ST. PETERSBURG, FL May 16, 2012 – Travel insurance comparison site Squaremouth.com announces Travel Insured International as the top-selling insurance provider for the first quarter of 2012.
Travel Insured has led in overall premium sales every month of the first quarter, with 21.82% of the market in January, 19.31% in February and 18.54% in March. Its Worldwide Trip Protector and Trip Protector Lite plans were the second and fifth best-selling travel insurance policies capturing 7.63% and 4.3% of sales, respectively.
“Travel Insured offers competitive pricing to seniors and ‘kids free’ options to families, which make their plans attractive to customers,” says Squaremouth CEO Chris Harvey.
Despite its top ranking, Travel Insured dropped almost 7% in market share compared to the first quarter of 2011 from 26.27% to 19.76%. Travel Guard and Travelex also saw decreases from 16.45% to 14.61% and 15.05% to 12.08%, respectively.
This decline illustrates the impact of travel insurance comparison shopping.
“When travelers use a comparison site, they can identify which policy is a better value. A lower premium doesn’t always result in reduced benefits,” says Harvey.
Seven Corners sales rose 8%, the largest of the quarter, from 5.09% in Q1 2011 to 13.64%. The addition of two travel insurance products in October 2011, Roundtrip Economy and Elite, assisted with growth. The Roundtrip Economy plan was the second best-selling policy for the first quarter of 2012 accounting for 8.01% of products sold.
CSA Travel Protection’s Custom Comprehensive plan had the highest sales of any policy during the first quarter at 10.45% of the overall market, helping them increase their overall sales almost 1% from 15.47% to 16.44% compared to same quarter last year.
“Last-minute customers gravitate towards CSA because its plans are often cheaper for travelers when they buy near their departure date,” says Squaremouth Marketing Manager Anna Coats.
Because Squaremouth does not recommend one provider or product over another, it provides an unbiased overview of the travel insurance industry. Data is currently compiled from the sales of 17 travel insurance providers with over 250 products.
“As a comparison site, we present travelers with the tools they need to make an informed decision,” explains Harvey. “There is no single product that dominates the travel insurance market in the United States. The top-seller only captures about 20% of the market. This means 80% of the time another travel insurance product is a better fit.”
Squaremouth Q1 Travel Insurance Leaderboard – Based on percentage of premium sold
Travel Insured International 19.76%
CSA Travel Protection 16.44%
Travel Guard 14.61%
Seven Corners Inc 13.64%
Squaremouth Q1 Travel Insurance Leaderboard – Based on percentage of policies sold
CSA Travel Protection Custom Comprehensive 10.45%
Seven Corners Roundtrip Economy 8.01%
Travel Insured International Worldwide Trip Protector 7.63%
Trawick International Safe Travels International 4.37%
Travel Insured International Trip Protector Lite 4.3%
Squaremouth is America’s fastest growing travel insurance comparison site, helping customers instantly quote, compare and buy policies from every major carrier. Squaremouth has web sites in the US and UK, and an extensive network of partner sites worldwide. The company is headquartered in St. Petersburg, FL., with offices in Fort Wayne, IN. Visit Squaremouth.com or Squaremouth.co.uk.
About our Zero Complaint Guarantee
The cornerstone of our commitment to customers is Squaremouth’s guarantee to remove any company from our website if there is a customer complaint that cannot be resolved to our satisfaction. Squaremouth offers the broadest selection of insurance with an emphasis on quality and follow-up care in companies featured. We also factor in independent evaluation from the insurance industry watchdog AM Best.