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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 | Jun 2014

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 09-14
1.2%
Annual Growth 14-19
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Profit
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Employment
4,438
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 - Industry Investment Chapter

The Travel Insurance industry has a low level of capital intensity. Industry operators typically invest $0.12 in capital equipment for every dollar of labor. Industry wages account for about 12.7% of industry revenue in 2014, while depreciation represents about 1.5%.

Travel insurers use information technology to track policies, payments and claims. Actuaries use computer systems to model insurance risk, which ensures that companies have proper reserves in the case of a catastrophic event. Operators have continued to improve their technology in order to provide better customer service, such as efficient customer responses and user-friendly websites. Despite this, the industry still requires personnel for selling, administering and processing travel insurance policies... 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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