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Top Companies in the Travel Insurance Industry

The global travel insurance market size reached US$ 13.9 Billion in 2021. Travel insurance provides financial protection for expenses or losses incurred due to unexpected events during domestic or overseas travel. It takes into effect from the day of travel until the insured reaches home and covers the costs of lost or stolen belongings, accidental death, emergency medical care, and trip cancellation and interruption. Owing to these properties and the availability of insurance policies with emergency services, travel insurance is gaining traction among individuals across the globe.

As per the analysis by IMARC Group, the top travel insurance companies are offering travel insurance with 24/7 emergency services, such as cash wire assistance, replacing lost passports, and re-booking canceled flights. They are also offering customization options depending on the geographical location and requirements of the insured individuals. Besides this, various key market players are incorporating digital tools, such as artificial intelligence (AI), application program interface (API), data analytics, and global positioning system (GPS), to improve distribution systems and provide a personalized user experience. Looking forward, IMARC Group expects the market to reach US$ 31.3 Billion by 2027, exhibiting a CAGR of 14.4% during the forecast period (2022-2027).

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Best Travel Insurance Companies in the World:

Allianz SE

Establishment: 1890
Headquarters: Munich, Germany
Website: https://www.allianz.com/  

Allianz SE and its subsidiaries provide property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's property-casualty segment offers various insurance products, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit, and travel insurance to private and corporate customers. It also provides banking services for retail clients and digital investment services.

American Express Company

Establishment: 1850
Headquarters: New York, the United States
Website: https://www.americanexpress.com/en-in/

American Express Company (Amex) is an American multinational corporation specializing in payment card and travel-related services. Its products and services include payment and financing products, network services, accounts payable expense management services, and travel and lifestyle services. Presently, the company sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through third-party vendors and business partners, mobile and online applications, direct mail, telephone, in-house sales teams, and direct response advertising.

American International Group

Establishment:  1919
Headquarters:  New York, the United States
Website: https://www.aig.com/

American International Group, Inc. offers insurance products for commercial, institutional, and individual customers in North America and internationally. The company offers travel insurance products through independent marketing organizations, independent insurance agents, financial advisors, direct marketing, banks, and broker-dealers. At present, American International Group operates in more than 80 countries across the globe.

AXA SA

Establishment: 1958
Headquarters: Paris, France
Website: https://www.axa.com/

AXA SA is a multinational insurance company that provides insurance, asset management, and banking services worldwide. It offers life and savings insurance products, such as savings and retirement, health, and personal protection products. The company also provides property and casualty insurance products, including home, car, personal or professional liability international insurance, marine and aviation, and property and casualty reinsurance products.

Berkshire Hathaway Specialty Insurance Company

Establishment: 1866
Headquarters: Nebraska, the United States
Website: https://bhspecialty.com/        

Berkshire Hathaway Inc. is a multinational company engaged in insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, and retailing. It operates various subsidiary companies engaged in insurance services, such as

  • GEICO
  • Berkshire Hathaway Primary Group
  • Berkshire Hathaway Reinsurance Group

Currently, Berkshire Hathaway operates across the United States, Canada, Europe, and the Asia Pacific.

Generali Group

Establishment: 1831
Headquarters: Trieste, Italy
Website: https://www.generali.com/

Generali Group is one of the largest global insurance and asset management providers. It operates through four segments: non-life, life, asset management, and holding and other businesses and offers saving and protection insurance products, unit-linked products with investment purposes, motor, third-party liability, casualty, accident, health, and commercial and industrial risks insurance products. The company also provides equity and fixed-income funds, investment advisory, asset management, and financial planning services. Presently, Generali Group operates in Italy, France, Germany, Bulgaria, Croatia, Austria, Romania, Poland, Hungary, Slovenia, Russia, the Americas, Southern Europe, and Asia.

Insure & Go Insurance Services (Mapfre S.A.)

Establishment: 2000
Headquarters: Southend-on-sea, the United Kingdom
Website: https://www.insureandgo.com/      

InsureandGo, officially known as Insure & Go Insurance Services Limited is a travel insurance company owned by AllClear Insurance. It provides a variety of property/casualty insurances, travel and holiday insurance, car insurance, home insurance, computer, and personal property insurance. However, in 2010, the company was acquired by Mapfre Asistencia.

Seven Corners Inc.

Establishment: 1993
Headquarters: Carmel, Indiana
Website: https://www.sevencorners.com/    

Seven Corners, Inc. is one of the leading international travel health insurance, trip insurance, and specialty benefit management companies in the industry. It offers trip insurance, travels medical insurance, student travel insurance, visitor insurance, annual travel insurance, and group travel insurance. Presently the company serves clients worldwide.

Travel Insured International Inc. (Crum & Forster)

Establishment: 1994
Headquarters: Connecticut, the United States
Website: https://www.travelinsured.com/     

Travel Insured International is one of the leading travel insurance providers, offering quality worldwide travel protection for over 25 years. It offers an array of travel protection benefits, including emergency assistance and evacuation, medical insurance, baggage insurance, trip cancellation and trip interruption protection, airline ticket protection, and more. The company was acquired by Crum & Forster (C&F) in 2015.

USI Affinity (USI Insurance Services)

Establishment: 2004
Headquarters: New York, the United States
Website: https://www.usi.com/     

USI Affinity was formed through the merger of USI Colburn Insurance Service, Bertholon-Rowland Corp. It markets and administers insurance programs for over 440 organizations nationwide, representing more than 22 million association, union, and alumni members.

Zurich Insurance Group AG

Establishment: 1872
Headquarters: Zurich, Switzerland
Website: https://www.zurich.com/

Zurich Insurance Group AG, together with its subsidiaries, provides insurance products and related services in Europe, the Middle East and Africa, Latin America, North America, and the Asia Pacific. The company operates through property and casualty regions, farmers, group functions and operations, life regions, and non-core business segments.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has successfully done multiple projects in the travel insurance industry, which has enabled clients to set up and expand their businesses. Some of the company's offerings include:

  • Market Research
  • Plant setup
  • Plant Expansion
  • Marketing and sales
  • Procurement and Distribution
  • Innovation and Product Development
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