PORTLAND, Oregon and PUNE, India, November 22, 2016 /PRNewswire/ -- According to a new report published by Allied Market Research, titled, Travel Insurance Market by Insurance Cover, Distribution Channel, Users, Geography - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, is expected to generate $28,264 million by 2022, growing at a CAGR of 8.5% during 2016 - 2022. In 2015, Europe lead the travel insurance market, followed by Asia-Pacific. Growth in the region has been supplemented by rise in number of senior citizen travelers, and increase in business travel expenditure. (Logo: http://photos.prnewswire.com/prnh/20140911/647229 ) 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. Summary of the Travel Insurance MarketReport can be accessed on the website at:https://www.alliedmarketresearch.com/travel-insurance-market 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. In order to analyze the world travel insurance market, it is segmented based on insurance cover, users, distribution channel, and geography. Travel insurance cover is available for single trip, annual multi-trip, and long stay trips. Among the mentioned policies, single trip travel insurance policy dominated the market in 2015, accounting for around 71% of the overall market revenue owing to increase in popularity and affordability of year-round city breaks, increase in family travelers, shopping trips abroad, and winter sun holidays. Annual multi trip travel insurance policies are expected to be the fastest growing policy type during the forecast period.