Throughout the past year, major events, from restored diplomatic relations with Cuba to terrorist attacks in Paris, left a lasting impact on the way people travel. Squaremouth reveals how the top travel insurance trends of 2015 indicate the state of the travel industry.
Travelers Sought Travel Insurance Instead of Canceling Trips After Paris Terrorist Attacks
Following the terrorist attacks in Paris on November 13, 2015, and a subsequent issuance of a Worldwide Travel Alert, travelers showed an increased concern about terrorism impacting their travel plans. Squaremouth.com saw a 38% increase in visitors and a 17% increase in the number of policies sold, with 53% more travelers specifically searching for terrorism coverage, compared to the same period in 2014.
"Following the attacks in Paris, we found that travelers were more interested in purchasing terrorism coverage options for a future trip than they were in canceling the trip altogether," said Squaremouth Customer Service Director Jessica Harvey.
Demand for Benefits Highlights Evolving Concerns
Squaremouth.com provides travelers with filters to narrow down their results when searching for travel insurance coverage that is important to them. In the wake of current events, there was an increase in travelers searching for Terrorism coverage, while the Cancel For Any Reason upgrade remained in-demand.
"Last year, extreme weather and disease outbreaks were a major source of questions from our travelers, mainly resulting from the Polar Vortex and Ebola virus," explained Harvey. "In 2015, we've seen this shift to concerns about security, and an increased need for terrorism coverage."
Standard benefits such as Emergency Medical, Trip Interruption, Medical Evacuation, and Pre-existing Condition Coverage remained the most popular filters in 2015, while interest in Identity Theft coverage and Non-Medical Evacuation grew.
Cuba Saw Boost, While Most Popular Countries Remained the Same
With restored diplomatic relations between the United States and Cuba, travel to the country became more accessible. In 2015, Squaremouth saw a 168% increase in the number of travelers purchasing travel insurance for Cuba over the previous year.
Meanwhile, the top five most popular countries remained the same as in 2014: The United States, Mexico, Italy, France, and theUnited Kingdom.
Baby Boomers Purchased More Travel Insurance Than Any Other Age Group
One group seems to be insuring their travel more than any other: baby boomers. Those aged 50-69 accounted for 40% of travel insurance sales on Squaremouth.com in 2015. This year, the average trip length for these travelers was 17 days, with an average trip cost of $2,426.96.
"While major events in 2015 have caused changes in the way people travel, they haven't changed the demand to travel," said Squaremouth CEO Chris Harvey. "Despite increasing concerns over security, we've seen that people are taking action to be more prepared rather than avoiding travel altogether."
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