Travel Insurance in the US - Industry Market Research Report
Description
Travel Insurance in the US
The Travel Insurance industry has been contracting over the past five years. Travel insurance, coupled with rising domestic travel levels over the past five years and climbing international travel levels following the pandemic, underpinned the industry's growth. In addition, rising incomes contributed to strong industry performance. However, in 2020, the pandemic disrupted travel and reversed the industry's fortunes. Unprecedented travel restrictions and global fears of spreading the novel coronavirus significantly reduced travel demand and hindered industry revenue in 2020. Over the past five years, industry revenue has been growing at a CAGR of 5.3%, and is expected to total $5.9 billion. This includes an estimated 7.7% increase in 2023. Profit is expected to slump to 4.5% of revenue in 2023 from 10.5% in 2018.
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.
The Travel Insurance industry has been contracting over the past five years. Travel insurance, coupled with rising domestic travel levels over the past five years and climbing international travel levels following the pandemic, underpinned the industry's growth. In addition, rising incomes contributed to strong industry performance. However, in 2020, the pandemic disrupted travel and reversed the industry's fortunes. Unprecedented travel restrictions and global fears of spreading the novel coronavirus significantly reduced travel demand and hindered industry revenue in 2020. Over the past five years, industry revenue has been growing at a CAGR of 5.3%, and is expected to total $5.9 billion. This includes an estimated 7.7% increase in 2023. Profit is expected to slump to 4.5% of revenue in 2023 from 10.5% in 2018.
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.
Table of Contents
38 Pages
- ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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