ST. PETE BEACH, FL February 19, 2008 – Squaremouth, the industry leader in travel insurance comparison shopping today releases the travel insurance leaderboard for 2007 highlighting the best performing carriers.
The data contained in this report is intended to provide an overview of travel insurance market trends for 2007, according to Squaremouth.com’s CEO Chris Harvey. Data is provided by the travel insurance comparison engine Squaremouth.com and covers sales statistics for 2007. Sales from 19 travel insurance carriers are represented covering every type of travel insurance policy available for purchase.
Harvey says there are interesting findings after analyzing the sales data:
AIG Travel Guard is chosen most by travelers with the highest trip cost.
The 50-60 age group is the best performing sector for Squaremouth overall and also for CSA, Global Alert, HTH and MH Ross.
Travel Insured International had the lowest premium to trip cost ratio with an average of 4.7%.
CSA outsold all other carriers in the state of New York.
Travel Insured International is the top performing carrier for travelers 65 and older.
Travelex is the top performing carrier for travelers under 65.
CSA and Travel Insured are tied for the the top performing carrier for trips costing $10-20,000.
Travelex is the top performing carrier for trip costs over $20,000.
Following is a subset of Squaremouth’s data. More detailed info can be found at http://www.squaremouth.com/press-room/2007-travel-insurance-leaderboard/
Average trip cost
AIG Travel Guard – $4823.71, average premium represents 5.2% of trip cost
CSA – $4595.37, average premium represents 4.9% of trip cost
Global Alert – $3152.83, average premium represents 6.1% of trip cost
HTH Worldwide – $2784.32, average premium represents 8.7% of trip cost
ITravel Insured – $2342.20, average premium represents 5.6% of trip cost
MH Ross – $4070.04, average premium represents 5.1% of trip cost
Travel Insured International – $4376.52, average premium represents 4.7% of trip cost
Travelex – $3851.65, average premium represents 6.0% of trip cost
TravelSafe – $2902.81, average premium represents 5.6% of trip cost
Best performing age range by carrier
AIG Travel Guard – 29% of their policies sold to the 60-70 age group.
CSA – 28% of their policies sold to the 50-60 age group.
Global Alert – 26% of their policies sold to the 50-60 age group
HTH – 23%% of their policies sold to the 50-60 age group.
ITI – 19% of their policies sold to the 40-50 age group.
MH Ross – 33% of their policies sold to the 50-60 age group.
Travel Insured – 23% of their policies sold to the 60-70 age group.
Travelex – 22% of their policies sold to the 40-50 age group.
TravelSafe – 26% of their policies sold to the 30-40 age group.
Best performing carriers for travelers over 65
1 – Travel Insured
2 – CSA
3 – Travelex
4 – AIG Travel Guard
5 – HTH
Best performing carriers for travelers under 65
1 – Travelex
2 – CSA
3 – Travel Insured
4 – AIG Travel Guard
5 – TravelSafe
Best performing carriers by insureds state
1 – Travelex 25%
2 – CSA 15%
3 – Travel Insured 14%
1 – CSA 25%
2 – Travelex 16%
3 – Travel Insured 15%
1 – Travelex 21%
2 – Travel Insured 17%
3 – CSA 15%
AIG Travel Guard products did not appear on Squaremouth until April 07; Harvey expects them to make a strong showing in 08.
Travel insurance providers represented at Squaremouth.com:
Access America, AIG Travel Guard, CSA, Elvia, Global Alert Admin, Global Underwriters, HTH Worldwide, ITravel Insured, Medex, Medjet Assist, MH Ross, Multinational Underwriters (MNU), Seven Corners, Travel Insured, Travel Insurance Services, Travelers Liberty, Travelex, TravelSafe, USA Assist.
“Squaremouth’s data represents a snapshot of the entire travel insurance industry,” Harvey says. “This data can be relied upon as it analyzes practically every third party travel insurance provider and available product.”
Squaremouth does not favor any third party travel insurance partner over another, nor does the company target one specific travel niche such as retired or adventure travel. Additionally, when a customer is reviewing policies, they are comparing apples to apples as product information is standardized, Harvey adds.
More detailed information and data relating to specific or niche requests are available upon request. To learn more about Squaremouth, please visit www.squaremouth.com.
Founded in 2001, Squaremouth helps travelers easily and instantly compare all the major travel insurance plans. To ensure customer satisfaction, all carriers are handpicked based on an internal rating system and also ratings from insurance industry watchdog AM Best. Only companies that meet Squaremouth’s strict requirements make it into the system. Along with its unique research capabilities and zero complaint guarantee, the site provides instant quotes, immediate purchase and instant confirmation. Squaremouth is headquartered in St Pete Beach, FL and has offices in Fort Wayne, IN. Squaremouth has websites dedicated to both US travel insurance and UK travel insurance as well as international medical insurance for any nationality traveling outside their home country. Visit squaremouth.com for more information.
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