Demand for Travel Insurance Increases
More travelers are insuring their summer trips this year compared to last year.
20% more travelers have purchased travel insurance for trips during the months of June, July and August 2019 compared to the same months in 2018.
Growing Concerns over Financial Default, Employment, and Weather
While Trip Cancellation and Emergency Medical are still the most popular benefits, more travelers this summer are showing concern over the financial default of a carrier, canceling for work-related issues, and inclement weather.
Travelers looking for Financial Default coverage has increased by 21% this summer, following the recent closure of Wow Air.
Interest in work-related benefits, such as Cancel For Work Reasons and Employment Layoff, are on the rise this summer, increasing 25% and 42%, respectively.
Travelers buying policies specifically with Hurricane & Weather coverage for trips this summer increased by 19%, specifically for travelers heading to Mexico and the Bahamas.
Adventure Travel is On The Rise
More travelers are getting adventurous on their summer trips this year, and are ensuring they have coverage for their outdoor activities.
Interest in Sports & Activities coverage has more than tripled over last summer.
Travelers are particularly interested in land and water activities this summer, with hiking, snorkeling and kayaking leading in popularity.
The most adventurous travelers this summer are Gen X-ers, making up 49% of adventure and sports travel insurance policyholders.
Interest in International Travel Grows
While the United States remains the most popular destination for summer travel overall, travel to international destinations continues to increase.
Canada is once again the top international destination for travelers this summer.
France and Germany have seen a significant increase in travelers compared to last summer, with a gain of 44% and 32% respectively.
South Africa joins the list of the 10 most popular international destinations this summer for the first time since 2013.
Bahamas are the only destination of the 10 most popular to show a decline in travelers insuring their trips, dropping by 9% over last year.
Traveler Spending Remains the Same
On average, travelers are spending roughly the same on vacations this summer compared to last year.
The average cost for a trip to the 10 most popular destinations is $6,855.
Travelers heading to South Africa are spending the most, with an average of $14,697 per trip.
Travelers heading to Mexico are spending the least, with an average of $3,508 per trip.