Tag: Billion

Travel Giant TUI Gets Third German Bailout in $2.2 Billion Deal

(Bloomberg) — TUI AG, the world’s biggest tour operator, will receive 1.8 billion euros ($2.2 billion) in bailout funds after securing a third tranche of aid from the German government, together with cash from private investors.



a plane parked on the side of a road: SEATTLE, WA - MAY 31: Boeing 737 MAX airplanes from TUI Airways sit parked in a parking lot at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington. Boeing 737 MAX airplanes have been grounded following two fatal crashes in which 346 passengers and crew were killed in October 2018 and March 2019. (Photo by David Ryder/Getty Images)


© Photographer: David Ryder/Getty Images North America
SEATTLE, WA – MAY 31: Boeing 737 MAX airplanes from TUI Airways sit parked in a parking lot at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington. Boeing 737 MAX airplanes have been grounded following two fatal crashes in which 346 passengers and crew were killed in October 2018 and March 2019. (Photo by David Ryder/Getty Images)

The funding will comprise 1.3 billion euros from the state, via federal rescue fund WSF and state run KfW bank, together with 500 million euros through a capital increase, Hanover-based TUI said in a statement Wednesday.

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TUI appealed for additional aid after a new wave of virus lockdowns in Europe wiped out a hoped-for surge in late summer travel while stunting bookings for winter getaways and ski breaks. The bailout, which extends rescue funds to 4.8 billion euros, was delayed by a debate over what conditions the state should attach, especially in relation to 8,000 planned job cuts.

Shares of TUI traded 1% higher as of 2:55 p.m. in London, where they have their main listing, paring the decline this year to 46%.

TUI was already Germany’s second-biggest coronavirus-bailout recipient, topped only by Deutsche Lufthansa AG. Companies spanning sportswear producer Adidas AG to forklift maker Kion Group AG have already paid back aid or are in the process of doing so.

While the imminent start of Covid-19 vaccine distribution is positive for TUI, people are booking far later for vacations in response to ever-changing travel curbs, delaying revenue flows. It has also re-booked many customers from the summer just gone, from whom it won’t be getting extra cash.

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Mirae Asset wins U.S. lawsuit against China’s Anbang on scrapped $5.8 billion hotel deal

SEOUL (Reuters) – South Korean investment bank Mirae Asset Daewoo Co Ltd said on Tuesday it won a U.S. court case against Anbang Insurance Group, after Mirae Asset affiliates scrapped a $5.8 billion deal to buy 15 U.S. hotels from Anbang.



a sign on the side of a building: A general view shows the headquarters of Anbang Insurance Group in Beijing


© Reuters/THOMAS PETER
A general view shows the headquarters of Anbang Insurance Group in Beijing

A consortium led by Mirae agreed last year to buy the hotels from Anbang, which had been selling some of its overseas assets after the Chinese government took control of the troubled insurer in 2018.

But the coronavirus pandemic put several deals at risk this year, as the tourism industry was one of the hardest hit by global travel restrictions.

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Anbang had filed a suit saying Mirae Asset affiliates must fulfill their promised payment for the hotels, while Mirae affiliates filed a counterclaim that Anbang return the deposit, pay transaction costs, and related litigation costs, Mirae said in a regulatory filing on Tuesday.

A Delaware court on Monday rejected Anbang’s claims for payment and ruled Anbang should return the deposit and pay expenses of $3.685 million, according to the court document reviewed by Reuters.

Anbang has been liquidated and some of its assets have been revamped into a new entity called Dajia Insurance Group. A Dajia official could not be reached immediately.

Shares in Mirae Asset rose 6% in Seoul on Tuesday.

(Reporting by Joyce Lee; Additional reporting by Cheng Leng in Beijing; Editing by Lincoln Feast.)

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Mirae Asset Wins U.S. Lawsuit Against China’s Anbang on Scrapped $5.8 Billion Hotel Deal | Investing News

SEOUL (Reuters) – South Korean investment bank Mirae Asset Daewoo Co Ltd said on Tuesday it won a U.S. court case against Anbang Insurance Group, after Mirae Asset affiliates scrapped a $5.8 billion deal to buy 15 U.S. hotels from Anbang.

