Over the past five years to 2018, the aging population and increasing globalization have underpinned growth in the underlying travel market. This is because individuals aged 50 and older purchase the most travel insurance, primarily for international trips, boosting revenue for the Travel Insurance industry. In addition to these positive trends, the number of international trips by US residents is expected to increase over the five years to 2018. Both rising per capita disposable income and corporate profit have been the leading drivers of increased demand for international travel. Over the five years to 2023, IBISWorld estimates that revenue for the Travel Insurance industry will increase. Improving disposable income levels and favorable demographic and globalization trends will drive revenue growth during the period.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.