December 07, 2022

Travel Insurance Demand Higher Now Than Pre-Pandemic

More U.S. travelers want to buy travel insurance now than they did before the pandemic, according to a new study from Allianz Partners.

The "States of Mind Travel Report," based on Allianz's customer trends data and input from industry experts, found that travel insurance purchase intentions in the U.S. for trips abroad increased from 19% in 2019 to 43% in 2022.

Similarly, intentions to purchase travel insurance also increased in five major European markets, Allianz said: Belgium, France, Germany, Italy and the U.K. For international travel, intentions rose from 21% in 2019 to 55% in 2022, and for domestic travel, intentions rose from 12% in 2019 to 26% in 2022.

Indeed, Allianz saw its highest level of claims for post-departure benefits this year.

"The insurance industry is now providing services to a more demanding and better-informed consumer, who has a heightened awareness of both what good service looks like and what can go wrong," said Joe Mason, chief marketing officer for travel at Allianz Partners. "Therefore, there is a lot more pressure on the travel industry to deliver. Flexible, seamless solutions to cover all the what ifs are now central to the offer."

Copyright 2022 Northstar Travel Media, LLC. All rights reserved. From By Jamie Biesiada.

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