A recent survey conducted for the US Travel Insurance Association (UStiA) spells opportunity for Travel Insurance Center’s affiliates.*
Of Americans who reported in the UStiA survey that their travel plans were impacted, more than one-third (36%) purchased travel insurance — a 63% increase from last year’s survey, when 22% reported having insurance, according to International Travel Daily News.
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The UStiA survey findings reveal that travel troubles aren’t going away — they seem to be increasing.
Nearly a quarter of Americans (23%) in the UStiA survey reported their travel plans in 2013–2014 were impacted by medical conditions, natural disasters, including severe weather; or mechanical or carrier-caused problems — up from 17% in 2012–2013.
Survey respondents were asked whether they had to cancel or interrupt their travel plans, or whether their trip was delayed from spring 2013 to fall 2014, for one or more of the following reasons, which are generally covered by travel insurance:
Of impacted travelers with insurance, 98% reported satisfaction with their travel insurance, a noticeable increase from 2013 when 85% said they were satisfied.
Households with children, and 18- to 34-year-olds, continued to be the largest single demographic groups among impacted travelers who had purchased travel insurance, and the UStiA noted both groups had grown in the past 12 months. Among people whose travels had been affected, 56% of 18- to 34-year-olds purchased travel insurance, compared to 30% last year, and 50% of households with children purchased insurance, up from 33% last year. According to the survey, Americans are most likely to purchase travel insurance for trips to more exotic destinations and for cruises (24% and 21%, respectively.) Can you guess which types of trips are least likely to be insured? Road trips and weekend getaways (5% each) and ski trips (3%).
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*The findings come from an Iposos poll of 1,005 US adults ages 18+ conducted on behalf of the UStiA