Market Size of US Travel Insurance Industry
| 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 "US Travel Insurance Market Major Players")
*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 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 Size Summary
The United States travel insurance market is experiencing a resurgence as the travel industry rebounds from the COVID-19 pandemic. With increasing air passenger volumes and a growing number of Americans planning both domestic and international trips, the demand for travel insurance is on the rise. This heightened awareness is driven by the need to mitigate risks associated with unexpected cancellations and changing travel regulations. The market is witnessing a shift in consumer behavior, with travelers, particularly millennials, purchasing insurance earlier in the booking process. The pandemic has significantly boosted the market, with sales surpassing pre-pandemic levels and continuing to grow as travel resumes.
Technological advancements have played a crucial role in enhancing the appeal and penetration of travel insurance in the US. Innovations such as immediate electronic payments for travel inconveniences and automated claims processing have improved customer experience and transparency. Companies like Seven Corners are leveraging technology to streamline the claims process, reducing the need for manual claims and improving customer satisfaction. The market is dominated by major players like Allianz Partners Sas and American International Group, Inc., but technological advancements and service innovations are enabling both domestic and international companies to expand their market presence. New products and plans, such as IMG's iTravelInsured Essential and USI Affinity's Road Trip Insure, are being introduced to meet the evolving needs of travelers.
US Travel Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porters Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights into Technological Advancements in the Industry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance Coverage
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2.1.1 Single-Trip Travel Insurance
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2.1.2 Annual Multi-trip Travel Insurance
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2.2 By Distribution Channel
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2.2.1 Insurance Intermediaries
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2.2.2 Insurance Companies
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2.2.3 Banks
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2.2.4 Insurance Brokers
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2.2.5 Others
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2.3 By End-User
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2.3.1 Senior Citizens
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2.3.2 Business Travelers
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2.3.3 Family Travelers
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2.3.4 Others (Education Travelers, etc)
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US Travel Insurance Market Size 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.
