Annual Multi-Trip Travel Insurance to Lead United States Travel Insurance Market During the Forecast Period
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, “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.
Travel insurance is a type of insurance that protects specific costs
and damages associated with traveling. The coverage provided by travel
insurance policies include 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,
adventurous, 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, 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 (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, 2018-2028F, 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 United States.
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