A consortium led by Mirae agreed last year to buy the hotels from Anbang, which had been selling some of its overseas assets after the Chinese government took control of the troubled insurer in 2018.

But the coronavirus pandemic put several deals at risk this year, as the tourism industry was one of the hardest hit by global travel restrictions.

Anbang had filed a suit saying Mirae Asset affiliates must fulfill their promised payment for the hotels, while Mirae affiliates filed a counterclaim that Anbang return the deposit, pay transaction costs, and related litigation costs, Mirae said in a regulatory filing on Tuesday.

A Delaware court on Monday rejected Anbang’s claims for payment and ruled Anbang should return the deposit and pay expenses of $3.685 million, according to the court document reviewed by Reuters.

Anbang has been liquidated and some of its assets have been revamped into a new entity called Dajia Insurance Group. A Dajia official could not be reached immediately.

Shares in Mirae Asset rose 6% in Seoul on Tuesday.

(Reporting by Joyce Lee; Additional reporting by Cheng Leng in Beijing; Editing by Lincoln Feast.)

Copyright 2020 Thomson Reuters.

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Mirae Properly Canceled $5.8 Billion Hotel Deal, Judge Says

(Bloomberg) — Mirae Global Asset Investment Co. properly canceled its purchase of 15 U.S. luxury hotels from Dajia Insurance Company, a judge concluded in one of the largest deals this year affected by the fallout from the Covid-19 pandemic.



a person holding a sign: Employees of Mirae Asset Investment Management Co. walk past the company's logo in Seoul, South Korea, on Monday, Feb. 18, 2008. Mirae Asset Investments Co., South Korea's biggest fund manager, is taking advantage of the cheapest prices since 2006 to move cash into shares of companies that will benefit from a weaker won and closer ties to China.


© BLOOMBERG NEWS
Employees of Mirae Asset Investment Management Co. walk past the company’s logo in Seoul, South Korea, on Monday, Feb. 18, 2008. Mirae Asset Investments Co., South Korea’s biggest fund manager, is taking advantage of the cheapest prices since 2006 to move cash into shares of companies that will benefit from a weaker won and closer ties to China.

China-based Dajia didn’t meet all the conditions for closing the sale of the hotels, which included iconic properties such as the Westin St. Francis in San Francisco and the Loews Santa Monica Beach Hotel, Delaware Chancery Court Judge Travis Laster ruled Monday.

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Dajia, which assumed the assets of struggling Chinese insurer Anbang Insurance Group Co., failed to operate the hotels in an “ordinary manner,” as required by the terms of the deal, while struggling to cope with the U.S.’s coronavirus outbreak, Laster ruled.

The ruling may have consequences for other busted-deal cases tied to business shutdowns and changes caused by the virus’s worldwide reach. The value of many transactions were affected by the drop in travel and other factors due to the pandemic.

Read More: Who is ‘Andy Bang’? A Ritz-Carlton Mystery Gets Its Day in Court

The judge also said Dajia was responsible for returning Mirae Global’s deposit and covering the South Korean firm’s legal expenses — costs that could run in the tens of millions of dollars.

Laster’s finding that Mirae Global “was justified in terminating the Anbang transaction” was a just outcome, Michael Carlinsky, one of the company’s lawyers, said in an emailed statement. Representatives of China-based Dajia didn’t have an immediate comment on the ruling.

The buyout was among almost a dozen transactions that have fallen apart this year as valuations cratered on government-enacted lock downs. At one point, a half-dozen such cases were before Delaware judges.

Some, including a fight between Tiffany & Co. and French clothier LVMH, settled. Tiffany sued to force LVHM to consummate a $16 billion buyout that the French company said was fatally impacted by the virus. The jeweler agreed to sell itself at a slightly reduced price.

Click here for the opinion

The hotel-deal case is AB Stable VIII LLC v. MAPS Hotel and Resorts One LLC, No. 2020-0310, Delaware Chancery Court (Wilmington).

