exploring new destinations and doing sports and leisure activities to enjoy their leisure time. Many travel insurance companies offer tailored offers for such activities.
- Many players in the market offer travel insurance plans specifically for seniors that include greater coverage for pre-existing and age-related health issues. Travel insurance companies provide a dedicated number for seniors to help reduce disruptions on their journey.
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