New data shows a drastic decline in travel by older generations, as younger travellers become the most insured demographic in the US amidst Covid-19
According to US-based travel insurance aggregator Squaremouth’s data, most insured trips prior to the pandemic were for the 50 and above age bracket. Now, 60 per cent of travellers purchasing travel insurance are under the age of 50.
“We have never seen younger travellers driving the majority of travel insurance purchases before,” said Megan Moncrief, CMO of Squaremouth. “Historically, the typical travel insurance customer was retired, with time and money to travel, taking expensive and longer international trips.”
Data from the aggregator shows it is now the youngest generation of travellers, aged 21 and under, that are responsible for the majority of travel insurance purchases during the Covid-19 pandemic, accounting for roughly a quarter of all travellers purchasing travel insurance since May. Before the pandemic, back in January, this younger generation made up just 11 per cent of sales.
Despite age differences, however, travellers share the same main concerns across the board, says Squaremouth. These predominantly include the fear that their vacation will need to be cancelled, which has been reflected in the desire to purchase coverage for the coronavirus pandemic, with Cancel for Any Reason being top of mind for all generations. In July, said the company, 40 per cent of travellers purchased a policy that specifically included cancellation or medical coverage in the event they contract Covid-19 or are quarantined.
Furthermore, since February, 20 per cent of all policies purchased include the pricey but extensive Cancel for Any Reason upgrade, said Squaremouth, a 210-per-cent increase compared to last year. Let’s hope that younger travellers continue these sensible travel insurance purchasing habits well into the future.
Read the full ITIJ article online here: https://www.itij.com/latest/news/younger-travellers-most-insured-demographic-us