North America Travel Insurance Market by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators, and Others), Insurance Cover (Single Trip, Annual Multi-trip, and Long Stay), and End User (Senior Citizens, Educational Travelers, Backpackers, Business Travelers, Family Travelers, and Fully Independent Travelers) : Opportunity Analysis and Industry Forecast, 2016-2022

May 2017 | 90 pages | ID: N607C7B0EF1EN
Allied Market Research

Abstracts

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.)
• CSA Travel Protection (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.)

Contents

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

List Of Tables

LIST OF TABLES

TABLE 1. NORTH AMERICA TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 2. NORTH AMERICA TRAVEL INSURANCE MARKET, BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 3. NORTH AMERICA TRAVEL INSURANCE MARKET, BY END-USER, 2014-2022 ($MILLION)
TABLE 4. U.S. TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 5. U.S. TRAVEL INSURANCE MARKET, BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 6. U.S. TRAVEL INSURANCE MARKET, BY END-USER, 2014-2022 ($MILLION)
TABLE 7. CANADA TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 8. CANADA TRAVEL INSURANCE MARKET, BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 9. CANADA TRAVEL INSURANCE MARKET, BY END-USER, 2014-2022 ($MILLION)
TABLE 10. MEXICO TRAVEL INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2014-2022 ($MILLION)
TABLE 11. MEXICO TRAVEL INSURANCE MARKET, BY INSURANCE COVER, 2014-2022 ($MILLION)
TABLE 12. MEXICO TRAVEL INSURANCE MARKET, BY END-USER, 2014-2022 ($MILLION)
TABLE 13. SEVEN CORNERS INC.: COMPANY SNAPSHOT
TABLE 14. SEVEN CORNERS.: OPERATING SEGMENTS
TABLE 15. TRAVEL SAFE INSURANCE (CHESTER PERFETTO AGENCY, INC): COMPANY SNAPSHOT
TABLE 16. TRAVEL SAFE INSURANCE (CHESTER PERFETTO AGENCY, INC.): OPERATING SEGMENTS
TABLE 17. USI INSURANCE SERVICES, LLC: COMPANY SNAPSHOT
TABLE 18. USI INSURANCE SERVICES, LLC: OPERATING SEGMENTS
TABLE 19. MH ROSS TRAVEL INSURANCE SERVICES, INC.: COMPANY SNAPSHOT
TABLE 20. MH ROSS TRAVEL INSURANCE SERVICES, INC.: OPERATING SEGMENTS
TABLE 21. AMERICAN INTERNATIONAL GROUP INC.: COMPANY SNAPSHOT
TABLE 22. AMERICAN INTERNATIONAL GROUP INC.: OPERATING SEGMENTS
TABLE 23. TRAVEL INSURED INTERNATIONAL: COMPANY SNAPSHOT
TABLE 24. TRAVEL INSURED INTERNATIONAL: OPERATING SEGMENTS
TABLE 25. BERKSHIRE HATHAWAY TRAVEL PROTECTION: COMPANY SNAPSHOT
TABLE 26. BERKSHIRE HATHAWAY TRAVEL PROTECTION: OPERATING SEGMENTS
TABLE 27. TRAVELEX INSURANCE SERVICES INC: COMPANY SNAPSHOT
TABLE 28. TRAVELEX INSURANCE SERVICES INC: OPERATING SEGMENTS
TABLE 29. AMERICAN EXPRESS COMPANY: COMPANY SNAPSHOT
TABLE 30. AMERICAN EXPRESS COMPANY: OPERATING SEGMENTS
TABLE 31. CSA TRAVEL PROTECTION: COMPANY SNAPSHOT
TABLE 32. CSA TRAVEL PROTECTION: OPERATING SEGMENTS

List Of Figures

LIST OF FIGURES

FIGURE 1. TOP IMPACTING FACTORS
FIGURE 2. TOP INVESTMENT POCKETS
FIGURE 3. BARGAINING POWER OF SUPPLIERS
FIGURE 4. BARGAINING POWER OF BUYERS
FIGURE 5. THREAT OF NEW ENTRANTS
FIGURE 6. COMPETITIVE RIVALRY
FIGURE 7. THREAT OF SUBSTITUTES
FIGURE 8. MARKET POSITIONING, 2016
FIGURE 9. U.S. TRAVEL INSURANCE MARKET, 2014-2022 ($MILLION)
FIGURE 10. CANADA TRAVEL INSURANCE MARKET, 2014-2022 ($MILLION)
FIGURE 11. MEXICO TRAVEL INSURANCE MARKET, 2014-2022 ($MILLION)
FIGURE 12. SEVEN CORNERS INC.: COMPANY SNAPSHOT
FIGURE 13. TRAVEL SAFE INSURANCE (CHESTER PERFETTO AGENCY, INC.): COMPANY SNAPSHOT
FIGURE 14. USI INSURANCE SERVICES, LLC: COMPANY SNAPSHOT
FIGURE 15. MH ROSS TRAVEL INSURANCE SERVICES, INC.: COMPANY SNAPSHOT
FIGURE 16. AMERICAN INTERNATIONAL GROUP INC.: COMPANY SNAPSHOT
FIGURE 17. TRAVEL INSURED INTERNATIONAL: COMPANY SNAPSHOT
FIGURE 18. BERKSHIRE HATHAWAY TRAVEL PROTECTION: COMPANY SNAPSHOT
FIGURE 19. TRAVELEX INSURANCE SERVICES INC: COMPANY SNAPSHOT
FIGURE 20. AMERICAN EXPRESS COMPANY: COMPANY SNAPSHOT
FIGURE 21. CSA TRAVEL PROTECTION: COMPANY SNAPSHOT