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North America Travel Insurance Market by Distribution Channel: Opportunity Analysis and Industry Forecast, 2016-2022

  • ID: 4333243
  • Report
  • Region: North America, United States
  • 90 pages
  • Allied Analytics LLP
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FEATURED COMPANIES

  • Seven Corners Inc. (U.S.)
  • MORE

The travel insurance market possesses high potential to grow in the next 6-8 years, as the present penetration level is considerably low. It is one of the niche segments as compared to other segments in the insurance industry. One of the driving factors of travel insurance is the growth of tourism industry across North America. As the tourist traffic is growing, the associated risk (while travelling) is also on rise. Travel insurance covers the expenses incurred and minimizes the risks during travel, which include medical treatment to patient, trip cancellation, loss of baggage, evacuation or repatriation during an emergency, loss of travel documents, and others.

The growth of travel insurance market is influenced by the growth in trend of adopting travel insurance as a prerequisite for obtaining VISA. This provision ensures that travelers are adequately covered in case of medical emergencies, owing to high medical and hospitalization cost in foreign countries. However, lack of proper knowledge in terms of benefits of travel insurance and low awareness are expected to restrain the growth of the North America travel insurance market.

According to a study, the number of outbound travelers in the U.S. was increased by 7.7% in 2015 as compared to 2014, strengthening the growth of the U.S. travel insurance market. Moreover, 27% of the Canadian population comprises baby boomers, who have the resources and time to travel across the world. Thus, travel insurance service providers target baby boomers and amend their services to provide a better solution, which is expected to surge the demand for travel insurance in Canada. Insurance intermediaries are expected to gain high market share, owing to the growth of travel insurance among senior citizens.

The market is segmented on the basis of type of distribution channel, insurance cover, end user, and country. Based on distribution channel, it is classified into insurance intermediaries, insurance companies, banks, insurance brokers, insurance aggregators, and others. Based on insurance cover, it is divided into single trip, annual multi-trip, and long stay. Based on end user, it is categorized into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. The countries analyzed in the report include U.S., Canada, and Mexico.

The key players profiled in the report include Seven Corners Inc. (U.S.), Travel Safe Insurance (Chester Perfetto Agency, Inc.) (U.S.), USI Insurance Services, LLC. (U.S.), MH Ross Travel Insurance Services, Inc. (U.S.), American International Group Inc. (U.S.), Travel Insured International (U.S.), Berkshire Hathaway Travel Protection (U.S.), Travelex Insurance Services Inc. (U.S.), American Express Company (U.S.) and CSA Travel Protection (U.S.).

KEY BENEFITS

This study provides an in-depth analysis of the North America travel insurance market, in terms of value, to elucidate the imminent investment pockets.
A detailed impact analysis of the current trends, country-wise travel insurance market, and future estimations is provided to target the profitable sectors.
Quantitative analysis is provided from 2014 - 2022, with 2015 as the base year and forecast from 2016 - 2022.
The drivers, restraints, and opportunities are analyzed to identify the prevailing market opportunities.
Porter’s Five Forces analysis highlights the potency of suppliers and buyers in the competitive market to facilitate efficient business planning.

KEY MARKET SEGMENTS

By Distribution Channel

Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators
Others

By Insurance Cover

Single Trip
Annual Multi-trip
Long Stay

By End User

Senior Citizens
Education Travelers
Backpackers
Business Travelers
Family Travelers
Fully Independent Travelers

By Country

U.S.
Canada
Mexico

KEY PLAYERS:

Seven Corners Inc. (U.S.)
Travel Safe Insurance (Chester Perfetto Agency, Inc.) (U.S.)
USI Insurance Services, LLC. (U.S.)
MH Ross Travel Insurance Services, Inc. (U.S.)
American International Group Inc. (U.S.)
Travel Insured International (U.S.)
Berkshire Hathaway Travel Protection (U.S.)
Travelex Insurance Services Inc. (U.S.)
American Express Company (U.S.)
Generali Global Assistance (U.S.)

Other players in the value chain include (profiles not included in the report)

Travel Insurance Company (U.S.)
Highway to Health, Inc. (U.S.),
John Hancock (U.S.),
WorldNomads.com Pty Limited (U.S.)
International Medical Group, Inc. (U.S.)

