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 (Insurtech Companies, Third Party, 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, 2018-2028

  • Industry : BFSI
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  • Published Date : NA
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Summary

Report Description

The United States Travel Insurance Market is anticipated to grow at an impressive CAGR during the forecast period, owing to the factors such as rising disposable income and increasing business tours and travel.

A type of insurance called travel insurance covers expenses and risks connected with travel. Both domestic and international travelers can benefit from this form of security. Protection against risks and financial losses is the goal of travel insurance. Travel insurance provides cover for the expenses associated with accidental death, lost or stolen items, urgent medical care, and travel cancellation and interruption. It is in force, from the moment of departure to the time of the return of the insured individual. Many businesses now offer travel insurance with round-the-clock emergency services, including replacing lost passports, helping with money wires, and rebooking canceled flights. They also provide the possibility for customization based on the needs of the insured individuals and their geographic location.

A survey conducted in 2021 by the insurance provider Battleface found that nearly half of Americans had to pay fines or bear the cost of damages when they traveled without travel insurance. Following the COVID-19 outbreak, 36% of Americans believe they are more inclined to buy travel insurance for abroad travels, while 34% say the same for domestic travel. The U.S. Travel Insurance Association (UStiA) reports that customers spent about USD 1.72 billion on various travel insurance products between 2018 and 2020.

The rising awareness of travel insurance as a means of financial protection against unforeseen events such as trip cancellations, medical emergencies, and loss of luggage has contributed to the growth of the United States travel insurance market during the forecast period.

Advancements in technology, such as the use of data analytics and machine learning, have enabled insurers to better understand and cater to the needs of their customers, leading to the development of more personalized and customized travel insurance products which further fuels the United States travel insurance market during the forecast period.

Moreover, the COVID-19 pandemic has also highlighted the importance of having travel insurance, leading to a surge in demand for travel insurance products that offer COVID-19 coverage. This has resulted in a further boost to the growth of the travel insurance market in the United States.

In addition, the availability of a wide range of travel insurance products, including single-trip, annual, and multi-trip policies, has also contributed to the growth of the market. The rising adoption of online sales channels has made it easier for travelers to purchase travel insurance, further driving the growth of the market.

Over the past few years, expanding low-cost and luxurious hotels has contributed to the travel industry's rapid growth. Additionally, the need for travel insurance is rising quickly as more individuals have started traveling for vacation. Travel insurance aids travelers in preparing for unforeseen circumstances that could adversely impact their plans to travel. Additionally, as the COVID-19 epidemic broke out, the need for travel insurance surged up quickly. It began paying for Covid-19 tests and quarantine expenses. Thus, the market is anticipated to develop because of the rising travel demand.

The rigorous government regulations are also anticipated to contribute to the market's expansion. There are, however, only a few insurance plans that include travel trips. The market's growth is expected to be restricted by this factor over the forecast period. People's travel experiences are being improved by new technology, which is anticipated to create market expansion potential throughout the projected period. The COVID-19 pandemic deaths also presented difficulties for the market's expansion during the anticipated period because many insurance providers were not prepared to provide death trips in their insurance plans. People in undeveloped and developing nations are still unwilling to pay for insurance services, and this aspect can restrain the market's expansion.

The United States travel insurance market is highly competitive, with several key players such as Seven Corners, Inc., USI Insurance Services, LLC, Customized Services Administrators, Inc., and Trip Mate, Inc., among others, offering a range of travel insurance products through various distribution channels, including online travel agencies, insurance brokers, and direct-to-consumer channels.

Rising Tourism Sector Fuels the Market Growth

The travel insurance market is expanding due to the increase in tourism. The travel insurance market has been growing steadily over the years due to the increasing number of people traveling for leisure and business purposes. The increasing awareness about the benefits of travel insurance among travelers, along with the rise in the number of international trips, are major factors driving the demand for travel insurance products in the United States. Travel insurance benefits the tourism industry by offering financial assistance through specific packages that assist travelers in medical situations, passport loss, airline cancellation, and missing or lost luggage. International tourists to the United States increased from 19.2 million in 2020 to 22.1 million in 2021. A steadily expanding demand for tourism is influenced by factors such as high and rising incomes, increased leisure time, high levels of education, and the development of better modes of transportation. According to the World Travel & Tourism Council's (WTTC) economic modeling, travel and tourism in the United States will make a significant comeback in 2022, contributing roughly USD 2 trillion to the country's gross domestic product and exceeding pre-pandemic levels by 6.2 percent. Therefore, the rising tourism sector in the country has been a major driver of the United States travel insurance market growth, and the trend is expected to continue in the coming years.

