Americans’ love affair with travel insurance
Americans spent more than $1.3 billion on travel insurance last year, a growth rate of 20% over 2004, according to the 2007 Travel Insurance Market Survey conducted by the US Travel Insurance Association.
“The survey revealed that in 2006 more than 67 million people were covered by a variety of travel-related insurance and emergency assistance services from UStiA member companies, an increase of 18% over 2004,” the group says. Of these, one-third purchased a per trip policy, representing a 20% increase.
“Per trip package policies including trip cancellation/interruption coverage were by far the most popular, accounting for 77% of total sales,” says the report.
“Utilizing industry and government statistics we estimate that approximately half of Americans who took a cruise, tour or international leisure air trip in 2005 purchased a per trip insurance policy,” said Brad Finkle, president.
“Prior to 9/11 only 8 to 10% of these travelers purchased travel insurance. That number has grown five-fold,” said Mr Finkle, who attributes the continued growth of travel insurance sales to several factors.
“Stricter airline security regulations have led to increased flight delays and lost baggage, natural catastrophes such as hurricanes and tsunamis have disrupted travel arrangements for thousands, and increasing numbers of travelers are finding that their medical insurance may not cover them overseas or in case of medical need or evacuation,” he said.
The travel insurance association estimates that its membership represents over 90% of the travel insurance market in the US.
Report by David Wilkening
David
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