ST. PETERSBURG, Fla., June 21, 2023 – The adventure tourism market is growing and getting more expensive, and with it, an uptick interest in travel insurance coverage for extreme sports and activities.
Squaremouth.com, the nation’s leading travel insurance marketplace, reveals that searches for specific policies that cover sports and adventure are up 20% since last year, and policy sales up 42%.
Adventure Demand Soars, Costs Follow
In a recent Squaremouth survey of over 10,000 travelers, more than 40% of respondents said they were “looking for adventure” when they booked their trips.
Notable Travel Insurance Stats for Adventure Travel:
- Sales for Squaremouth’s top adventure policies have increased 21% YOY
- Trip costs to Antarctica, Nepal, Tanzania, and famous adventure destinations have increased an average of 12.6% YOY
Trips With Greater Risk Require Specific Coverage
Most travel insurance customers purchase a policy primarily to cover unforeseen injuries or illnesses. However, only certain plans offer coverage for medical emergencies and travel disruptions resulting from participating in extreme sports and hazardous activities.
Common Adventure Activities Insured By Travelers in 2023:
- Snow Skiing
Examples of Extreme Adventure Activities That Can Be Covered:
- Shark Diving
- Ice Climbing
- Heli Skiing
- White Water Rafting
Aside from generous medical coverage, these policies offer specific coverage for those with adventurous itineraries, including the following:
- Search & Rescue: Search and Rescue coverage pays for the costs associated with finding a traveler in the event they become lost, disoriented, or go missing while participating in a recreational activity during their trip.
- Sports Equipment Loss: Sports Equipment Loss can reimburse a traveler in the event their own sports equipment is lost or damaged during a covered trip.
- Sports Weather Loss: Sports Weather Loss can reimburse a traveler’s prepaid and non-refundable trip payments when they are not able to participate in a sport or activity due to inclement weather.
Methodology: Squaremouth analytics compared travel insurance policy sales for trips being insured between January 1, and June 20 between 2022 and 2023.