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.
Scope of the Study
Market Segments Covered in the Report:
By Coverage Type
- Annual Multi-Trip
- Single-Trip
By Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
By End User
- Family Travelers
- Business Travelers
- Senior Citizens
- Education Travelers
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Seven Corners, Inc.
- USI Insurance Services, LLC
- Assicurazioni Generali SpA
- American International Group, Inc.
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Travel Insurance Market, by Coverage Type
1.4.2 North America Travel Insurance Market, by Distribution Channel
1.4.3 North America Travel Insurance Market, by End User
1.4.4 North America Travel Insurance Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Mar – 2022, Feb) Leading Players
Chapter 4. North America Travel Insurance Market by Coverage Type
4.1 North America Annual Multi-Trip Market by Country
4.2 North America Single-Trip Market by Country
Chapter 5. North America Travel Insurance Market by Distribution Channel
5.1 North America Insurance Intermediaries Market by Country
5.2 North America Insurance Companies Market by Country
5.3 North America Banks Market by Country
5.4 North America Insurance Brokers Market by Country
5.5 North America Insurance Aggregators Market by Country
Chapter 6. North America Travel Insurance Market by End User
6.1 North America Family Travelers Market by Country
6.2 North America Business Travelers Market by Country
6.3 North America Senior Citizens Market by Country
6.4 North America Education Travelers Market by Country
6.5 North America Others Market by Country
Chapter 7. North America Travel Insurance Market by Country
7.1 US Travel Insurance Market
7.1.1 US Travel Insurance Market by Coverage Type
7.1.2 US Travel Insurance Market by Distribution Channel
7.1.3 US Travel Insurance Market by End User
7.2 Canada Travel Insurance Market
7.2.1 Canada Travel Insurance Market by Coverage Type
7.2.2 Canada Travel Insurance Market by Distribution Channel
7.2.3 Canada Travel Insurance Market by End User
7.3 Mexico Travel Insurance Market
7.3.1 Mexico Travel Insurance Market by Coverage Type
7.3.2 Mexico Travel Insurance Market by Distribution Channel
7.3.3 Mexico Travel Insurance Market by End User
7.4 Rest of North America Travel Insurance Market
7.4.1 Rest of North America Travel Insurance Market by Coverage Type
7.4.2 Rest of North America Travel Insurance Market by Distribution Channel
7.4.3 Rest of North America Travel Insurance Market by End User
Chapter 8. Company Profiles
8.1 Seven Corners, Inc.
8.1.1 Company Overview
8.2 USI Insurance Services, LLC
8.2.1 Company Overview
8.3 Assicurazioni Generali SpA
8.3.1 Company Overview
8.3.2 Recent strategies and developments:
8.3.2.1 Product Launches and Product Expansions:
8.3.2.2 Acquisition and Mergers:
8.4 American International Group, Inc. (AIG)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Recent strategies and developments:
8.4.4.1 Partnerships, Collaborations, and Agreements:
8.4.4.2 Acquisition and Mergers:
8.4.5 Recent strategies and developments:
8.4.6 SWOT Analysis
8.5 Allianz Group
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental Analysis
8.5.4 Recent strategies and developments:
8.5.4.1 Partnerships, Collaborations, and Agreements:
8.5.4.2 Product Launches and Product Expansions:
8.5.4.3 Acquisition and Mergers:
8.5.5 SWOT Analysis
8.6 AXA SA
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Recent strategies and developments:
8.6.4.1 Partnerships, Collaborations, and Agreements:
8.6.4.2 Product Launches and Product Expansions:
8.6.5 SWOT Analysis
8.7 Zurich Insurance Group Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Recent strategies and developments:
8.7.4.1 Partnerships, Collaborations, and Agreements:
8.7.4.2 Product Launches and Product Expansions:
8.7.4.3 Acquisition and Mergers:
8.7.5 SWOT Analysis
TABLE 1 North America Travel Insurance Market, 2017 - 2020, USD Million
TABLE 2 North America Travel Insurance Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Travel Insurance Market
TABLE 4 Product Launches And Product Expansions – Travel Insurance Market
TABLE 5 Acquisition and Mergers – Travel Insurance Market
TABLE 6 North America Travel Insurance Market by Coverage Type, 2017 - 2020, USD Million
TABLE 7 North America Travel Insurance Market by Coverage Type, 2021 - 2027, USD Million
TABLE 8 North America Annual Multi-Trip Market by Country, 2017 - 2020, USD Million
TABLE 9 North America Annual Multi-Trip Market by Country, 2021 - 2027, USD Million
TABLE 10 North America Single-Trip Market by Country, 2017 - 2020, USD Million
TABLE 11 North America Single-Trip Market by Country, 2021 - 2027, USD Million
TABLE 12 North America Travel Insurance Market by Distribution Channel, 2017 - 2020, USD Million
TABLE 13 North America Travel Insurance Market by Distribution Channel, 2021 - 2027, USD Million
TABLE 14 North America Insurance Intermediaries Market by Country, 2017 - 2020, USD Million
TABLE 15 North America Insurance Intermediaries Market by Country, 2021 - 2027, USD Million
TABLE 16 North America Insurance Companies Market by Country, 2017 - 2020, USD Million
