April 26, 2023

Travel Insurance Claims Paid Out 8x Policy Premium in 2022

New data reveals travelers who filed a travel insurance claim saved an average of $1,891 in 2022.

Squaremouth.com reports that travelers spent an average of $266 per policy last year, and received an average reimbursement of $2,157 when filing a claim.

Claim payouts ranged drastically depending on the benefit, from an average of $213 to more than $80,000, exceeding the policy cost by 8 times on average.

Medical Evacuation Payouts Averaged More Than $80,000 in 2022

In 2022, the three highest travel insurance claim payouts came from medical evacuations, and canceled or interrupted trips.

Notable stats:
  • Cancellation claims reimbursed travelers $4,110 on average
  • The highest paid claim was for a traveler who was medically evacuated, resulting in a payment over $223,000
Delays and Cancellations Account For Nearly Two Thirds of Paid Claims

Most travelers filed claims due to their trip being delayed or canceled.

Notable stats:
  • Travel Delay was the most commonly paid out claim in 2022 with 25%
  • Pre-departure cancellations accounted for more than 21% of all paid claims last year
  • One in five paid claims was related to a medical emergency

Travel Insurance Claims

Methodology: Squaremouth analytics compared travel insurance claims data from Tin Leg between January 1 and December 31 of 2019 to 2022 to compare policy prices to claim payouts. Tin Leg is a travel insurance provider and member of The Squaremouth Group since 2014.

Copyright 2023 Squaremouth. All rights reserved. From https://www.squaremouth.com.

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