Travel Insurance in the US - Industry Market Research Report

Travel Insurance in the US - Industry Market Research Report

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."