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Seven Corners Inc. (U.S.)
  • MORE

CHAPTER 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. SECONDARY RESEARCH
1.4.2. PRIMARY RESEARCH
1.4.3. ANALYST TOOLS AND MODELS

CHAPTER 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

CHAPTER 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. TOP IMPACTING FACTORS
3.2.2. TOP INVESTMENT POCKETS
3.2.3. TOP WINNING STRATEGIES

3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET POSITIONING, 2016
3.5. MARKET DYNAMICS

3.5.1. DRIVERS

3.5.1.1. RISE IN TOURISM
3.5.1.2. INCREASING TRAVEL RULE AND REGULATION
3.5.1.3. RISE IN BABY BOOMER TRAVEL

3.5.2. RESTRAINTS

3.5.2.1. LOW PENETRATION OF INSURANCE POLICIES

3.5.3. OPPORTUNITIES

3.5.3.1. NEW TECHNOLOGICAL DEVELOPMENTS FOR THE TRAVEL INSURANCE INDUSTRY

CHAPTER 4 NORTH AMERICA TRAVEL INSURANCE MARKET

4.1. NORTH AMERICA TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL

4.1.1. INTRODUCTION
4.1.2. KEY MARKET TRENDS
4.1.3. KEY DRIVERS AND OPPORTUNITIES
4.1.4. MARKET SIZE AND FORECAST

4.2. NORTH AMERICA TRAVEL INSURANCE MARKET, BY INSURANCE COVER

4.2.1. INTRODUCTION
4.2.2. KEY MARKET TRENDS
4.2.3. KEY DRIVERS AND OPPORTUNITIES
4.2.4. MARKET SIZE AND FORECAST

4.3. NORTH AMERICA TRAVEL INSURANCE MARKET, BY END USER

4.3.1. INTRODUCTION
4.3.2. KEY MARKET TRENDS
4.3.3. KEY DRIVERS AND OPPORTUNITIES
4.3.4. MARKET SIZE AND FORECAST

CHAPTER 5 NORTH AMERICA TRAVEL INSURANCE MARKET, BY COUNTRY

5.1. U.S. TRAVEL INSURANCE MARKET

5.1.1. INTRODUCTION
5.1.2. KEY MARKET TRENDS
5.1.3. KEY DRIVERS AND OPPORTUNITIES
5.1.4. MARKET SIZE AND FORECAST

5.2. CANADA TRAVEL INSURANCE MARKET

5.2.1. INTRODUCTION
5.2.2. KEY MARKET TRENDS
5.2.3. KEY DRIVERS AND OPPORTUNITIES
5.2.4. MARKET SIZE AND FORECAST

5.3. MEXICO TRAVEL INSURANCE MARKET

5.3.1. INTRODUCTION
5.3.2. KEY MARKET TRENDS
5.3.3. KEY DRIVERS AND OPPORTUNITIES
5.3.4. MARKET SIZE AND FORECAST

CHAPTER 6 RELATED INDUSTRY INSIGHTS

6.1. USAGE BASED INSURANCE MARKET
6.2. CYBER INSURANCE MARKET

CHAPTER 7 COMPANY PROFILE

7.1. SEVEN CORNERS INC.

7.1.1. COMPANY OVERVIEW
7.1.2. OPERATING BUSINESS SEGMENTS
7.1.3. BUSINESS PERFORMANCE
7.1.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.2. TRAVEL SAFE INSURANCE (CHESTER PERFETTO AGENCY, INC)

7.2.1. COMPANY OVERVIEW
7.2.2. OPERATING BUSINESS SEGMENTS
7.2.3. BUSINESS PERFORMANCE
7.2.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.3. USI INSURANCE SERVICES, LLC

7.3.1. COMPANY OVERVIEW
7.3.2. OPERATING BUSINESS SEGMENTS
7.3.3. BUSINESS PERFORMANCE
7.3.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.4. MH ROSS TRAVEL INSURANCE SERVICES, INC.

7.4.1. COMPANY OVERVIEW
7.4.2. OPERATING BUSINESS SEGMENTS
7.4.3. BUSINESS PERFORMANCE
7.4.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.5. AMERICAN INTERNATIONAL GROUP INC.

