Travel insurance is on the rise with the entire market expected to grow fourfold in the next ten years.
So how many people really have or use travel insurance?
This article has all of the most up-to-date travel insurance statistics for 2023 and beyond.
Table Of Contents
- Key Travel Insurance Stats
- Travel Insurance Market Share
- Travel Insurance Costs
- Why People Buy Travel Insurance
- Travel Insurance Claim Statistics
- Travel Insurance & COVID-19
- Travel Insurance Companies
Key Travel Insurance Stats
- The travel insurance industry had $3.5 billion in market share in 2022. (IBIS)
- 38% of Americans said they would purchase travel insurance for their next trip. (Travel Agent)
- The travel insurance market has shrunk considerably from $4.1 billion in 2019 due to the pandemic. (IBIS)
- 94% of travel insurance policies cover trip cancellation. (USTIA)
Travel Insurance Market Share & Revenue
Revenue was increasing steadily in the travel insurance industry until the pandemic and has never fully recovered.
- The travel insurance market is recovering. Revenue is up 62.1% in 2022 from 2021.
Travel Insurance Cost Statistics
- Travel insurance typically costs 4-10% of the total trip cost. (Cover Trip)
- Cost of insurance is the #1 reason people do not buy travel insurance. (CNBC)
- The average travel insurance cost is $148 in 2020. (Value Penguin)
Reasons People Buy Travel Insurance
- International travel is the #1 reason people buy travel insurance. (IBIS)
- Increased globalization and global supply chains have increased the need to travel and travel insurance. (IBIS)
- 61% of travel insurance buyers cited booking a trip far out as a reason to buy travel insurance. (Travel Agent)
- 57% of travel insurance buyers cited a recommendation by family or friends as a reason why they bought insurance. (Travel Agent)
Travel Insurance Claim Statistics
- Over 95% of all travel insurance claims payout. (Forbes)
- Claims for travel delays, cancellations, lost baggage, and medical costs make up 93% of all travel insurance claims. (Money Super Market)
- Most travel insurance policies make you submit a claim no longer than 90 days after the incident, or it will be denied. (Allianz)
- Travel insurance costs are not affected by your claim history, unlike car insurance. (Allianz)
Travel Insurance & COVID-19
- Travel insurance covering COVID-19 quarantine became the #1 worry for travelers in 2020 and beyond. (Forbes)
- Some travel insurance policies now come with travel delay coverage due to COVID if you have to stay and quarantine. The payout will cover accommodation and food until you can leave. (Forbes)
- 27% of Americans have taken a vacation during COVID-19. (IPX)
- 37% of American have put travel plans on hold due to COVID-19. (IPX)
- 55% of travelers say their vacation was longer due to COVID-19. (IPX)
Travel Insurance Companies
- Allianz Partners and American International Group are the two most popular travel insurance companies with the highest market share. (IBIS)
- There are currently 6,166 travel insurance companies in the U.S. (IBIS)
That’s is for our travel insurance statistics!
We hope these statistics were useful for you.
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We look forward to hearing from you.