Travel Insurance in the US: Market Research Report
Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends
Travel Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Mar 2015
Taking off: Travel insurance revenue will rise as operators expand to niche markets
Industry Analysis & Industry Trends
Travel insurers faced steep revenue declines during the recession. Declining consumer disposable income meant fewer people were traveling and purchasing travel insurance. However, the industry returned to growth in 2010 as consumers became more sensitive to the potential losses associated with airline delays and cancellations, prompting them to buy travel insurance. The industry is expected to continue growing over the next five years and expand into niche markets catering to students and business travelers. purchase to read more
The Travel Insurance industry is in the mature stage of its life cycle, illustrated by continuous consolidation and widespread market acceptance of travel insurance. Industry value added (IVA), or contribution to the overall economy, is forecast to rise at an annualized rate of 1.2% over the 10 years to 2020. Similarly, US GDP is projected to grow at an average annual rate of 2.5% over the same period. This indicates that the industry is expanding roughly in line with the economy.
The number of industry operators is forecast to fall at an annualized rate of 1.6% over the five years to 2015. This follows a decade of consolidation, in which enterprise numbers declined even during years of revenue growth. purchase to read more
What is the Travel Insurance Industry?