Approximately 21 million actual travel insurance policies were sold by UStiA member companies, providing coverage for some 29 million people in 2012. The number of people covered increased nearly 11%, but the number of policies sold grew by 2% from 2010, and dipped slightly in 2011.
Travel agencies and suppliers continue to lead in travel insurance sales, accounting for more than half (55%) of all premium volume, according to a recently-released survey conducted for the US Travel Insurance Association. The survey also revealed that sales by agencies and suppliers grew by 11% from 2010 – 2012.
While travel agency and supplier sales remain strong, other outlets are steadily gaining ground, as Americans are buying their travel insurance from a wider array of sources. Online travel agencies and airlines, for instance, accounted for another 25% of travel insurance sold. Internet aggregators, direct to consumer, sales from brokers and others accounted for 12%.
29 million people covered by travel insurance policies
Approximately 21 million actual travel insurance policies were sold by UStiA member companies, providing coverage for some 29 million people in 2012. The number of people covered increased nearly 11%, but the number of policies sold grew by 2% from 2010, and dipped slightly in 2011. Meanwhile, the number of people per policy increased by nearly 9% over 2010 (1.26 per policy in 2010 vs. 1.37 in 2012).
Trip cancellation/interruption the most popular
Policies that included trip cancellation/interruption benefits increased 15% from 2010 and continued to be the most popular overall, accounting for over 94% of total travel insurance premiums. Of those policies, 80% were purchased as a package. Meanwhile, sales of travel medical and medical evacuation plans continued steady, comprising over 6% of total travel insurance premiums.
Overall sales grow by 14%
The 2010-2012 Travel Insurance Market Survey revealed that Americans spent nearly $1.9 billion on all types of travel insurance in 2012, representing a sales growth of 14%.
All told, more than 148 million U.S. travelers were covered by various types of travel insurance and related services in 2012. Included in this number are emergency transport programs, assistance plans, and other services provided by UStiA member companies through credit cards, annual membership programs, affinity groups and individual or group travel insurance.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