(Updates with Mirae Global comment in sixth paragraph)

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Outdoor Recreation Gave Wyoming Nearly $2 Billion in 2019 | | Big Horn Radio Network

The future of Wyoming’s economy looked brighter in 2019, thanks to billions of dollars generated from outdoor recreation – with every sign that growth will continue.

The Bureau of Economic Analysis released its latest analysis of how outdoor recreation contributed to the economies of the states and the nations. The results are impressive and show the increasing importance the industry has for Wyoming and the entire Rocky Mountain Region.

Outdoor recreation generated $459.8 billion across the United States in 2019. That accounted for 2.1% of the nation’s gross domestic product for that year.

For the nation, the arts, entertainment, recreation, accommodation, and food services sector was the largest contributor to U.S. outdoor recreation value added in 2019, accounting for $128.5 billion. This was followed by retail trade ($98.6 billion) and manufacturing ($55.0 billion.)

So how did Wyoming fare?

In 2019, outdoor recreation contributed nearly $1.7 billion dollars to the state economy – that accounts for 4.2% of Wyoming’s GDP.

Only four other states had a higher GDP contribution from outdoor recreation: Hawaii (5.8%) Vermont (5.2%) Montana (4.7%) and Florida (4.4%.) Maine tied Wyoming at 4.2%

Outdoor Recreation GDP Contribution by State

Courtesy Bureau of Economic Analysis

 

The rest of the Rocky Mountain region was similarly impacted: Utah at 3.3%, Colorado at 3.1%, Idaho at 3.0%, and South Dakota at 2.5%.

Outdoor recreation activities fall into three general categories: conventional activities (including activities such as bicycling, boating, hiking, and hunting); other core activities (such as gardening and outdoor concerts); and supporting activities (such as construction, travel and tourism, local trips, and government expenditures.)

Outdoor Recreation Value Added to Wyoming in 2019 – $1,686,585,000

  • Conventional Outdoor Recreation Activities – $474,506,000

  • Boating & Fishing – $43,148,000

  • RVing – $76,116,000

  • Snow Activities – $147,491,000

  • Other Outdoor Recreation Activities – $133,538,000

  • Amusement & Water Parks – $5,020,000

  • Festivals, Sporting Events, & Concerts – $3,839,000

  • Game Areas (including Golf and Tennis) – $40,874,000

  • All Other Supporting Outdoor Recreation – $927,398,000

  • Government Expenditures: $151,143,000

The three highest contributors in Wyoming were largely unqualified and didn’t fill into the more specific categories laid out by the BEA.

Historically, Wyoming’s top contributing recreation activities are:

  • Various snow activities (like snowmobiling and skiing)
  • RVing
  • Equestrian
  • Hunting, shooting, & trapping
  • Boating & fishing

Boating and fishing were the largest contributors nationally, generating $23 billion dollars on their own. RVing came in second with $18.6 billion, followed by hunting & shooting – $9.4 billion.

Snow activities were – individually -the largest Wyoming contributor with $147.5 million. While massive, that number pales in comparison to what Colorado earned – $1.7 billion. Utah made $666.3 million from snow activities, followed by Vermont with $289.9 million.

By comparison, snow activities were the sixth largest national contributor.

But wait, there’s more!

In 2019, the outdoor recreation industry also accounted for over 21 thousand jobs in Wyoming, mainly thru private businesses, hotels and lodging, and food services that directly or indirectly catered to outdoor recreation.

The trends are clear when compared to historic data – more people and more money are flowing into

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Two travel giants raised $4 Billion to ride out the pandemic. Only one needed it.

For travelers looking to book a flight or hotel room, Booking.com and Expedia.com look a lot alike. Yet the two fared very differently when the coronavirus pandemic shut down travel, thanks to different strategies behind their websites.

Revenue has plunged at both Booking Holdings Inc. and Expedia Group Inc. this year. Each company moved quickly to raise about $4 billion in the spring to navigate the crisis. Expedia ended the third quarter with double the debt it started the year with, while Booking wound up with a bigger cash cushion.

