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Group Travel Insurance in the US Procurement Price, Data and Insights
A group travel insurance policy covers a group of people on the same travel itinerary. Organizations of all sizes procure group travel insurance policies for both domestic and international trips to hedge against any financial losses that could occur during a trip. Policies cover a range of travel-related incidents depending on buyers' needs, including trip cancelations, medical expenses, and losses of baggage or belongings. Key buyers include commercial businesses, educational institutions, religious organizations, and consumers.
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What’s included in this market coverage
IBISWorld's research coverage on the Group Travel Insurance procurement and pricing environment in the United States includes market dynamics, buyer power scores, supply chain vendors with pricing trends and forecasts.
About this Market
What’s this procurement report about?
This procurement coverage of the Group Travel Insurance market in the United States includes Cancel for Any Reason (CFAR) Group Travel Insurance, Annual Multi-Trip Group Travel Insurance, Trip Cancellation Coverage and Emergency Travel Protection. Standard coding in this coverage includes ISIC-6512-Non-life insurance, NACE-65.12-Non-Life Insurance, NAICS-524128-Other Direct Insurance (except Life, Health, and Medical) Carriers and UNSPSC-84131517-Travel insurance.
What common market terminology is included?
Common market terminology included in the Group Travel Insurance procurement coverage includes Policy (A contract detailing the claims an insurer is willing to payout to their clients.), Rider (An additional provision added to an insurance policy.), Underwriting (The process by which insurers evaluate the potential risk of clients.) and Coverage Limit (The highest amount of money an insurer will pay the insured for a claim.).
What companies are included as top suppliers?
The top companies covered in the Group Travel Insurance procurement report as suppliers are Hub International Ltd, AXA AS, Arch Capital Group Ltd., American International Group, Inc. and Tokio Marine Holdings, Inc..
Opportunity Assessment
What’s included in the Opportunity Assessment chapter?
The Opportunity Assessment chapter provides a comprehensive market analysis of the Group Travel Insurance market in the United States category, including buyer power scoring, market pricing trends, vendor landscape, cost structure, and strategic negotiation levers.
The market pricing trends include the Market Price (2026) of trip cost, a five year price forecast and a supply chain risk score. Vendor coverage includes a market share and cost structure breakdown.
Analysis includes a comprehensive SWOT analysis of and recent developments impacting the Group Travel Insurance market environment.
Buyer Power Score
What’s included in the Buyer Power Score chapter?
The Buyer Power Score chapter assesses key components impacting Group Travel Insurance procurement including the recent price trend, forecast price trend, availability of substitutes, switching costs, product specialization, average vendor risk, market share concentration, supply chain risk, price driver volatility and recent price volatility.
These components generate a Buyer Power Score that ranges from -5 (strongly favoring sellers) to +5 (strongly favoring buyers) plus a recommended strategy for procurement specialists.
Price Environment
What’s included in the Price Environment chapter?
The Price Environment chapter covers detailed pricing analysis and datasets on Group Travel Insurance market environment. This includes insights into market pricing Market Price (2026), price forecasts, volatility, specialization, substitutes and switching costs.
Datasets in the Price Environment chapter include vendor cost structure, breakdowns of wage rates by geography and specialty, key external economic and labor drivers impacting the market and market pricing models.
Supply Chain & Vendors
What’s included in the Supply Chain & Vendors chapter?
The Supply Chain & Vendors chapter covers the concentration, risk and diversity of the Group Travel Insurance market. This includes datasets on the market’s top suppliers, detailed analysis on the key sourcing risks and supply chain dynamics, with environmental, social and governance (ESG) considerations and scores.
Business Requirements
What’s included in the Business Requirements chapter?
The Business Requirements chapter covers vendor relationships, qualifications, service level agreements and key performance indicators. These inputs provide insight into the planning process through the buying lead time, vendor relationship and vendor qualifications. The sourcing process include key RFP elements like an organizational overview, project budget, selection criteria, project schedule, proposal format, inventory control, cost containment, regulation, quality control, distribution and key contract clauses.
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Frequently Asked Questions
What is the current market price for Group Travel Insurance?
The 2026 benchmark market price for Group Travel Insurance is 6.74 of trip cost. Prices have increased at a CAGR of 2.17 from 2023-26.
Who are the top vendors in the Group Travel Insurance market?
The top vendors in the Group Travel Insurance market include Hub International Ltd, AXA AS, Arch Capital Group Ltd., American International Group, Inc. and Tokio Marine Holdings, Inc..
What industries supply the Group Travel Insurance market?
The top industries supplying the Group Travel Insurance market are Computer & Packaged Software Wholesaling in the US, Computer Peripheral Manufacturing in the US, Copier & Office Equipment Wholesaling in the US, Copier & Optical Machinery Manufacturing in the US, Reinsurance Carriers in the US, Insurance Brokers & Agencies in the US and Portfolio Management & Investment Advice in the US.
What is the supply chain risk for Group Travel Insurance?
Low market share concentration boosts price competition and empowers buyers in negotiations. There is low market share concentration among group travel insurers in the United States; the top four players account for less than 30.0% of total market revenue. This means that no single insurer can exert control over the market for group travel insurance, which forces operators to compete intensely in terms of pricing to garner clients. Buyers can capitalize by regularly benchmarking premiums, soliciting competitive bids, and negotiating for added coverage or enhanced policy features at more favorable rates.
What factors affect the price of Group Travel Insurance?
The breadth of coverage in group travel insurance refers to the range of incidents and risks that the policy covers, such as trip cancellations, medical expenses, and loss of belongings. A wider breadth of coverage typically leads to higher premiums, as it provides greater financial protection and reassures buyers, while a narrower scope may appeal to cost-sensitive organizations but could result in higher out-of-pocket expenses during claims.
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