Attractive Plans Fuels the Market Growth

With an increase in the number of insurance providers offering affordable and attractive plans, the travel insurance market is poised to experience significant growth. The market has been growing steadily over the years due to the increasing demand for travel insurance products that offer comprehensive coverage for a wide range of travel-related risks and emergencies. Travel insurance plans in the United States typically offer coverage for trip cancellation, trip interruption, emergency medical expenses, baggage loss/damage, and other travel-related risks. The availability of plans that offer customizable coverage options, such as adventure sports coverage, pre-existing medical condition coverage, and coverage for high-value items, has further contributed to the growth of the market. The businesses provide enticing packages that are designed to fit a variety of travel needs. For instance, Seven Corners offers The RoundTrip Trip Cancellation Travel Insurance plan. Residents of the United States are covered for a single trip, whether domestically or abroad. RoundTrip Elite and RoundTrip Economy are the two tiers that the company offers. The bottom-tier RoundTrip Economy plan includes trip cancellation insurance for up to USD20,000, trip interruption insurance worth up to 100% of the trip's cost, and trip delay insurance worth up to USD 250. In addition, the rising adoption of digital platforms has made it easier for travel insurance providers to offer attractive plans that are tailored to the specific needs of travelers. Travelers can now purchase travel insurance online, compare different plans, and select the plan that best fits their needs and budget. Therefore, the availability of attractive travel insurance plans that offer comprehensive coverage options has been a key factor driving the growth of the travel insurance market in the United States, and the trend is expected to continue in the coming years.


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Market Segmentation

The United States travel insurance market is segmented into trip type, mode of purchase, traveler type, travel type, region, and company. Based on trip type, the market is segmented into single-trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. Based on the mode of purchase, the market is segmented into insurance agents/brokers, insurance companies, and others (insurtech companies, third parties, etc.). Based on traveler type, the market is segmented into senior citizens, education travelers, business travelers, family travelers, and independent travelers. Based on travel type, the market is segmented into domestic travel and international travel. The market analysis also studies regional segmentation to devise regional market segmentation.

Market Players

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. are the major market players in United States travel insurance market.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report Trip

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Trip Type

·         Mode of Purchase

·         Traveler Type

·         Travel Type

·         Region

Regional scope

South, West, Mid-West, North-East

Key companies profiled

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., etc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the United States travel insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • United States Travel Insurance Market, By Trip Type:
    • Single Trip Travel Insurance
    • Annual Multi-Trip Travel Insurance
    • Long Stay Travel Insurance  
  • United States Travel Insurance Market, By Mode Of Purchase:
    •  
    • Insurance Agents/Brokers
    • Insurance Companies
    • Others
  • United States Travel Insurance Market, By Traveler Type:
    • Senior Citizens
    • Education Travelers
    • Business Travelers
    • Family Travelers
    • Independent Travelers  
  • United States Travel Insurance Market, By Travel Type:
    • Domestic Travel
    • International Travel
  • United States Travel Insurance Market, By Region:
    • South
    • West
    • Mid-West
    • North-East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States travel insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

United States Travel Insurance Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary      

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.    By Gender

4.2.2.    By Age

4.2.3.    By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    United States Travel Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value        

5.2.  Market Share & Forecast

5.2.1.    By Trip Type Market Share Analysis (Single Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long Stay Travel Insurance)

5.2.2.    By Mode Of Purchase Market Share Analysis (, Insurance Agents/Brokers, Insurance Companies, Others (Insurtech Companies, Third Party, etc.)

5.2.3.    By Traveler Type Market Share Analysis (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Independent Travelers)

5.2.4.    By Travel Type Market Share Analysis (Domestic Travel, International Travel)

5.2.5.    By Regional Market Share Analysis

5.2.5.1.        South Market Analysis

5.2.5.2.        West Market Analysis

5.2.5.3.        Mid-West Market Analysis

5.2.5.4.        North-East Market Analysis

5.2.6.    By Company Market Share Analysis

5.3.  United States Market Mapping & Opportunity Assessment

5.3.1.    By Trip Type Market Mapping & Opportunity Assessment

5.3.2.    By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.3.    By Traveler Type Market Mapping & Opportunity Assessment

5.3.4.    By Travel Type Market Mapping & Opportunity Assessment

5.3.5.    By Regional Market Mapping & Opportunity Assessment

6.    Single Trip Travel Insurance Market Outlook

6.1.  Market Size & Forecast       

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Mode of Purchase Market Share Analysis

6.2.2.    By Traveler Type Market Share Analysis

6.2.3.    By Travel Type Market Share Analysis  

7.    Annual Multi-Trip Travel Insurance Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.        By Mode of Purchase Market Share Analysis

7.2.2.        By Traveler Type Market Share Analysis

7.2.3.        By Travel Type Market Share Analysis

8.    Long Stay Travel Insurance Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.        By Mode of Purchase Market Share Analysis

