US Travel Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
US Travel Insurance Market Analysis
The United States travel insurance market is estimated to USD 3.8 billion during the current year and is poised to grow at a CAGR of greater than 3% during the forecast period.
The travel industry is recovering from the aftermath of COVID-19, with air passenger volumes on the rise. As per Expedia's 2022 Travel Trends Report, 59 percent of American respondents had planned domestic trips for the year, while 37 percent are planning both domestic and international trips. With significant importance on safeguarding and acute awareness of the ever-present risk of unexpected cancellations and possible shifting rules and regulations, travel insurance is in need. In fact, according to Yonder Travel Insurance, customers are purchasing travel insurance earlier in the booking process and a growing number of millennials are buying travel insurance.
US Travel Insurance Market Trends
Increased Focus on Travel Safety and Insurance is Driving the Market Growth
With tourist uncertainty at an all-time high due to the COVID-19 pandemic, awareness for travel insurance has improved significantly. Travel insurance sales through Squaremouth.com surpassed pre-pandemic levels in the summer of 2021 and have continued to steadily rise as more people resume travelling. In 2021, sales were up 50 percent over 2019, and more than 200 percent over 2020. In the first two months of 2022, sales increased by 275 percent over the same period in 2021. Due to the pandemic, the rapid increase in Travel Insurance can be seen in the market. Therefore, it is the main key factor that is driving the insurance market.
Insurtech is dominating the Insurance Market
According to Susan Silfen, President of the US Travel Insurance Association (UStiA), stated that: 'One of the growing travel insurance technology trends attractive to the younger generation of travelers is the immediate electronic payment for approved profits for the all-too-common travel inconveniences like a missed connection, baggage delay, flight delay, or an airline's last-minute flight cancellation. Some travel insurance providers can track an insured's flights, recognize a covered delay or cancellation, and automatically deposit the covered limit into an account or debit card, reducing the need to file a claim with receipts.' Technology has been a key attributor for travel insurance's increased penetration in the US.
Seven Corners is leveraging technology to enhance the claims process via a program called Claims Your Way. Regardless of how consumers choose to file, the software is used to automatically assign a claim to Seven Corners employees based on experience and availability. This allows for ample time and attention for each claim. Claims Your Way then sends consumers an automated message with the name and contact information of the employee handling their claim and pushes the claim to the customer's account on sevencorners.com, making documentation and tracking easy to retrieve. Not only does this improve transparency, which is an ongoing goal for the industry, but it also simplifies the process and improves customer experience. Appeals and complaints regarding claims have decreased significantly since the program was launched.
US Travel Insurance Industry Overview
The report includes major players operating in US Travel Insurance Market. In terms of market share, few of the major players currently lead the market. The companies which are holding the major market share in the Travel Insurance industry are Allianz Partners Sas and American International Group, Inc. Though, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. Moreover, companies including Travel Safe Insurance, Seven Corners Inc., Allianz Partners Sas, American International Group Inc., and USI Insurance Services, LLC, among others have been profiled in the report.
US Travel Insurance Market Leaders
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Travel Safe Insurance
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Seven Corners Inc..
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Allianz Partners Sas
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American International Group Inc.
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USI Insurance Services, LLC
*Disclaimer: Major Players sorted in no particular order
US Travel Insurance Market News
- In May 2022, the International Medical Group (IMG), a leading insurance benefits and assistance services company, introduced iTravelInsured Essential. iTravelInsured Essential is a cost-effective travel insurance product that offers the most necessary travel protection benefits.
- In April 2022, USI Affinity announced the launch of a new travel protection plan, Road Trip Insure, offered through its Travel Insurance Services division.
US Travel Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights into Technological Advancements in the Industry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Coverage
5.1.1 Single-Trip Travel Insurance
5.1.2 Annual Multi-trip Travel Insurance
5.2 By Distribution Channel
5.2.1 Insurance Intermediaries
5.2.2 Insurance Companies
5.2.3 Banks
5.2.4 Insurance Brokers
5.2.5 Others
5.3 By End-User
5.3.1 Senior Citizens
5.3.2 Business Travelers
5.3.3 Family Travelers
5.3.4 Others (Education Travelers, etc)
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Seven Corners Inc.
6.2.2 Travel Safe Insurance
6.2.3 American International Group Inc.
6.2.4 Allianz Partners Sas
6.2.5 USI Insurance Services, LLC
6.2.6 MH Ross Travel Insurance Services, Inc.
6.2.7 Travel Insured International
6.2.8 Travelex Insurance Services Inc.
6.2.9 Berkshire Hathaway Travel Protection
6.2.10 American Express Company*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
US Travel Insurance Industry Segmentation
The report focuses on the complete background of the US Travel Insurance Market, which comprises an assessment of the developing market trends by segments, important changes in the market dynamics, and a market overview. The US Travel Insurance Market is Segmented By Insurance Coverage (Single-Trip Travel Insurance and Annual Multi-trip Travel Insurance), By Distribution channels (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Others) and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc)). The report offers market size and forecasts for the United States Travel Insurance Market in value (USD Billion) for all the above segments.
| By Insurance Coverage | |
| Single-Trip Travel Insurance | |
| Annual Multi-trip Travel Insurance |
| By Distribution Channel | |
| Insurance Intermediaries | |
| Insurance Companies | |
| Banks | |
| Insurance Brokers | |
| Others |
| By End-User | |
| Senior Citizens | |
| Business Travelers | |
| Family Travelers | |
| Others (Education Travelers, etc) |
US Travel Insurance Market Research FAQs
What is the current US Travel Insurance Market size?
The US Travel Insurance Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in US Travel Insurance Market?
Travel Safe Insurance, Seven Corners Inc.., Allianz Partners Sas, American International Group Inc. and USI Insurance Services, LLC are the major companies operating in the US Travel Insurance Market.
What years does this US Travel Insurance Market cover?
The report covers the US Travel Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Travel Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Travel Insurance Industry Report
Statistics for the 2024 US Travel Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Travel Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
US Travel Insurance Market Report Snapshots
