Growth in tourism is the prime factor that drives the travel insurance market. According to UNWTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach a total of 1,184 million, with North America witnessing the highest inbound travel. With the growing tourist traffic, increased incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences,more number of travelers are opting for travel insurance.
In addition, there are several countries, where travel insurance is mandatory for obtaining VISA. For instance, to visit countries, such as the U.S., France, Belgium, Luxembourg, Norway, Finland, and Poland among others, travel health insurance is a must.
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