According to TechSci Research report, “United States Travel Insurance Market”- By Region, Competition Forecast and Opportunities, 2018-2028F”, The United States travel insurance market has experienced significant growth recently, driven by increasing business travel and a booming tourism sector.
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Travel insurance is designed to cover specific costs and losses associated with travel. Coverage typically includes trip cancellation, medical emergencies, travel delays, and luggage protection. Stringent visa policies and regulatory requirements imposed by various countries and authorities have also contributed to market expansion, particularly in the post-pandemic era. Travel insurance reimburses expenses or losses incurred during domestic or international travel due to unexpected events. It commonly covers expenses for lost or stolen belongings, emergency medical treatment, trip interruptions or cancellations, and in some cases, even death benefits. Coverage typically starts the day before departure and offers round-the-clock emergency assistance such as visa renewal assistance, emergency cash transfers, and rebooking cancelled flights. Policies can be customized based on geographic location and the specific needs of travelers. Travel insurance can be purchased either before booking a trip, often through travel agents, cruise lines, or other travel providers, or directly from insurance providers. It covers various types of travel including business trips, student travel, cruises, leisure vacations, adventure travel, and international trips.Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the "United States Travel Insurance Market"@ https://www.techsciresearch.com/report/united-states-travel-insurance-market/14539.html
The United States travel insurance market is segmented based on trip type, mode of purchase, traveler type, travel type, and region. In terms of trip type, the market includes single trip travel insurance, annual multi-trip travel insurance, and long stay travel insurance. The annual multi-trip travel insurance segment is expected to exhibit the highest growth during the forecast period. This growth is attributed to the easing of travel restrictions post the COVID-19 pandemic and the rapid expansion of the travel and tourism industry. Annual multi-trip travel insurance provides comprehensive coverage for multiple trips throughout the year, ensuring travelers are protected against any unforeseen health issues or travel disruptions. Regarding traveler type, the market segments include senior citizens, educational 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. This growth is driven by the increasing volume of business travel in recent years and the introduction of specialized business travel insurance products by industry participants. Business travelers require specific insurance coverage tailored to their unique needs and risks associated with frequent travel for work purposes. These segments reflect the dynamic nature of the United States travel insurance market, where tailored insurance products cater to diverse traveler preferences and needs across different trip types and traveler categories.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 expansion of the market is being influenced by the increase in business travel as well as the simple accessibility to travel agents and inexpensive packages via online platforms. Additionally, the market is expanding because of the rising need for compensation for costs incurred due to lost items, such as luggage and documents, postponed trip plans, natural calamities, and medical concerns. In addition, the market is expanding because of the increasing travel insurance purchases by business corporations to protect their employees while they travel overseas.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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, has evaluated the future growth potential of United States travel insurance market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the travel insurance market in United States.
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