The North America Travel Insurance Market would witness market growth of 27.6% CAGR during the forecast period (2021-2027).
The most travel insurance policies must be obtained before leaving from home or at the initial departure point. A lesser number of companies provide travel insurance to travelers who have already left the country and have overlooked obtaining travel insurance or who have an expired policy. Most regulations demand that a person begin and end their journey in the home country. Some insurance, on the other hand, covers one-way travel for those who are moving permanently to another nation.
Medical benefits cover visits to medicine, ambulance fees, general practitioners, and limited dentistry treatments in the event of a minor injury or illness when traveling abroad. Most travel insurance policies provide emergency assistance services, which can provide payment guarantees to hospitals for treatment, liaise with treating doctors, and arrange transfers between hospitals or medical evacuations back to the insured person's country of origin in the event of hospital treatment. An emergency companion cover is included in more comprehensive insurance, allowing a family member to stay with the covered individual while they are in the hospital.
The travel insurance market is expanding in this region due to a rising number of travelers opting for a yearly travel insurance package to avoid the hassle of acquiring insurance per trip. The regional market has expanded significantly when the government's lockdown and travel restrictions were relaxed. For those traveling within the country, the domestic travel insurance plan provides comprehensive coverage. Domestic travel insurance policies are built expressly for different cities and places around the United States to make visits as easy as possible. Increased spending on travel protection plans aids the growth of the domestic market because its coverage provides total compensation in the event of unforeseen catastrophes.
Institutional investment managers and data management firms are among the industry's providers, with a total count of suppliers in the low thousands. Through its Travel Guard Brand, American International Group (AIG) is the top supplier of travel insurance.
The US market dominated the North America Travel Insurance Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $12,831.9 million by 2027. The Canada market is exhibiting a CAGR of 30.5% during (2021 - 2027). Additionally, The Mexico market would display a CAGR of 29.4% during (2021 - 2027).
Based on Coverage Type, the market is segmented into Annual Multi-Trip, and Single-Trip. Based on Distribution Channel, the market is segmented into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators. Based on End User, the market is segmented into Family Travelers, Business Travelers, Senior Citizens, Education Travelers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Travel Insurance Market is Estimated to reach $60.7 Billion by 2027, at a CAGR of 28.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Seven Corners, Inc., USI Insurance Services, LLC, Assicurazioni Generali SpA, American International Group, Inc., Allianz Group, AXA SA, and Zurich Insurance Group Ltd.
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