The cash imbalance illustrates how differently the two rivals operated their online travel services. Expedia often collected cash upfront from hotel travelers, and when those customers canceled, the company had to pay them back. By contrast, Booking didn’t charge upfront as often for hotel stays, so had less to refund when cancellations occurred.

Ticker Security Last Change Change %
BKNG BOOKING HOLDINGS INC. 1,992.77 -18.20 -0.91%
EXPE EXPEDIA GROUP, INC. 119.90 -4.06 -3.28%

LAS VEGAS CASINO RECOVERY THREATENED BY NEW CALIFORNIA CORONAVIRUS LOCKDOWNS

With Covid-19 cases surging, some countries have imposed new restrictions and the Centers for Disease Control and Prevention has advised Americans not to travel for the Thanksgiving holiday. But executives at Booking and Expedia said earlier this month that they survived the worst of the pandemic and feel optimistic about news of promising vaccine candidates. The travel giants have ample cash reserves and have no plans to change business strategies, they said.

“If you run out of your cash, it’s like if you’re a human being and you run out of blood. You’re dead,” Booking Chief Executive Glenn Fogel said in an interview. Early on in the pandemic, he said, Booking executives started looking at financial models to estimate how much they needed to survive for one or two years with no revenue. Booking sold $4 billion worth of bonds in April.

Though revenue plunged over the summer and the company had to issue some refunds, most of the cash Booking raised in the spring added to its reserves. Booking had $11.2 billion in cash at Sept. 30, about $4 billion more than it did on March 31.

Expedia, which generated about 80% as much revenue as Booking did in 2019, held a smaller cash cushion before the crisis and burned through much of the funds raised in the spring.

Revenue has plunged at both Booking Holdings Inc. and Expedia Group Inc. this year. (Gabby Jones/Bloomberg via Getty Images)

PRINCESS CRUISES CANCELS WEEKLONG (AND LONGER) US VOYAGES THROUGH NOVEMBER 2021

Expedia ended the third quarter with about $5.1 billion in cash, roughly what it held in the first quarter — but significantly more debt. Where Booking’s net debt — or total debt minus cash and cash equivalents — has decreased by almost half over that time, Expedia’s net debt rose by 73%.

“We knew that things were bad. We didn’t know how long they’d

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Outdoor recreation is more than fishing and boating. It’s a $788 billion business

Question: When is 2.1% a big number?

Commerce Secretary Wilbur Ross tours Maverick Boat Group’s manufacturing facility

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Answer: When it represents hundreds of billions of dollars and millions of jobs.

A new report released Nov. 11 by the Bureau of Economic Analysis indicates in 2019, the outdoor recreation economy accounted for 2.1% of the nation’s gross domestic product, the measure of the market value for all goods and services produced in a specific time period.



a boat sitting on top of a car: The 42-foot Pursuit 2021 S 428 Sport, built in Fort Pierce, is debuted in a sea trial Thursday, Oct. 15, 2020, on the Indian River Lagoon. The boat boasts four Yamaha 425 hp outboards, offering a max horsepower of 1,700, with several other luxury features. The largest boat ever built by Pursuit took about 9 months to complete from the first research, to concept, to detail design and engineering. The coronavirus induced March 24 closure of the Pursuit manufacturing facility in Fort Pierce presented challenges to the build, but "we never stopped working," said Pursuit Boats President Bruce Thompson.


© LEAH VOSS/TCPALM
The 42-foot Pursuit 2021 S 428 Sport, built in Fort Pierce, is debuted in a sea trial Thursday, Oct. 15, 2020, on the Indian River Lagoon. The boat boasts four Yamaha 425 hp outboards, offering a max horsepower of 1,700, with several other luxury features. The largest boat ever built by Pursuit took about 9 months to complete from the first research, to concept, to detail design and engineering. The coronavirus induced March 24 closure of the Pursuit manufacturing facility in Fort Pierce presented challenges to the build, but “we never stopped working,” said Pursuit Boats President Bruce Thompson.

