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Trip insurance purchases hit all-time high

Trip insurance purchases hit all-time high

May 15th, 2019 by TravelPulse in Features

Are globetrotters developing growing concerns about travel?

Based solely on the number of travel insurance policies being purchased, the answer to that question may very well be yes.

According to newly released data from Squaremouth, the number of travelers insuring their summer vacations has reached an all-time this year, increasing by 20% compared to summer 2018.

What's more, the same data found that travelers appear to have growing worries over the financial default of travel providers in the wake of Wow Air's demise. Travelers looking for financial default coverage (which can provide reimbursement if a trip is canceled or interrupted due to a travel supplier's complete suspension of operations due to financial circumstances) has increased 21% this summer.

These findings are based on Squaremouth's own customer data, specifically purchases made on Squaremouth.com for trips taking place between June 1, 2018, and Aug. 31, 2019.

In addition to financial default, travelers appear to be worried about natural disaster. There was a 19% increase in the purchase of travel policies with hurricane and weather coverage for trips this summer to Mexico and the Bahamas.

The data also revealed a few additional travel trends not tied to insurance. For instance, Squaremouth found that interest in adventure travel has spiked significantly, more than tripling over last summer.

Globetrotters are particularly interested in land and water activities for summer 2019 with biking, snorkeling, and kayaking leading in popularity.

And millennials step aside. It appears the most adventurous travelers this summer are Gen X-ers, who make up 49% of the adventure and sports travel insurance policyholders. (Perhaps millennials just don't feel the need to buy insurance.)

The top destination for the coming months meanwhile is our neighbor to the north, Canada. France and Germany also saw a significant increase in interest travelers compared to last summer, with a gain of 44% and 32% respectively.

Notably, South Africa joined the list of the 10 most popular international destinations this summer for the first time since 2013.

Finally, money appears to be no object for some travelers. Squaremouth found the average cost for a trip to its 10 most popular destinations is a whopping $6,855. Travelers heading to South Africa are spending even more, with the average trip costing $14,697.

Looking for a budget vacation? Mexico may be your best bet. Squaremouth found travelers are spending an average of $3,508 per trip when heading south of the border.

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