Squaremouth in the News

ITIJ, May 9 2019 – Travel Insurance Purchases Up in US

ITIJ, May 9 2019 – Travel Insurance Purchases Up in US

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Good news – more US travelers are buying travel insurance coverage for their trips in 2019 than in 2018, according to travel insurance comparison site, Squaremouth.

Squaremouth looked at its data and found a 20% rise in travel insurance purchased for trips planned for June, July and August this year. The most popular benefits were found to be trip cancellation and emergency medical cover – however, it seems that the potential financial failure of a carrier has inched up the worry rankings for travelers this year, most likely due to the various high-profile cases of default that have occurred recently, such as the sudden closure of Wow Air. Searches for financial default coverage have increased by 21% for summer trips this year compared to last year, while work-related benefits such as cancel for work reasons and employment layoff have risen by 25% and 42% respectively. Cover for hurricanes and other extreme weather eventualities is also proving popular, with purchases of this type of coverage up by 19 per cent year-on-year – particularly for travelers planning trips to Mexico and the Bahamas.

Looking a little more broadly at travel trends, Squaremouth found that the unstoppable rise of adventure travel shows no signs of abating, with interest in cover for sports and other such activities more than tripling compared with last year. And while US travelers still favor their own country for a holiday more than overseas destinations, Canada was found to be the top international destination and both France and Germany saw a major uptick in bookings compared with 2018, rising by 44% and 32% respectively. The Bahamas, however, registered a drop of nine per cent.

Both domestic and international travel, despite the odd dip, continue to rise overall, so it is good news that holiday makers are not only remembering to purchase coverage, but are looking well in advance – and making sure they obtain specialist benefits, rather than basic packages that may not cover them. Hopefully next year will see purchases rise by another 20% – if not more.