Outdoor recreation contributed $459.8 billion to the nation’s overall economy from $788 billion of gross output. It accounts for 5.2 million U.S. jobs.

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The statistics show the outdoor recreation sector grew by 1.3%, nearly keeping pace with the growth of the nation’s economy, which was 2.2% between 2018 and 2019.

A small part

Jayson Arman is a St. Lucie County-based fishing guide who is just one small part of a huge industry. He doesn’t own a boat, but when he is hired by customers who find him at Billy Bones Bait and Tackle in Port St. Lucie, he will take them on fishing adventures in places along the Indian River Lagoon or Treasure Coast beaches that can be reached on foot.

Arman loves what he does.

“Every day is a new day, every person is a new person. The unpredictability of fishing is what makes it addicting,” said Arman, whose business is That’s R Man Land-based Fishing Charters.

“I just gone done getting out of the water trying to fish for trout and had 6-foot-long tarpon blowing up mullet right in front of us,” Arman said before 8 a.m. Thursday. “That’s why I love being a fishing guide.”

More: TCPalm fishing report: Trout and hogfish harvest seasons to close Nov. 1

Each year, Arman runs a holiday special up until Christmas Eve, charging $100 for two people to fish. Anglers have one year to use the gift certificate, can choose any of four locations to fish and Arman supplies all the tackle.

The outdoor recreation economy is made up largely of small business owners eking out a living.

Boating and fishing

The five largest segments of the outdoor recreation economy in 2019 were:

  • Boating and fishing — $23.6 billion
  • RV’ing — $18.6 billion
  • Hunting/shooting/trapping — $9.4 billion
  • Motorcycling/ATV’ing — $9.2 billion
  • Equestrian — $8.6 billion

Snow activities accounted for $6.3 billion and was the largest activity

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Emirates Posts $3.8 Billion Loss After Virus Sunk Air Travel

(Bloomberg) — Emirates Group, owner of the world’s largest long-haul carrier, slumped to its first loss in more than 30 years after the coronavirus pandemic reduced demand for air travel to a trickle.



a large passenger jet sitting on top of a runway: Passenger aircraft, operated by Emirates, stand beside the terminal building at Dubai International Airport in Dubai, United Arab Emirates, on Monday, May 18, 2020. Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.


© Bloomberg
Passenger aircraft, operated by Emirates, stand beside the terminal building at Dubai International Airport in Dubai, United Arab Emirates, on Monday, May 18, 2020. Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.

The 14.1 billion dirham ($3.8 billion) loss for the state-owned company came alongside a 24% reduction in headcount over the six months through September, Emirates said in a statement on Thursday. Revenue fell 74% as an increase in cargo traffic wasn’t enough to offset the decline of commercial flights.

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“We began our current financial year amid a global lockdown when air-passenger traffic was at a literal standstill,” said Chairman Sheikh Ahmed Bin Saeed Al Maktoum. “We expect a steep recovery in travel demand once a Covid-19 vaccine is available, and we are readying ourselves to serve that rebound.”

Emirates Airline was particularly hard hit by the pandemic because its business model is built around the biggest category of jets — Airbus SE A380s and Boeing Co. 777s — carrying passengers between all corners of the globe. Long-haul travel is widely expected by the industry to be the slowest to recover from the crisis as passengers shy away from lengthy journeys and virus hotspots.

The Dubai-based carrier, which started resuming regular passenger flights on May 21 after suspending most trips for almost two months, has recovered about a sixth of its pre-pandemic network.

Read More: Emirates Starts Thousands of Job Cuts to Offset Virus Slump

The Emirates Group, which also includes ground-handling firm Dnata, cut about 26,000 jobs over the six-month period, bringing the total to just over 81,000. This was to adapt to “expected capacity and business activities in the foreseeable future,” the company said.

While the group’s cash position fell to 20.7 billion dirhams from 25.6 billion dirhams six months earlier, Emirates has recieved support from Dubai’s government, which has put about 7.3 billion dirhams into the company since March.

