The growth of the travel insurance industry is driven by the rising tourism sector, the increasing number of attractive travel insurance plans, and the growing demand for international travel insurance in the United States. According to TechSci Research report, “The United States Travel Insurance Market”– By Region, Competition Forecast and Opportunities, 2018-2028F”, The United States travel insurance market has expanded significantly in recent years due to increasing business travel and the rising tourism sector.
The Important Elements of the United States Travel Insurance Market
Travel insurance is a type of insurance that protects specific costs and damages associated with traveling. The coverage provided by travel insurance policies includes trip cancellation, medical emergencies, travel delays, and luggage coverage. Stringent restrictions and regulations on travelers, regarding the VISA policy by various countries and regulatory authorities, are to be responsible for the market expansion, particularly post-pandemic.
Travel insurance compensates for expenses incurred or damages sustained during domestic or international travel attributable to unexpected occurrences. Typically, it covers the costs associated with lost or stolen property, urgent medical care, a sudden death, and canceled or disrupted travel. It goes into effect the day before the insured leaves for home. Additionally, many organizations offer travel insurance, which covers round-the-clock emergency services like renewing expired visas, helping with cash wires, and rescheduling canceled flights. They also provide alternatives for customization based on geographic location and the requirements of the insured people.
Travel insurance can be purchased before booking a flight (by a travel agent, cruise ship provider, or other travel vendors, for example). It will be valid for the duration of the trip, or it can be purchased directly from a travel insurance provider. It will cover business, student, cruises, leisure, adventure, and international travel.
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The United States travel insurance market is segmented into trip type, mode of purchase, traveler type, travel type, and region.
Based on trip type, the market is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long stay travel insurance. Among these, the Annual multi-trip travel insurance will be the fastest-growing segment in the market due to the relaxation of travel restrictions, following the COVID-19 pandemic outbreak. Additionally, the travel and tourism industry is expanding quickly, which fuels the growth of the segments. Additionally, the multi-trip travel insurance market offers tourists enough insurance protection, ensuring their annual trips go off without a hitch or any health-related difficulties.
Based on traveler type, the market is segmented into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. Among these, the business travelers segment will be the fastest-growing segment in the market during the forecast period. The primary drivers driving the growth of this category are the rise in business travel in recent years and the expansion of business travel insurance product offerings by industry participants.
Major operating companies operating in the United States Travel Insurance Market are:
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Customized Services Administrators, Inc.
- Trip Mate, Inc. (MH Ross Travel Insurance Services)
- Chester Perfetto Agency, Inc. (Travel Safe Insurance)
- Berkshire Hathaway Specialty Insurance Company
- American International Group, Inc. (AIG)
- Crum & Forster Holdings Corp. (Travel Insured International)
- Travelex Insurance Services, Inc.
- AXA Assistance USA Inc.
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“The expansion of the market is being influenced by the increase in business travel as well as the simple accessibility to travel agents and inexpensive packages via online platforms. Additionally, the market is expanding because of the rising need for compensation for costs incurred due to lost items, such as luggage and documents, postponed trip plans, natural calamities, and medical concerns. In addition, the market is expanding because of the increasing travel insurance purchases by business corporations to protect their employees while they travel overseas.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
United States Travel Insurance Market By Trip Type (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long Stay Travel Insurance), By Mode of Purchase ( Insurance Agents/Brokers, Insurance Companies, Others (Insurance Companies, Third Parties, etc.), By Traveler Type (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Independent Travelers), By Travel Type (Domestic Travel, International Travel), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of United States travel insurance market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the travel insurance market in the United States.
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