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Travel Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Travel Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Mar 2015

Taking off: Travel insurance revenue will rise as operators expand to niche markets

IBISWorld’s Travel Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
AIG AIG market share
American Express Company American Express Company market share
Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 10-15
1.5%
Annual Growth 15-20
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Profit
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Employment
4,488
Businesses
118
Industry Analysis & Industry Trends

Travel insurers faced steep revenue declines during the recession. Declining consumer disposable income meant fewer people were traveling and purchasing travel insurance. However, the industry returned to growth in 2010 as consumers became more sensitive to the potential losses associated with airline delays and cancellations, prompting them to buy travel insurance. The industry is expected to continue growing over the next five years and expand into niche markets catering to students and business travelers.... purchase to read more

Industry Report - Starting a New Business Chapter

The Travel Insurance industry has moderate barriers to entry. A new entrant must conform to state and federal regulations to establish a presence in the industry. Although market share concentration is low, new entrants face competition from well-established brands.

A new entrant must apply for a Certificate of Authority to supply insurance products. This certificate must be obtained not only for the state of domicile but in any other state the insurer wishes to conduct business. The insurer must also submit regular reports and comply with set standards for minimum capital and solvency requirements.

Additionally, new entrants must have significant capital to be able to price premiums at or near market rates... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Travel Insurance Industry?

This industry underwrites (i.e. assumes, pools and spreads out risk of financial losses over policyholders in exchange for premiums) travel insurance policies. Coverage can include losses from trip cancellation and delay, lost baggage and medical emergencies.

Industry Products
CancellationDelayTrip interruptionEmergency medicalPersonal effectsAccidental death
 
Industry Activities
Providing trip protection and delay insuranceProviding baggage insurance or personal effects coverageProviding emergency medical assistanceProviding accidental death coverage


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