TABLE 17 North America Insurance Companies Market by Country, 2021 - 2027, USD Million
TABLE 18 North America Banks Market by Country, 2017 - 2020, USD Million
TABLE 19 North America Banks Market by Country, 2021 - 2027, USD Million
TABLE 20 North America Insurance Brokers Market by Country, 2017 - 2020, USD Million
TABLE 21 North America Insurance Brokers Market by Country, 2021 - 2027, USD Million
TABLE 22 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 23 North America Insurance Aggregators Market by Country, 2021 - 2027, USD Million
TABLE 24 North America Travel Insurance Market by End User, 2017 - 2020, USD Million
TABLE 25 North America Travel Insurance Market by End User, 2021 - 2027, USD Million
TABLE 26 North America Family Travelers Market by Country, 2017 - 2020, USD Million
TABLE 27 North America Family Travelers Market by Country, 2021 - 2027, USD Million
TABLE 28 North America Business Travelers Market by Country, 2017 - 2020, USD Million
TABLE 29 North America Business Travelers Market by Country, 2021 - 2027, USD Million
TABLE 30 North America Senior Citizens Market by Country, 2017 - 2020, USD Million
TABLE 31 North America Senior Citizens Market by Country, 2021 - 2027, USD Million
TABLE 32 North America Education Travelers Market by Country, 2017 - 2020, USD Million
TABLE 33 North America Education Travelers Market by Country, 2021 - 2027, USD Million
TABLE 34 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 35 North America Others Market by Country, 2021 - 2027, USD Million
TABLE 36 North America Travel Insurance Market by Country, 2017 - 2020, USD Million
TABLE 37 North America Travel Insurance Market by Country, 2021 - 2027, USD Million
TABLE 38 US Travel Insurance Market, 2017 - 2020, USD Million
TABLE 39 US Travel Insurance Market, 2021 - 2027, USD Million
TABLE 40 US Travel Insurance Market by Coverage Type, 2017 - 2020, USD Million
TABLE 41 US Travel Insurance Market by Coverage Type, 2021 - 2027, USD Million
TABLE 42 US Travel Insurance Market by Distribution Channel, 2017 - 2020, USD Million
TABLE 43 US Travel Insurance Market by Distribution Channel, 2021 - 2027, USD Million
TABLE 44 US Travel Insurance Market by End User, 2017 - 2020, USD Million
TABLE 45 US Travel Insurance Market by End User, 2021 - 2027, USD Million
TABLE 46 Canada Travel Insurance Market, 2017 - 2020, USD Million
TABLE 47 Canada Travel Insurance Market, 2021 - 2027, USD Million
TABLE 48 Canada Travel Insurance Market by Coverage Type, 2017 - 2020, USD Million
TABLE 49 Canada Travel Insurance Market by Coverage Type, 2021 - 2027, USD Million
TABLE 50 Canada Travel Insurance Market by Distribution Channel, 2017 - 2020, USD Million
TABLE 51 Canada Travel Insurance Market by Distribution Channel, 2021 - 2027, USD Million
TABLE 52 Canada Travel Insurance Market by End User, 2017 - 2020, USD Million
TABLE 53 Canada Travel Insurance Market by End User, 2021 - 2027, USD Million
TABLE 54 Mexico Travel Insurance Market, 2017 - 2020, USD Million
TABLE 55 Mexico Travel Insurance Market, 2021 - 2027, USD Million
TABLE 56 Mexico Travel Insurance Market by Coverage Type, 2017 - 2020, USD Million
TABLE 57 Mexico Travel Insurance Market by Coverage Type, 2021 - 2027, USD Million
TABLE 58 Mexico Travel Insurance Market by Distribution Channel, 2017 - 2020, USD Million
TABLE 59 Mexico Travel Insurance Market by Distribution Channel, 2021 - 2027, USD Million
TABLE 60 Mexico Travel Insurance Market by End User, 2017 - 2020, USD Million
TABLE 61 Mexico Travel Insurance Market by End User, 2021 - 2027, USD Million
TABLE 62 Rest of North America Travel Insurance Market, 2017 - 2020, USD Million
TABLE 63 Rest of North America Travel Insurance Market, 2021 - 2027, USD Million
TABLE 64 Rest of North America Travel Insurance Market by Coverage Type, 2017 - 2020, USD Million
TABLE 65 Rest of North America Travel Insurance Market by Coverage Type, 2021 - 2027, USD Million
TABLE 66 Rest of North America Travel Insurance Market by Distribution Channel, 2017 - 2020, USD Million
TABLE 67 Rest of North America Travel Insurance Market by Distribution Channel, 2021 - 2027, USD Million
TABLE 68 Rest of North America Travel Insurance Market by End User, 2017 - 2020, USD Million
TABLE 69 Rest of North America Travel Insurance Market by End User, 2021 - 2027, USD Million
TABLE 70 Key information – Seven Corners, Inc.
TABLE 71 Key information – USI Insurance Services, LLC
TABLE 72 Key information – Assicurazioni Generali SpA
TABLE 73 Key Information – American International Group, Inc. (AIG)
TABLE 74 Key Information – Allianz Group
TABLE 75 key information – AXA SA
TABLE 76 Key Information – Zurich Insurance Group Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Mar – 2022, Feb) Leading Players
FIG 5 Recent strategies and developments: American International Group, Inc.
FIG 6 SWOT Analysis: American International Group, Inc. (AIG)
FIG 7 Recent strategies and developments: Allianz Group
FIG 8 SWOT Analysis: Allianz Group
FIG 9 Recent strategies and developments: AXA SA
FIG 10 SWOT Analysis: AXA SA
FIG 11 Recent strategies and developments: Zurich Insurance Group Ltd
FIG 12 SWOT Analysis: Zurich Insurance Group