openPR Logo
Press release

Travel Insurance Market Current Scenario and the Forecast Period Highlights the Financial Competency in North America

02-11-2019 10:16 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Travel Insurance Market

Travel Insurance 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.

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.

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.

Download free Sample Copy of Report: https://www.alliedmarketresearch.com/request-sample/2290?utm_source=openpr&utm_medium=vs

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 CSA Travel Protection (U.S.).

Make Purchase Report Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2290?utm_source=openpr&utm_medium=vs

The global tourism industry has witnessed a steady growth in the past decade. According to WTO, international tourist arrivals grew at a rate of 4.4% in 2015 to reach $1,184 million, with North America witnessing a high outbound travel rate. Factors such as an increase in disposable income, package holidays, extensive coverage of holiday types by media, and easy online travel bookings have attributed to the growth in the tourism industry.

As the tourist traffic is on an increase, more number of incidences of loss of luggage, important documents, medical emergencies, and natural calamities are being registered. To mitigate the risk associated with such incidences, there is an increase in a number of people opting for travel insurance. Therefore, the growth of tourism industry acts as a prime booster for the travel insurance market.

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Travel Insurance Market Current Scenario and the Forecast Period Highlights the Financial Competency in North America here

News-ID: 1575890 • Views: 329

More Releases from Allied Market Research

North America Geogrid Market 2020 Segmentation, Demand, Growth, Trend, Opportuni …
According to the report published by Allied Market Research, the North America geogrid market generated $282.0 million in 2019, and is estimated to reach $408.25 million by 2027, registering a CAGR of 7.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios. Surge in infrastructure development activities across the U.S. and Mexico and superior physical properties
Intravenous Immunoglobulin (IVIG) Market 2020 In-Depth Analysis of Industry Shar …
Global intravenous immunoglobulin market accounted for $8,995 million in 2017, and is projected to reach $15,964 million by 2025, registering a CAGR of 7.5% from 2018 to 2025. Immunoglobulin (Ig) is a plasma-derived product, which is obtained from the serum of healthy donors. The isolated plasma product is clinically treated and purified to Ig, which can be further used in the treatment of patients with antibody deficiency. Intravenous immunoglobulin (IVIG) finds
Asthma and COPD Drugs Market Is Expected to Witness a Steady Growth by 2026
"Asthma and COPD Drugs Market by Disease and Medication Class - Global Opportunity Analysis and Industry Forecasts, 2014-2022", projects that the global market for Asthma and COPD Drugs was valued at $38,960 million in 2015 and would reach $50,359 million by 2022, registering a CAGR of 3.7% from 2016 to 2022. Asthma segment dominated the market in 2015 and expected to continue its dominance throughout the forecast period. North America
Synthetic Biology Market in Global Industry by Top Companies, Type and Applicati …
Global Synthetic biology market is forecast to reach $38.7 billion by 2020, at a CAGR of 44.2% during the forecast period (2014 - 2020). Europe occupies largest share in the global market and would hold-on to its position throughout 2020. However, Asia Pacific is the fastest growing market with a CAGR of 46.4% from 2014 - 2020. Read Full Report @ https://www.alliedmarketresearch.com/synthetic-biology-market Synthetic biology is at a nascent stage and has recently

All 5 Releases


More Releases for Travel

Tanzania Travel Tips
Tanzania is among the most popular African countries and for good reason. The climate is warm, the landscape is natural, wildlife is abundant and the people are friendly. All these qualities make Tanzania an affordable holiday destination. Accessing Tanzania The best airport to arrive at is Kilimanjaro International Airport. KLM has daily flights from Amsterdam. Ethiopian and Kenya Airways also fly into Kilimanjaro. Your health There are some health precautions that you need
Travel Mobile Application Developers
we have extensive experience in creating high performance, feature-packed native mobile applications for all the major platforms including iOS, Android..Travayoo Mobile App Development takes its best position and strives to work with the growing outline. Rather than mobile app development, our company also works on B2B , B2C booking engine system. Our mobile application development process integrates design and development to come up with a flexible process that delivers result. INGENIUM
Las Vegas Travel Tips
The city of Las Vegas is known as a universal goal of betting in the clubhouse that are situated over this city and the nightlife that is offered to the voyagers, who visit this goal from various parts of the world. For single ladies voyagers to Las Vegas, the season of New Year ought to have stayed away from as the city is uncommonly swarmed amid this time. Nonetheless, the
City Travel Briefing: Paris
Paris has been resilient as one of the world's leading tourist destinations despite a host of challenges related to security, accommodation and overcrowding. With a clear focus on reinventing the city for the modern traveller by transforming its infrastructure, culture and attractions, Paris is well placed to compete with emerging cities vying to become the tourist destination of choice. This report outlines Paris's strategy in attracting new (and old) holidaymakers
Global Travel Vaccines Market
Health related complications are greater in developing countries and rural areas because of dissimilarities in sanitary conditions, available food and water bases. The immunization Practices Advisory Committee of the Center for Disease Control and Prevention (CDC) mentions that travelers should be up-to-date on routine immunizations, irrespective of travel plans. The target population for the travel vaccines market include outbound travelers. The travel vaccines for the prevention of hepatitis A, hepatitis
Tonga Travel Guide Launched
South Pacific Travel has launched its online Tonga Travel Guide with 125 pages of maps, photos, drawings, and travel information. Tonga.SouthPacific.org is based on the Kingdom of Tonga chapter from Moon Handbooks South Pacific, now fully updated by the original author David Stanley. The 11 digital map files used in the printed book have been modified for web use. The site outlines the many sports and recreation opportunities in Tonga. The