United States Travel Insurance Market: Major Players Analysis

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The United States travel insurance market has experienced significant growth in recent years, driven by an uptick in business travel and the expanding tourism sector. Travel insurance, designed to safeguard against specific travel-related costs and damages, encompasses coverage for trip cancellation, medical emergencies, travel delays, and luggage protection. Post-pandemic, the market has seen further expansion due to stringent travel regulations, particularly pertaining to visa policies imposed by various countries and regulatory authorities.

Travel insurance provides compensation for expenses or damages incurred during domestic or international travel due to unforeseen circumstances. It typically covers expenses related to lost or stolen property, urgent medical care, sudden death, and disrupted travel plans. Additionally, many organizations offer round-the-clock emergency services, including visa renewal, cash assistance, and flight rescheduling, tailored to the geographic location and needs of insured individuals.

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Customers can obtain travel insurance either before booking a flight through travel agents, cruise ship providers, or other vendors, or directly from insurance providers. The coverage can extend throughout the duration of the trip and caters to various travel purposes such as business, student, leisure, adventurous, and international travel.

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

The United States travel insurance market is segmented based on trip type, mode of purchase, traveler type, travel type, and region. The annual multi-trip travel insurance segment is poised for rapid growth due to relaxed travel restrictions following the COVID-19 pandemic, coupled with the rapid expansion of the travel and tourism industry. Among traveler types, business travelers represent the fastest-growing segment, driven by the increasing prevalence of business travel and the expansion of business travel insurance offerings.

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 market expansion is attributed to factors such as the surge in business travel, accessibility to travel agents and online platforms, and the growing demand for compensation for various travel-related expenses and uncertainties.

The report "United States Travel Insurance Market By Trip Type, Mode of Purchase, Traveler Type, Travel Type, Region, Company, Forecast & Opportunities, 2018-2028F" provides insights into the future growth potential of the US travel insurance market, offering statistics, market size, structure analysis, and future growth prospects. It aims to furnish cutting-edge market intelligence to aid decision-makers in making informed investment decisions, while also identifying emerging trends, drivers, challenges, and opportunities in the US travel insurance market.

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