(Updates with CEO comment in third paragraph)

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Emirates Posts $3.8 Billion Loss After Virus Hammered Air Travel

(Bloomberg) — Emirates Group, owner of the world’s largest long-haul carrier, slumped to a first-half loss of 14.1 billion dirhams ($3.8 billion) after the coronavirus pandemic reduced demand for air travel to a trickle.



a large passenger jet sitting on top of a runway: Passenger aircraft, operated by Emirates, stand beside the terminal building at Dubai International Airport in Dubai, United Arab Emirates, on Monday, May 18, 2020. Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.


© Bloomberg
Passenger aircraft, operated by Emirates, stand beside the terminal building at Dubai International Airport in Dubai, United Arab Emirates, on Monday, May 18, 2020. Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the coronavirus pandemic grounded air travel.

The loss for the state-owned company compared with profit of 1.2 billion dirhams in the same period last year, Emirates said in a statement on Thursday. Revenue fell 74% as an increase in cargo traffic wasn’t enough to offset the decline of commercial flights.

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Emirates was particularly hard hit by the pandemic because its business model is built around the biggest category of jets — Airbus SE A380s and Boeing Co. 777s — carrying passengers between all corners of the globe. Long-haul travel is widely expected by the industry to be the slowest to recover from the crisis as passengers shy away from lengthy journeys and virus hotspots.

The Dubai-based carrier, which started resuming regular passenger flights on May 21 after suspending most trips for almost two months, has recovered almost a sixth of its pre-pandemic network.

Read More: Emirates Got $2 Billion from Dubai to Survive Crisis Months

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Travel Insurance Market Size to Reach USD 39.3 Billion by 2027 | CAGR of 17.4%

BANGALORE, India, Nov. 4, 2020 /PRNewswire/ — A New Travel Insurance Market Research Report published on Valuates Reports in Insurance category.  The report contains segmentation By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others). It also covers Global Opportunity Analysis and Industry Forecast to 2027.

The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.

The major factor driving the growth of the travel insurance market size is increased tourism due to the rise in disposable income, easy online travel bookings, package holidays, comprehensive holiday coverage, and others.

The report focuses on the growth prospects, restraints, and trends of the travel insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as suppliers’ bargaining power, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and buyers’ bargaining power on the travel insurance market.

Request a Sample Copy of the Report For COVID-19 Impact Analysis on Travel Insurance Market: https://reports.valuates.com/request/sample/ALLI-Auto-3P113/Travel_Insurance_Market

TRENDS INFLUENCING THE TRAVEL INSURANCE MARKET SIZE

Increased tourism has resulted in many incidents, such as cancellations of flights, loss of baggage & essential documents, and medical emergencies. To mitigate these risks, consumers are opting for travel insurance, which in turn is driving the travel insurance market size. 

The growing globalization has reinforced the travel industry. This, in turn, is expected to be the key driver for the growth of the travel insurance market size. The aging population buys the most travel insurance, especially foreign vacations, which boosts the travel insurance industry’s revenue. 

The growth of the travel insurance market size is driven by convenient options for travel insurance purchases through online comparison-shopping websites such as direct airline sites and online travel agencies (OTAs), and others. 

With the support of technologies such as geo-location, application program interface (API), artificial intelligence ( AI), data analytics, and global positioning system ( GPS), among others, insurers are expected to improve existing travel insurance distribution networks. As a result, these trends are expected to generate prospects for the travel insurance industry in the coming years.

View Report Details Before Purchasing

TRAVEL INSURANCE MARKET SHARE ANALYSIS

Europe is expected to hold the largest travel insurance market share during the forecast period. In order to reduce the risk associated with the rise in tourist traffic, higher incidences of baggage loss, essential documents, medical emergencies and natural disasters, more travelers are purchasing travel insurance in the European region. 

On the other hand, Asia Pacific is expected to grow rapidly during the forecast period. Due to the rise in the number of senior citizens traveling and an increase in business travel spending, As travel has become an accepted feature of academic, business

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