United States Travel Insurance Market: Independent Traveler Dynamics

The expansion of the travel insurance industry is fueled by the growing tourism sector, increased availability of attractive travel insurance plans, and rising demand for international travel insurance in the United States.

In a report by TechSci Research titled “United States Travel Insurance Market – By Region, Competition Forecast and Opportunities, 2018-2028F,” the United States travel insurance market has witnessed significant growth, attributed to the surge in business travel and the flourishing tourism sector.

Travel insurance is designed to protect against specific costs and damages related to travel, covering aspects such as trip cancellation, medical emergencies, travel delays, and luggage coverage. The market expansion is influenced by stringent restrictions and regulations on travelers, especially post-pandemic, with a focus on VISA policies set by various countries and regulatory authorities.

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The coverage provided by travel insurance compensates for unexpected expenses or damages during domestic or international travel. It includes costs related to lost or stolen property, urgent medical care, sudden death, and canceled or disrupted travel. Travel insurance can be acquired before booking a flight, either through travel agents, cruise ship providers, or other vendors, or directly from a travel insurance provider. It caters to various travel types, including business, student, cruises, leisure, adventurous, and international travel.

The United States travel insurance market is segmented based on trip type, mode of purchase, traveler type, travel type, and region.

Trip types include single trip travel insurance, annual multi-trip travel insurance, and long-stay travel insurance. The annual multi-trip segment is expected to witness the fastest growth due to eased travel restrictions post-COVID-19 and the rapid expansion of the travel and tourism industry.

Traveler types comprise senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. The business travelers segment is projected to be the fastest-growing during the forecast period, driven by increased business travel and expanded product offerings in business travel insurance.

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Key operating companies in the United States Travel Insurance Market include Seven Corners, Inc., USI Insurance Services, LLC, Customized Services Administrators, Inc., Trip Mate, Inc., Chester Perfetto Agency, Inc., Berkshire Hathaway Specialty Insurance Company, American International Group, Inc. (AIG), Crum & Forster Holdings Corp., Travelex Insurance Services, Inc., and AXA Assistance USA Inc.

The report emphasizes that the market expansion is influenced by the rise in business travel, accessibility to travel agents, and affordable packages via online platforms. Additionally, the increasing need for compensation for costs incurred during travel, such as lost items, delayed plans, natural disasters, and medical concerns, contributes to market growth. The market also expands due to rising travel insurance purchases by businesses to protect employees traveling overseas.

“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” evaluates the future growth potential of the United States travel insurance market, providing statistics, information on market size, structure, and future growth. The report aims to offer cutting-edge market intelligence and assist decision-makers in making sound investment decisions, identifying emerging trends, and understanding essential drivers, challenges, and opportunities in the United States travel insurance market.

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