?? What Lies Ahead for Travel Insurance in 2024?

Global Travel Insurance Market News?

?? Travel Insurance Trends For 2024

?? US Market: What’s The Average Cost Of Travel Insurance In 2024?

• Travel insurance typically costs 5-6% of the trip, averaging $228 for a $5,000 trip with rates from $154 to $437.
• Trip cost significantly influences expenses, ranging from $61 for a $1,000 trip to over $1,200 for a $20,000 trip.
• Forbes Advisor finds trip cost, age, and travelers influence insurance costs, especially for seniors (60+).
• Adding "Cancel for Any Reason" (CFAR) increases the plan cost by 50%, providing flexibility with 50-75% reimbursement for unforeseen cancellations.

Source: Forbes Advisor. (2024, January 3). Average Cost Of Travel Insurance 2024

?? High Costs, European Resurgence, Flight Delays, and Adventure-Seeking Priorities are Anticipated in 2024

• Travel costs are anticipated to be the highest for travelers, with 82% expecting increased or stable spending, following a consistent rise over the previous three years.
• European destinations, led by Italy, are expected to thrive in 2024, with nearly 40% of customers purchasing travel insurance for European trips.
• Flight delays and disruptions have become commonplace, contributing to approximately 25% of paid travel insurance claims. Travelers are likely to prioritize coverage for Travel Delay.
• Over 40% of travelers are seeking adventure activities, necessitating coverage considerations in travel insurance policies.

Source: Squaremouth. (2023, December 8). 2024 Travel Outlook.

?? January Sees a Spike in Travel Insurance Costs

• On all trips, travelers spend an average of $304 for travel insurance.
• United States, Mexico, and France are the most popular destinations based on recent travel insurance policy sales.
• International travelers paid an average of $315 for travel insurance plans, while domestic travelers paid an average of $205.
• People who purchased travel insurance in the previous week are planning trips lasting an average of 18 days.

Source: Forbes Advisor. (2024, January 23). Weekly Travel Insurance Costs Trends

Travel Insurance Partnership Movements

?? Zurich HK - Hutchison Telecommunications

Zurich Insurance (Hong Kong) and Hutchison Telecommunications (Hong Kong) (HTHK) have partnered to promote Zurich's insurance products through HTHK's new service brand, Domain5.

?? Allianz Partners - NatWest?

Allianz Partners joins forces with NatWest to strengthen the travel insurance offerings for NatWest's customers.

?? Travelex - InsureMyTrip.ca

Zurich subsidiary Travelex, has partnered with InsureMyTrip.ca to offer travel protection plans to InsureMyTrip’s Canadian customers.

Our New Blog Articles

?? Travel Insurance Trends in 2024 and Beyond

Uncover upcoming trends shaping the experiences of travel insurance providers and consumers, including:

• The Surge of Embedded Insurance
• Dynamic Pricing Models for Tailored Coverage
• Rise of Parametric Insurance
• Integration of Artificial Intelligence (AI) and Data Analytics

Read More

?? Unveiling the Top 5 Airline Travel Insurance Trends of 2024: Top 5 Insights for Insurers

Explore some key takeaways that are shaping the airline ancillary landscape, taken from our latest research “Top 50 Airlines Travel Insurance Benchmark 2024”:

• What is the percentage of the top 50 airlines offering travel insurance?
• What factors contribute to the surge in in-path travel insurance adoption and its impact on passenger decision-making?
• What challenges and opportunities arise for travel insurers with the increasing diversity in travel insurance options offered by airlines?

Read More

?? 2024’s Game-Changing Travel Insurance Strategies for Leading Airlines

Discover the most innovative airline travel insurance strategies of the leading airlines in 2024:

• Cancel for Any Reason (CFAR) Plans: A Game Changer
• Annual Travel Insurance Plans: All-Year Coverage for Frequent Flyers
• Medical Insurance Alternatives: Expanding Coverage Options
• Delayed Baggage Protection: Ensuring Security and Trust
• Home Protect and Car Rental Insurance: Beyond the Flight

Read More

Our New Research?

?? Upcoming: 2024 Top 50 Airlines Travel Insurance Benchmark?

Introducing our latest report, “2024 Top 50 Airlines Travel Insurance Benchmark”.? This year, we utilize web traffic to benchmark the complete suite of ancillary services provided by the top 50 airlines. Beyond travel insurance, our analysis explores the comprehensive array of services that airlines offer (i.e. lounge access, priority boarding, meal upgrades, seat selection), and other innovative services.

?? Mark your calendars! Our Top 50 Airlines Travel Insurance Benchmark 3rd edition is set to launch on February 27.