8.2.2.        By Traveler Type Market Share Analysis

8.2.3.        By Travel Type Market Share Analysis

9.    Market Drivers

9.1.  Drivers

9.1.1.1.       Increasing the number of travel insurance policies

9.1.1.2.       Attractive travel insurance plans

9.1.1.3.       Rising disposable income

9.2.  Challenges

9.2.1.    Lack of consumer awareness

9.2.2.    High competition

10. Impact of COVID-19 on the United States Travel Insurance Market

10.1.             Impact Assessment Model   

10.1.1. Key Segments Impacted

10.1.2. Key Regions Impacted

11. Market Trends & Developments

11.1.             Increasing tourism sector

11.2.             Rising business travels

11.3.             Preventing financial risks for travelers.

11.4.             Easy availability

11.5.             Increasing marketing strategies

12. Porter’s Five Forces Model

12.1.             Competition Landscape

12.2.             Buyer Power

12.3.             Supplier Power

12.4.             Threat of New Entrants

12.5.             Threat of Substitutes

13. Competitive Landscape

13.1.             Competition Outlook

13.2.             Company Profiles

13.2.1.     Seven Corners, Inc.

13.2.1.1.             Company Details

13.2.1.2.             Products & Services

13.2.1.3.             Financials (As Reported)

13.2.1.4.             Key Market Focus & Geographical Presence

13.2.1.5.             Recent Developments

13.2.1.6.             Key Management Personnel

13.2.2.     USI Insurance Services, LLC

13.2.2.1.             Company Details

13.2.2.2.             Products & Services

13.2.2.3.             Financials (As Reported)

13.2.2.4.             Key Market Focus & Geographical Presence

13.2.2.5.             Recent Developments

13.2.2.6.             Key Management Personnel

13.2.3.     Customized Services Administrators, Inc.

13.2.3.1.             Company Details

13.2.3.2.             Products & Services

13.2.3.3.             Financials (As Reported)

13.2.3.4.             Key Market Focus & Geographical Presence

13.2.3.5.             Recent Developments

13.2.3.6.             Key Management Personnel

13.2.4.     Trip Mate, Inc. (MH Ross Travel Insurance Services)

13.2.4.1.             Company Details

13.2.4.2.             Products & Services

13.2.4.3.             Financials (As Reported)

13.2.4.4.             Key Market Focus & Geographical Presence

13.2.4.5.             Recent Developments

13.2.4.6.             Key Management Personnel

13.2.5.     Chester Perfetto Agency, Inc. (Travel Safe Insurance)

13.2.5.1.             Company Details

13.2.5.2.             Products & Services

13.2.5.3.             Financials (As Reported)

13.2.5.4.             Key Market Focus & Geographical Presence

13.2.5.5.             Recent Developments

13.2.5.6.             Key Management Personnel

13.2.6.     Berkshire Hathaway Specialty Insurance Company

13.2.6.1.             Company Details

13.2.6.2.             Products & Services

13.2.6.3.             Financials (As Reported)

13.2.6.4.             Key Market Focus & Geographical Presence

13.2.6.5.             Recent Developments

13.2.6.6.             Key Management Personnel

13.2.7.     American International Group, Inc. (AIG)

13.2.7.1.             Company Details

13.2.7.2.             Products & Services

13.2.7.3.             Financials (As Reported)

13.2.7.4.             Key Market Focus & Geographical Presence

13.2.7.5.             Recent Developments

13.2.7.6.             Key Management Personnel

13.2.8.     Crum & Forster Holdings Corp. (Travel Insured International)

13.2.8.1.             Company Details

13.2.8.2.             Products & Services

13.2.8.3.             Financials (As Reported)

13.2.8.4.             Key Market Focus & Geographical Presence

13.2.8.5.             Recent Developments

13.2.8.6.             Key Management Personnel

13.2.9.     Travelex Insurance Services, Inc.

13.2.9.1.             Company Details

13.2.9.2.             Products & Services

13.2.9.3.             Financials (As Reported)

13.2.9.4.             Key Market Focus & Geographical Presence

13.2.9.5.             Recent Developments

13.2.9.6.             Key Management Personnel

13.2.10.  AXA Assistance USA Inc.

13.2.10.1.          Business Overview

13.2.10.2.          Company Details

13.2.10.3.          Products & Services

13.2.10.4.          Financials (As Reported)

13.2.10.5.          Key Market Focus & Geographical Presence

13.2.10.6.          Recent Developments

13.2.10.7.          Key Management Personnel

14. Strategic Recommendations/Action Plan

14.1.             Key Focus Areas

14.2.             Target Regions

14.3.             Target Trip Type

14.4.             Target Mode of Purchase

14.5.             Target Traveler Type

14.6.             Target Travel Type

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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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. are some of the travel insurances companies in the United States.

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Losses caused by venereal disease, the AIDS virus, pregnancy (excluding complications), or abortion are not covered by travel insurance.

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Trip cancellation/interruption/delay insurance, Baggage loss/delay or personal effects insurance, travel medical insurance, and medical evacuation insurance are the claims of travel insurance.

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Travel insurance risks include pre-existing medical issues, insufficient insurance trips, and avoiding insurance by engaging in dangerous activity.

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Business Consultant
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Dec, 2022

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 insuran

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