7.5.1. COMPANY OVERVIEW
7.5.2. OPERATING BUSINESS SEGMENTS
7.5.3. BUSINESS PERFORMANCE
7.5.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.6. TRAVEL INSURED INTERNATIONAL

7.6.1. COMPANY OVERVIEW
7.6.2. OPERATING BUSINESS SEGMENTS
7.6.3. BUSINESS PERFORMANCE
7.6.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.7. BERKSHIRE HATHAWAY TRAVEL PROTECTION

7.7.1. COMPANY OVERVIEW
7.7.2. OPERATING BUSINESS SEGMENTS
7.7.3. BUSINESS PERFORMANCE
7.7.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.8. TRAVELEX INSURANCE SERVICES INC

7.8.1. COMPANY OVERVIEW
7.8.2. OPERATING BUSINESS SEGMENTS
7.8.3. BUSINESS PERFORMANCE
7.8.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.9. AMERICAN EXPRESS COMPANY

7.9.1. COMPANY OVERVIEW
7.9.2. OPERATING BUSINESS SEGMENTS
7.9.3. BUSINESS PERFORMANCE
7.9.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

7.10. GENERALI GLOBAL ASSISTANCE

7.10.1. COMPANY OVERVIEW
7.10.2. OPERATING BUSINESS SEGMENTS
7.10.3. BUSINESS PERFORMANCE
7.10.4. KEY STRATEGIC MOVES AND DEVELOPMENTS

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Seven Corners Inc. (U.S.)
  • MORE

According to a new report titled, North America Travel Insurance Market by Insurance Cover and Distribution Channel: Opportunity Analysis and Industry Forecast, 2016-2022, the North America travel insurance market was valued at $4,930 million in 2016, and is estimated to reach $8,165 million by 2022, registering a CAGR of 8.8% from 2016 to 2022. In 2016, the single trip insurance cover segment dominated the North American market.

The primary driver of the North America travel insurance market is the increase in number of outbound travelers in the region, wherein baby boomers have witnessed highest growth in terms of traveling. Moreover, baby boomers focus on secure travel, thus creating growth opportunities for the North American travel insurance market. Additionally, a notable increase in business travelers would also have a significant impact on the travel insurance market in the region.
U.S. is the market leader, accounting for nearly 43% share of the market in 2016, followed by Canada. U.S. dominates the North America travel insurance market, owing to the rise in multi-generational family travel. In addition, higher disposable income of the populace in the country supplements the demand for weekend getaways and trips.
From a growth perspective, Mexico is expected to exhibit the highest CAGR of 9.2% during the forecast period. The market growth in the country is attributable to the rise in number of initiatives by Mexican government, insurance companies, and the insurance regulatory bodies to create awareness about travel insurance among the masses and thereby increase the travel insurance adoption rate.
By insurance cover, single trip insurance policy is identified to be the most purchased insurance policy. The growth in executive travel for cross border business is a key factor for the adoption of single trip travel insurance policy. However, annual multi-trip insurance segment is anticipated to exhibit the highest CAGR during the forecast period (2016-2022), owing to the rise in number of number of business travelers and backpackers who opt for annual multi-trip insurance policy.

Key Findings of the North America Travel Insurance Market:
U.S. leads the North America travel insurance market, followed by the Canada.
Mexico is still in its growth phase of adopting the travel insurance trend, and is expected to grow at highest CAGR of 9.2% during the forecast period.
The insurance intermediaries segment accounted for the highest market share of nearly 69% in 2016; however, the insurance aggregators segment is anticipated to witness the highest growth during the forecast period.
Overall, the senior citizens segment possesses higher market share. Independent and business travelers will present lucrative growth opportunities.

The key players profiled in this report include Seven Corners Inc. (U.S.), Travel Safe Insurance (Chester Perfetto Agency, Inc.) (U.S.), USI Insurance Services, LLC. (U.S.), MH Ross Travel Insurance Services, Inc. (U.S.), American International Group Inc. (U.S.), Travel Insured International (U.S.), Berkshire Hathaway Travel Protection (U.S.), Travelex Insurance Services Inc (U.S.), American Express Company (U.S.), and Generali Global Assistance (U.S.).

Note: Product cover images may vary from those shown
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  •     Seven Corners Inc. (U.S.)
  •     Travel Safe Insurance (Chester Perfetto Agency, Inc.) (U.S.)
  •     Usi Insurance Services, Llc. (U.S.)
  •     Mh Ross Travel Insurance Services, Inc. (U.S.)
  •     American International Group Inc. (U.S.)
  •     Travel Insured International (U.S.)
  •     Berkshire Hathaway Travel Protection (U.S.)
  •     Travelex Insurance Services Inc. (U.S.)
  •     American Express Company (U.S.)
  •     Generali Global Assistance  (U.S.)
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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